Common use of Payment Documentation Clause in Contracts

Payment Documentation. The following documents shall be presented by SUPPLIER to SUPPLIER's bankers to draw payment(s) against letter of credit where such payment(s) is (are) stipulated in the PURCHASE ORDER. 34.2.1 Advance Payment 1) Invoice for in original and two (2) copies. 2) Written, unconditional acceptance of the PURCHASE ORDER in one (1) original plus two copies. 3) Bank guarantee in the prescribed Performa of the amount equal to the advance payment in one (1) copy of original bank guarantee valid up to delivery of the material with a further claim period of six months or counter guaranteed/confirmed by Scheduled bank . 4) one (1) copy of the original performance guarantee in the prescribed Performa for 10% PURCHASE ORDER value valid up to completion period plus defect liability period issued or counter guaranteed/ confirmed by a Scheduled bank . The charges for counter guarantee/confirmation, if any, will be to SUPPLIER's account.