Secured Advance. The Engineer shall make advance payment in respect of materials intended for but not yet incorporated in the Works in accordance with conditions stipulated in the Contract Data.
Secured Advance. 33.1 Payment of Secured Advance shall be applicable if provided in the Contract Data.
Secured Advance. The contractor on signing an indenture in the form specified by the Employer during the progress of the execution of the work may be paid if agreed by the Employer upto 75 per cent of the estimated value which shall take into account the market value and contractors tendered rates for the finished item of any material which in the opinion of the Engineer is likely to be incorporated in the work within next three months, are non-perishable and are in accordance with the contract and which have been brought on the site in connection therewith and are adequately stored and protected against damage by weather or other causes but which have not at the time of advance been incorporated in the works. When materials on account of which an advance has been made under this clause are incorporated in the work the amount of such advance shall be deducted from the next payment made under any of the clause or clauses of this contract.
Secured Advance. The Engineer shall make advance payment in respect of materials intended for but not yet incorporated in the Works in accordance with conditions stipulated in the Contract Data. 52. Securities 52.1 The Performance Security (including additional security for unbalanced bids) shall be provided to the Employer no later than the date specified in the Letter of Acceptance and shall be issued in an amount and form and by a bank or surety acceptable to the Employer, and denominated in Indian Rupees. The Performance Security shall be valid until a date 28 days from the date of expiry of Defects Liability Period and the additional security for unbalanced bids shall be valid until a date 28 days from the date of issue of the certificate of completion.
Secured Advance i) Secured advanced will be given @ 75% against the value of non-perishable materials brought at site of work by the contractor against production of documentary evidence like invoices showing price adopted for secured advance and actually required for incorporation in the execution of the work, to the satisfaction of the Addl. SE/Sr. Executive Engineer. The contractor will have to execute and indenture bond as per regulations of the PSTCL to het this advance. When for any material of which. Contractor has received payment and Addl. SE/Sr. Executive Engineer has included the value of any unfixed material intended for and/or placed on or adjacent to the works, such material shall become the property of Addl. SE/Sr. Executive Engineer (for any loss or damage to which contractor shall be responsible) and that shall not be removed from the site, except for the works, without the written authority of the Addl. SE/Sr. Executive Engineer.
