Common use of CONTRACT PRICE AND TERMS OF PAYMENT Clause in Contracts

CONTRACT PRICE AND TERMS OF PAYMENT. The AUTHORITY hereby covenants to pay the CONTRACTOR in consideration of the execution and completion of works the Contract Price of: SIXTEEN MILLION SIX HUNDRED THIRTY SIX THOUSAND TWENTY TWO PESOS AND FORTY CENTAVOS (P 16,636,022.40) and shall be paid by the AUTHORITY progressively and partially, subject to retention money of 10% until 50% of work is completed and in accordance with the conditions set forth in Annex E, Sec 6 of the IRR of RA 9184 as requirements prior to any payment.

CONTRACT PRICE AND TERMS OF PAYMENT. The AUTHORITY hereby covenants to pay the CONTRACTOR in consideration of the execution and completion of works the Contract Price of: SIXTEEN of TWO HUNDRED NINETY FIVE MILLION SIX TWO HUNDRED THIRTY SIX SIXTY THOUSAND TWENTY TWO FIVE HUNDRED FIVE PESOS AND FORTY SEVENTY CENTAVOS (P 16,636,022.40295,260,505.70) and shall be paid by the AUTHORITY progressively and partially, subject to retention money of 10% until 50% of work is completed and in accordance with the conditions set forth in Annex E, Sec 6 of the IRR of RA 9184 as requirements prior to any payment.