Examples of Final Contract Price in a sentence
In addition to the Contract securities noted above, a Maintenance Bond with good and sufficient surety or sureties in a penal amount of one hundred percent (100%) of the Final Contract Price shall be required upon completion of all Work.
If the Seller does not receive a Buyer’s Payment Notice within 2 calendar weeks of submission of the Seller’s Payment Notice pursuant to clause 14.11 the Final Contract Price shall be that set out in the Seller’s Payment Notice and, subject to clause 14.6, shall be binding on both parties.
Within 12 calendar months after practical completion of the Contract Works the Seller shall send to the Buyer the Seller’s proposed final account setting out the sum that the Seller considers to be or have become due upon practical completion, the work or part thereof to which the payment relates and the basis on which that sum is calculated along with all documents reasonably necessary for calculating the Final Contract Price (“the Seller’s Payment Notice”).
The final date for payment of the Final Contract Price shall be 5 Business Days after the date pursuant to clause 14.13 (“Final Payment”).
The due date for the Final Contract Price shall be the date when the Buyer’s Payment Notice is received by the Seller or the date pursuant to clause 14.12, whichever is earlier.
Not later than 2 calendar weeks after receipt of the Seller’s Payment Notice the Buyer shall prepare and send to the Seller a statement of the calculation of the Final Contract Price setting out the sum that the Buyer considers to be or have become due upon practical completion, the work or part thereof to which the payment relates and the basis on which that sum is calculated (“the Buyer’s Payment Notice”).
By 18:00pm on the 1st Calendar Day of the Delivery Month (if the 1st Calendar Day is not a Business Day, then the immediately preceding Business Day), or the 3rd Business Day prior to Buyer’s Vessel’s ETA at the loading port, whichever comes later, the Buyer shall remit 105% of Contract Value with the Final Contract Price as the Base Price (“Buyer Contract Payment”) less the Total Delivery Margin ("Buyer Balance Payable") by cash to the Clearing House through its Clearing Member.
For such late shipment, Buyer shall pay a penalty to Seller for late presentation of Vessel as follows: ½% for 1,2,3, or 4 days1% for 5 or 6 days1½% for 7 or 8 days Should Buyer claim under this Extension of Shipment Clause and the Vessel fails to complete loading within such 8 Calendar Days, the Delivery Month shall be deemed to have been extended by 8 Calendar Days and the Contract Value with the Final Contract Price as the Base Price increased by 1½%.
The Clearing House shall then transfer to the Selling Clearing Member the amount payable in accordance with the Commercial Invoice calculated based on the Actual Delivered Quantity of the Product multiplied by Final Contract Price, and adjusted for any applicable taxes, demurrage, and any other associated charges/fees involved in accordance with Clauses 4.5 (Taxes and Other Charges) and 4.6 (Demurrage).
The final contract price of the Sales and Purchase Contract (the "Final Contract Price") is arrived at by adjusting the Final Settlement Price by all applicable premium /discount, if any (as set out in ANNEX A).