Common use of Payments under its contract Clause in Contracts

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 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 amountamount valid up to the Intended Completion Date, 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:- manner:‐ On signing of agreement and Mobilization Minimum Amount of Interim Payment Certificates : 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 amountamount valid up to the Intended Completion Date, in the format attached. Minimum Amount of Interim Payment Certificates : 10% of the Contract Value Final payment Certificate : Upon completion & commissioning and handing over.