Payment during Construction Period Sample Clauses

Payment during Construction Period. Upon receiving a report from the Independent Engineer certifying the achievement of the below mentioned payment milestones (“Payment Milestones”), the Authority shall disburse, within 15 (fifteen) days of the receipt of each such report, an instalment equal to 10% (ten per cent) of the Project Cost, adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of that report. For the purpose of this clause 23.4, the Payment Milestones for release of payment during Construction Period shall be as under: a) I (first) Payment Milestone – On achievement of 20% physical progress b) II (second) Payment Milestone - On achievement of 40% physical progress c) III (third) Payment Milestone - On achievement of 60% physical progress d) IV (fourth) Payment Milestone - On achievement of 75% physical progress e) V (fifth) Payment Milestone - On achievement of 90% physical progress Provided that in case of Change of Scope, the physical progress shall be recalculated to account for the changed scope.
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Payment during Construction Period. Upon receiving a report from the Independent Engineer certifying the achievement of the below mentioned Payment Milestones5, the Authority shall disburse, within 15 (fifteen) days of the receipt of each such report, an installment equal to 4% (four per cent) of the Bid Project Cost, adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of that report. For the purpose of this Clause 23.4, the Payment Milestone for release of payment during Construction Period shall be as under: a) I (first) Payment Milestone - On achievement of 5% Physical Progress b) II (second) Payment Milestone - On achievement of 10% Physical Progress c) III (third) Payment Milestone – On achievement of 20% Physical Progress d) IV (fourth) Payment Milestone - On achievement of 30% Physical Progress e) V (fifth) Payment Milestone – On achievement of 40% Physical Progress f) VI (sixth) Payment Milestone – On achievement of 50% Physical Progress g) VII (seventh) Payment Milestone – On achievement of 60% Physical Progress h) VIII (eighth) Payment Milestone – On achievement of 70% Physical Progress i) IX (ninth) Payment Milestone – On achievement of 80% Physical Progress j) X (tenth) Payment Milestone – On achievement of 90% Physical Progress Provided that in case of Change of Scope, the Physical Progress shall be recalculated to account for the changed scope.
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Payment during Construction Period. 21.3.1. Upon receiving a report from the Independent Engineer certifying the achievement of Payment Milestones as set forth hereunder, the Authority shall disburse, within 15 (fifteen) days of the receipt of such reports, the amount in accordance with the payment schedule as defined below: S No. Description Description of Payment Milestone* Schedule release of payment* S No. Description Description of Payment Milestone* Schedule release of payment* 1 1st (first) Payment Milestone shall be due and payable to the Concessionaire after it has expended at least 20% (twenty per cent) of the Bid Project Cost in the Project. Within 3 (three) months from Appointed Date. 20% (twenty per cent) of the Bid Project Cost. 2 2nd (second) Payment Milestone shall be due and payable to the Concessionaire after it has expended at least 40% (forty per cent) of the Bid Project Cost in the Project. Within 5 (five) months from Appointed Date. 20% (twenty per cent) of the Bid Project Cost. 3 3rd (third) Payment Milestone shall be due and payable to the Concessionaire on issuance of COD. Within 6 (six) months from the Appointed Date. 10% (ten per cent) of the Bid Project Cost. *subject to the provisions of Clause 10.3.2 and Clause 15.1, in case the land handed over is less than the land required for development of the envisaged Design Capacity as spelt out in Schedule A {Package 1/2/3/4/5/6/7}, the Payment Milestone shall be adjusted in proportion to the Design Capacity that could be developed based on the land handed over as on the Payment Milestone date and the release of payment shall be calculated accordingly.
Sample 1
Payment during Construction Period. Upon receiving a report from the Engineer-in-chief certifying the achievement of the below mentioned Payment Milestones, the Authority shall disburse, within 15 (fifteen) days of the receipt of each such report, an installment equal to 16% (Sixteen per cent) of the Bid Project Cost, adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of that report. For the purpose of this Clause 23.4, the Payment Milestone for release of payment during Construction Period shall be as under: a) I (first) Payment Milestone - On achievement of 20% Physical Progress b) II (second) Payment Milestone - On achievement of 40% % Physical Progress c) III (third) Payment Milestone – On achievement of 60% Physical Progress d) IV (fourth) Payment Milestone - On achievement of 75% Physical Progress e) V (fifth) Payment Milestone – On achievement of 90% Physical Progress Provided that in case of Change of Scope, the Physical Progress shall be recalculated to account for the changed scope. An amount of 2.5% of the xxxx is retained for each milestone xxxx. The retention amount shall be released after the after 180 of the commercial operations date.
Sample 1
Payment during Construction Period. Upon receiving a report from the Independent Engineer certifying the achievement of the below mentioned Payment Milestones12, the Authority shall disburse, within 15 (fifteen) days of the receipt of each such report, an installment equal to 12% (Twelve per cent) of the Bid Project Cost, adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of that report. For the purpose of this Clause 23.4, the Payment Milestone for release of payment during Construction Period shall be as under: a) I (first) Payment Milestone - On achievement of 20% Physical Progress
Sample 1

