Common use of On Acceptance Clause in Contracts

On Acceptance. The remaining ten (10) percent of the Contract Price shall be paid to the Supplier within thirty (30) days after the date of the acceptance certificate for the respective delivery issued by the Procuring Entity.N/A GCC 16.5 The payment-delay period after which the Procuring Entity shall pay interest to the supplier shall be [insert number] days. The interest rate that shall be applied is [insert number] % GCC 18.1 A Performance Security “shall not” be required [If a Performance Security is required, insert “the amount of the Performance Security shall be: [insert amount] [The amount of the Performance Security is usually expressed as a percentage of the Contract Price. The percentage varies according to the Procuring Entity’s perceived risk and impact of non-performance by the Supplier. A 10% percentage is used under normal circumstances]

On Acceptance. The remaining ten (10) percent of the Contract Price shall be paid to the Supplier within thirty (30) days after the date of the acceptance certificate for the respective delivery issued by the Procuring Entity.NEntity’s/A GCC 16.5 The payment-delay period after which the Procuring Entity shall pay interest to the supplier shall be [insert number] days. The interest rate that shall be applied is [insert number] % GCC 18.1 A Performance Security “shall not” be required [If a Performance Security is required, insert “the amount of the Performance Security shall be: [insert amount] [The amount of the Performance Security is usually expressed as a percentage of the Contract Price. The percentage varies according to the Procuring Entity’s perceived risk and impact of non-performance by the Supplier. A 10% percentage is used under normal circumstances]