Payment A. Ceiling For Services rendered pursuant to Annex #1, the Client shall pay a total amount not to exceed a ceiling of 15,000,000.00 MNT (Fifteen million Mongolian Tugrugs only) to the Consultant for the Client‟s approval of Deliverables#1-3 submitted by the Consultant, as specified in the Section 7.1: Deliverables of Annex #1. This amount has been established based on the understanding that it includes all applicable taxes and insurance costs that may be imposed on the Consultant under relevant laws and regulations. The contract amount includes 10% personal income tax (withholding tax) that the Client is legally obligated to deduct from the remuneration to the Consultant and pay on the Consultant‟s behalf to the relevant tax authority under the tax laws of Mongolia. B.
Appears in 2 contracts
Sources: Consultancy Services Agreement, Consultancy Services Agreement