Payments under its contract Sample Clauses

Payments under its contract. Payments to the second party for the work will be released by the first party in the following manner:- On signing of agreement and Mobilization : 10% of total cost, as interest free mobilization advance in two instalments of 5% each, after initial mobilization and after achieving 20% financial progress, against receipt of an unconditional Bank Guarantee from the Contractor for an equivalent amount, in the format attached. Minimum Amount of Interim Payment Certificates : 10% of the Contract Value Final payment Certificate : Upon completion & commissioning and handing over.

Payments under its contract. Payments to the second party for the work will be released by the first party in the following manner:- On signing of agreement and Mobilization Minimum Amount of Interim Payment Certificates : 10% of the Contract Value Final payment Certificate : Upon completion & commissioning and handing over.

Payments under its contract as reflected in Payments to the second party for the work will be released by the first party in the following manner:- 3.1 Advance payment of 10% will be released to the contractor on submission of Bank Guarantee of equivalent amount, which will be kept valid till 6 months.

Payments under its contract. The schedule of payments is specified below: i. Mobilization advance of 15% of contract price shall be paid on signing of contract and submission of Bank Guarantee for equivalent amount to be kept valid for 6 months. ii. 25% of the contract price shall be paid on approval of the concept note. iii. 50% of the contract price shall be paid on approval of the rough cut of the film for both the Beaches. Mobilization advance of 10 % shall be adjusted at this stage. iv. 25% of the contract price shall be paid on submission of the final prints of the films for both the Beaches. Balance 5% of the Mobilization advance of 10 % shall be adjusted at this stage.

Payments under its contract. Payments to the second party for the work will be released by the first party in the following manner:- On signing of agreement and Mobilization : 10% of total cost, as interest free mobilization advance in two instalments of 5% each, after initial mobilization and after achieving 20% financial progress, against receipt of an unconditional Bank Guarantee from the Contractor for an equivalent amount, in the format attached. Minimum Amount of Interim Payment Certificates : 10% of the Contract Value Final payment Certificate : Upon completion & commissioning and handing over. 3.2 Payments at each stage will be made by the first party: (a) on the second party submitting an invoice for an equivalent amount; (b) on certification of the invoice (except for the first installment) by the Engineer nominated by the first party with respect to quality/quantity of works executed; and (c) Payments shall be adjusted for deductions for advance payments, recoveries if any in terms of the contract, and taxes at source, as applicable under the law. (d) The advance (if availed by the contractor) shall be repaid through percentage deductions in the Interim payment Certificate [IPC], which shall commence in the next IPC following that the total certified interim payments exceeds 30% of the Accepted Contract Amount, at the amortization rate of 20% of the amount of each IPC, provided that it shall be completely repaid prior to the time when 80% of the Accepted Contract Amount has been certified for payment and that the advance shall be completely repaid prior to the expiry of the Intended Completion Date. The Bank Guarantee shall remain effective until the advance payment has been fully repaid.

Payments under its contract. Payments to the second party for the construction work will be released by the first party in the following manner :- On signing of agreement : 25% of total cost On reaching plinth level (first stage) : 25% of the total cost On reaching lintel level (second stage) : 25% of the total cost On reaching roof level (third stage) : 15% of the total cost Plastering and completion of whole work (fourth stage) : 10% of the total cost