Examples of Upfront Payment in a sentence
As a Preferred Bidder, the Successful Bidder [made payment of the first installment of the Upfront Payment (defined hereafter) which is INR [amount in figures] (Indian Rupees [amount in words]) on [date] through [payment mechanism], upon which the State Government issued a letter of intent dated [date].
No.Event DescriptionTime16Issuance of letter of intent by State T0+90Government 17.Submission of Performance Security andT0+270mining plan along with second installment(10%) of Upfront Payment by the PreferredBidder to become Successful Bidder.
The Upfront Payment paid by the Successful Bidder shall be adjusted in full at the earliest against the amount to be paid under sub-rule (3) of rule 8 of Auction Rules on commencement of production of mineral.
Grant of mining lease: Subsequent to execution of the MDPA, the Successful Bidder shall pay the third installment of the Upfront Payment which is INR Upon such payment the State Government shall grant a mining lease to the Successful Bidder within a period of 30 days from the date of payment.