Change in law, clause set

CHANGE IN LAW

1. Definition. A “Change in Law” means, in each case occurring after the Effective Date: (a) the enactment, promulgation, amendment, re-enactment, repeal or replacement of any statute, ordinance, rule, regulation, bye-law, notification, circular, direction, guideline or policy having the force of law; (b) the imposition of any condition on, or the revocation, suspension, non-renewal or variation of, any licence, permit, registration or approval required for the performance of this Agreement, otherwise than by reason of the act, omission or default of the Party affected; (c) a change in the interpretation or application of any of the foregoing by a Governmental Authority or by a court of record whose decision is binding; or (d) the imposition of any new Tax on the supply of the Services or the Goods, or a change in the rate or the basis of computation of any existing such Tax. It does not include a change in a Party’s own tax position, a change in the rate of income-tax, or a change in law which was published, notified or enacted before the Effective Date even if it takes effect afterwards, the Parties having had the opportunity to price it.

2. Notice and evidence. A Party seeking relief shall give the other written notice within [Business Days to give change in law notice] Business Days of becoming aware of the Change in Law, stating the change, the provision relied on, the effect on its costs, revenues or ability to perform, and the steps it proposes to take. It shall provide a computation of the effect, supported by the relevant notification, its accounting records and, where the amount claimed exceeds Rs [10,00,000] in any year, a certificate of a chartered accountant. Neither Party may claim relief in respect of a period more than [six] months before the date of its notice.