Common use of Payment to Developer Clause in Contracts

Payment to Developer. (a) DMA shall pay to the Developer an amount of Rs. (Rupees (b) The payments per Dwelling Unit shall be made by DMA to the Developer as follows: On Handover of completed Project  Cost of one dwelling unit less the Government of India and Government of Jharkhand Share amounting to Rs. 3.00 lakhs (Rupees Three Lakhs Only) by the beneficiary (i.e. to whom the dwelling unit would be allotted) Subsequent to the Project Completion  An amount of 3 lakhs (The Government of Jharkhand Share of Rs. 1,50,000/- +Government of India share 1,50,000/-Only) plus the interest (based on the interest rate quoted by the Selected Bidder) shall be payable in 8 (eight) equated half yearly instalments (“Instalment Amount”) payable in May and October every year, starting 3 months after the completion of any project.

Payment to Developer. (a) DMA shall pay to the Developer an amount of Rs. (Rupees (b) The payments per Dwelling Unit shall be made by DMA to the Developer as follows: On Handover of completed Project  x Cost of one dwelling unit less the Government of India and Government of Jharkhand Share amounting to Rs. 3.00 lakhs (Rupees Three Lakhs Only) by the beneficiary (i.e. to whom the dwelling unit would be allotted) Subsequent to the Project Completion  x An amount of 3 lakhs (The Government of Jharkhand Share of Rs. 1,50,000/- +Government of India share 1,50,000/-Only) plus the interest (based on the interest rate quoted by the Selected Bidder) shall be payable in 8 (eight) equated half yearly instalments (“Instalment Amount”) payable in May and October every year, ;¯ƒYCIǍnûǦYI ûŽZYI_J ÐǍflǍán starting 3 months after the completion of any project.