Examples of Advance Payment in a sentence
Bank Guarantee for Advance Payment Form - When Advance payment is requested for by the successful bidder and agreed by the procuring entity, this form must be completed fully and duly signed by the authorized officials of the bank.
The Advance Payment Guarantee shall be denominated in the proportion and currencies named in the form of foreign currency requirements.
The Performance Security Form and Bank Guarantee Form for Advance Payment should not be completed by the Bidders at the time of their Bid preparation.
Advance Payment and Terms of Payment11.1. Advance payment shall be made only after prior approval of the President, and shall not exceed fifteen percent (15%) of the Contract amount, unless otherwise directed by the President or in cases allowed under Annex “D” of RA 9184.
The forms for Performance Security and Advance Payment Security, when required, shall only be completed by the successful Bidder after contract award.