Running Account Bill definition

Running Account Bill means a bill for the payment of "On Account" money to the Contractor during the progress of work on the basis of work done and the supply of non-perishable materials to be incorporated in the work.

Running Account Bill means a Bill for the payment of ‘on account’ monies to the contractor in terms of Clause 6.4.1.0 hereof and associated clauses there under.

Running Account Bill means a bill for payment of “on Account’ to the Contractor.

Examples of Running Account Bill in a sentence

• The Contractor may pay 2.5% of the value of works as initial security deposit and the balance 2.5% shall be recovered in installments through deductions at the rate of 10 (ten) percent of the value of each Running Account Bill till the total security execution exceeds the accepted value of e-Tender because of allotment of further work, further recoveries towards security deposit shall be effected at 10% of the R A Bills to make up the five percent security deposit of the revised value of contract.

• EPI shall deduct at source from every Running Account Bill of the Contractor, the said cess, at such rates for the time being prevailing, which shall not exceed 2% (two percent) but not be less than 1% (one percent) of the cost of construction incurred by EPI.

• The NPCC shall deduct at source from every Running Account Bill of the Contractor, the said cess, at such rates for the time being prevailing, which shall not exceed 2% (two percent) but not be less than 1% (one percent) of the cost of construction incurred by the NPCC.

• The contractor has to submit their bank account details in VSP format duly certified by Concerned Bank Manager for the purpose of making electronic payment before submission of First Running Account Bill, failing which the bill will not be processed.

• The contractor shall submit statement of account and reconciliation of material lying in Contractor’s stores along with each Running Account Bill and consolidated statement of reconciliation along with Final Bill.

More Definitions of Running Account Bill

Running Account Bill means a bill for the payment of "On Account" money to the Contractor during the progress of work on the

Running Account Bill means a bill for the payment to be made to the Contractor on a running account when payment for work is made to him at specified intervals, subject to deductions as per contract and final settlement of the account on completion or determination of his contract.

Running Account Bill means the periodic bills raised by Contractor based on the progress of Services, but shall not includethe Final Invoice.

Running Account Bill means a Bill for the payment “on account” monies to the contractor in terms of Clause 6.4.1.0 hereof and associated clause thereunder.

Running Account Bill means a bill for the payment of "On Account" money to the Contracto r during the progress of wo rk on the bas is of work done and the supply of non-perishable materials to be incorporated in the wo rk.

Running Account Bill means a Bill for the payment of ‘on account’ money to the Contractor in terms of Clause 6.4.1.0 hereof and associated clauses thereunder.

Running Account Bill means the Bill(s) submitted by the Contractor on monthly basis for the work(s) carried out during the immediately preceding month.