Annual Development Premium definition
Annual Development Premium or "ADP" means the amount quoted by the Selected Bidder for the first year of Lease Period as part of its Financial Proposal and accepted by APIIC.
Examples of Annual Development Premium in a sentence
The Bank Guarantee would be in force for 12 (twelve) month and upon certification by an officer designated by APIIC that performance of the Developer has been as per the Agreement, the Bank Guarantee would be renewed for the next 12 (twelve) months of operation based on the amount of Annual Development Premium payable in the next year of the Lease Period.
The Developer has paid an amount of Rs. (Rupees only) being the Annual Development Premium (ADP) for the first year of the Lease Period by means of a bank draft dated , bearing number on [name of bank].