Common use of Annuity Payment Clause in Contracts

Annuity Payment. 24.1.1 The Contracting Authority shall pay the Service Provider Annuity Payments in the manner set out in the Payment Mechanism. Subject to the provisions of this Agreement, the Contracting Authority shall procure that the Service Provider receives the Annuity Payment from the Roads Annuity Fund (the Fund) established by the Public Finance Management (Roads Annuity Fund) Regulations, 2015. 24.1.2 The Annuity Payment shall be in respect of the total project costs set out in the Financial Model and includes V.A.T on EPC and O&M Costs. 24.1.3 The amount of each Annuity Payment shall be calculated in accordance with the provisions of the Payment Mechanism on the basis of a quarterly annuity of Kenya Shillings [** ]. 24.1.4 The Service Provider shall raise and submit its invoices in accordance with the invoicing procedure set out in Schedule M. 24.1.5 All payments shall be made in Kenya Shillings by electronic transfer of funds to the account of the Service Provider specified in the relevant invoice, quoting the invoice number against which payment is made.