Draft EPC Agreement definition
Draft EPC Agreement. “Parties” shall mean the parties to this Agreement and “Party” means either of them, as the context may admit or require. “Performance Security” shall have the meaning ascribed thereto in Article 4.2. “Person” shall mean (unless otherwise specified or required by the context), any individual, company, corporation, partnership, joint venture, trust, unincorporated organisation, government or government agency or any other legal entity. “Project Engineer” shall mean a reputed Person appointed by PWD, for supervision and monitoring of compliance by the Contractor with the Construction Requirements, more particularly to undertake, perform, carry out the duties, responsibilities, services and activities set forth in Schedule 5. “Retention Money” shall mean the amount retained by PWD out of the Contract Price, till the expiry of the Defects Liability Period, to the extant specified in Serial no H in Schedule 3. “Schedule of Payments” means the schedule of payments specified in Schedule 3. “Scheduled Project Completion Date” means 18 months from the Commencement Date, including such additional period by which Scheduled Project Completion Date is extended pursuant to Section 5.2 of this Agreement. “Site” means the immovable property of the description provided in Schedule 1 on which the Works arc required to be executed by the Contractor in accordance with this Agreement. “Stage Payments” shall mean the payments required to be made by PWD to the Contractor upon completion of each stage of the Works in accordance with Schedule 3 “Stage Completion Certificate” shall mean the certificate issued by the Project Engineer in accordance with Article 7.1 “Taking Over Date” means the day on which Completion Certificate is issued by the Project Engineer. “Tax” shall mean and includes all taxes, cesscs, duties, levies that may be payable by the Contractor under Applicable Law. 3