Common use of MODE OF PAYMENTS Clause in Contracts

MODE OF PAYMENTS. As soon as the contract agreement is signed between the parties , the consultant will submit time schedule of design as per the perorities set by the client.The 1st installment of payement of design phase will be paid to the consultant after approval of drawings from HEC.Remaining schedule of payments is attached at Appendix “G” The Client shall process the payment of the consultant’s invoices within fourtyfive (45) working days after the receipt by the Client of such invoices with supporting documents. Only such portion of the invoices that is not satisfactorily supported may be withheld from payment, should any discrepancy be found to exist between actual payment and costs authorized to be incurred by the consultants, the client, after seeking clarification from the consultants, may add or subtract the difference from any subsequent payments. The final payment under this clause shall be made only after the final report and a final Invoice, identified as such, shall have been submitted by the consultants and approved as satisfactory by the client. The services shall be deemed completed and finally accepted by the client and the final report and final invoice shall be deemed approved by the client as satisfactory Sixty (60) working days after receipt of the final report and final invoice by the client unless the client, within such sixty (60) working days period, gives written notice to the consultants specifying in detail deficiencies in the services, the final report or final invoice. The Consultants shall thereupon promptly make any necessary corrections, and upon completion of such corrections, the foregoing process shall be repeated. Any amount with the client has paid or caused to be paid in accordance with this clause in excess of the amount actually payable in accordance with the provisions of this contract shall be reimbursed by the consultants to the client within sixty (60) working days after receipt by the consultants of notice thereof. Any such claim by the client for reimbursement must be made within sixty (60) working days after receipt by the client of a final report and a final invoice approved by the client in accordance with the above. The client shall cause the final payment to the consultants within sixty (60) working days of receipt of final invoice from the consultant, after completion of services finally accepted alongwith the final report and invoice of the consultants by the client. All payments under this contract shall be made to the bank account of the consultants to be notified later.

MODE OF PAYMENTS. As soon as the contract agreement is signed between the parties , the consultant will submit time schedule of design as per the perorities set by the client.The 1st installment of payement of design phase will be paid to the consultant after approval of drawings from HEC.Remaining schedule of payments is attached at Appendix “G” The Client shall process the payment of the consultant’s invoices within fourtyfive (45) working days after the receipt by the Client of such invoices with supporting documents. Only such portion of the invoices that is not satisfactorily supported may be withheld from payment, should any discrepancy be found to exist between actual payment and costs authorized to be incurred by the consultants, the client, after seeking clarification from the consultants, may add or subtract the difference from any subsequent payments. The final payment under this clause shall be made only after the final report and a final Invoice, identified as such, shall have been submitted by the consultants and approved as satisfactory by the client. The services shall be deemed completed and finally accepted by the client and the final report and final invoice shall be deemed approved by the client as satisfactory Sixty sixty (60) working days after receipt of the final report and final invoice by the client unless the client, within such sixty (60) working days period, gives written notice to the consultants specifying in detail deficiencies in the services, the final report or final invoice. The Consultants shall thereupon promptly make any necessary corrections, and upon completion of such corrections, the foregoing process shall be repeated. Any amount with the client has paid or caused to be paid in accordance with this clause in excess of the amount actually payable in accordance with the provisions of this contract shall be reimbursed by the consultants to the client within sixty (60) working days after receipt by the consultants of notice thereof. Any such claim by the client for reimbursement must be made within sixty (60) working days after receipt by the client of a final report and a final invoice approved by the client in accordance with the above. The client shall cause the final payment to the consultants within sixty (60) working days of receipt of final invoice from the consultant, after completion of services finally accepted alongwith the final report and invoice of the consultants by the client. All payments under this contract shall be made to the bank account of the consultants to be notified later.