Payment for Project. After Party B finishes the construction design and both parties have verified and approved it, Party A shall pay 5% of the total contract amount to Party B. Within ten days after the contractor begins construction, Party A shall pay 20% of the total price of this contract to Party B. When the work load reaches 50%, Party A shall then pay 60% of the total contract price to Party B to enable Party B to purchase the full set of equipments. Within thirty days after the project is completed and accepted, Party A shall pay 10% of the total price to Party B. The balance which is 5% will be used as the warranty money. The warranty period is one year starting from the day of completion. Within ten days after the one-year warranty period expires, all the remaining sums will be settled once and for all.
Appears in 3 contracts
Sources: Project Contracting Agreement (China Evergreen Environmental CORP), Project Contracting Agreement (China Evergreen Environmental CORP), Project Contracting Agreement (China Evergreen Environmental CORP)