Related to Payment during Construction Period

  • Maintenance during Construction Period (i) During the Construction Period, the Contractor shall maintain, at its cost, the existing lane(s) of the Project Highway so that the traffic worthiness and safety thereof are at no time materially inferior as compared to their condition on Appointed Date, and shall undertake the necessary repair and maintenance works for this purpose; provided that the Contractor may, at its cost, interrupt and divert the flow of traffic if such interruption and diversion is necessary for the efficient progress of Works and conforms to Good Industry Practice; provided further that such interruption and diversion shall be undertaken by the Contractor only with the prior written approval of the Authority’s Engineer which approval shall not be unreasonably withheld. For the avoidance of doubt, it is agreed that the Contractor shall at all times be responsible for ensuring safe operation of the Project Highway. It is further agreed that in the event the Project includes construction of a bypass or tunnel and realignment of the existing carriageway, the Contractor shall maintain the existing highway in such sections until the new Works are open to traffic.

  • Delays during construction Without prejudice to the provisions of Clause 10.3 (ii), in the event the Contractor does not achieve any of the Project Milestones or the Authority’s Engineer shall have reasonably determined that the rate of progress of Works is such that Completion of the Project Highway is not likely to be achieved by the end of the Scheduled Completion Date, it shall notify the same to the Contractor, and the Contractor shall, within 15 (fifteen) days of such notice, by a communication inform the Authority’s Engineer in reasonable detail about the steps it proposes to take to expedite progress and the period within which it shall achieve the Project Completion Date.

  • Withdrawals during Concession Period 31.3.1 The Concessionaire shall, at the time of opening the Escrow Account, give irrevocable instructions, by way of an Escrow Agreement, to the Escrow Bank instructing, inter alia, that deposits in the Escrow Account shall be appropriated in the following order every month, or at shorter intervals as necessary, and if not due in a month then appropriated proportionately in such month and retained in the Escrow Account and paid out therefrom in the month when due:

  • During Construction Upon request of the Owner the Contractor shall submit written proposals for unit prices to be applied in the event Change Order Work is authorized by the Owner to be performed under Case (b).

  • Construction Period During the construction period, Redeveloper agrees to keep the construction area, including completed operations insured against loss or damage by fire, and such other risks, casualties, and hazards as are customarily covered by builders’ risk or extended coverage policies in an amount not less than the replacement value but allowing for reasonable coinsurance clauses and deductibles. In the event of any insured damage or destruction, Redeveloper agrees to use its good faith efforts to commence restoration of the Private Improvements to its prior condition within nine (9) months from the date of the damage or destruction, and shall diligently pursue the same to completion.

  • Partial Disposal During Term of Service Agreement Throughout the Term of the Service Agreement, LEA may request partial disposal of Student Data obtained under the Service Agreement that is no longer needed. Partial disposal of data shall be subject to LEA’s request to transfer data to a separate account, pursuant to Article II, section 3, above.

  • Insurance during Concession Period The Concessionaire shall effect and maintain at its own cost, during the Construction Period and the Operation Period, such insurances for such maximum sums as may be required under the Financing Agreements, and the Applicable Laws, and such insurances as may be necessary or prudent in accordance with Good Industry Practice. The Concessionaire shall also effect and maintain such insurances as may be necessary for mitigating the risks that may devolve on the Authority as a consequence of any act or omission of the Concessionaire during the Construction Period. The Concessionaire shall procure that in each insurance policy, the Authority shall be a co- insured and that the insurer shall pay the proceeds of insurance into the Escrow Account. For the avoidance of doubt, the level of insurance to be maintained by the Concessionaire after repayment of Senior Lenders‟ dues in full shall be determined on the same principles as applicable for determining the level of insurance prior to such repayment of Senior Lenders‟ dues.

  • Work During Vacation Period No employee shall be required to work during the employee's vacation once the vacation request has been approved.

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