Common use of Payment Mechanism Clause in Contracts

Payment Mechanism. 9.4.1 KSIDC shall be the payment agency for all kind of payments, except Power tariff, that are required to be made to the Concessionaire, as envisaged in this Concession Agreement, based on instructions issued by the PMU/ Authority. 9.4.2 The Power Tariff shall be paid to the Concessionaire by KSEB as per signed PPA, at a power tariff provided in Article 9.3.1; 9.4.3 For the payments as provided in Article 9.1, The Concessionaire shall raise by 5th day of a Month, the ▇▇▇▇/ invoice for the Tipping Fee for the preceding month. The invoice thus raised shall, subject to due performance by Concessionaire and other terms and conditions of this Agreement, shall be approved by the PMU / Authority by 15th of the month and directed to KSIDC for release of payment. 9.4.4 The Authority shall deduct/ withhold the following during the Concession Period: i. Statutory deductions as per applicable rules and laws. ii. Any penalties based on the Service Level Benchmarks, as specified in Schedule 2. 9.4.5 KSIDC shall, subject to the terms of this agreement, pay 90% of the ▇▇▇▇ amount, to the Concessionaire by the end of the month in which the ▇▇▇▇ has been raised. The remaining 10% of the ▇▇▇▇ amount shall be paid by KSIDC by the end of the third month, subject to deductions as applicable and approved by the PMU/ the Authority. 9.4.6 KSIDC shall, subject to terms of this Agreement, pay the amount against bills of the Concessionaire through the Escrow Account mechanism by deposit of the relevant amount in the Escrow. Further, subject to due performance of obligations by the Concessionaire, KSIDC shall, by way of additional security for payment, deposit and maintain at all times, an amount equivalent to fee corresponding to next three months payment in the Escrow Account.

Payment Mechanism. 9.4.1 KSIDC shall be the payment agency for all kind of payments, except Power tariff, that are required to be made to the Concessionaire, as envisaged in this Concession Agreement, based on instructions issued by the PMU/ Authority. 9.4.2 The Power Tariff shall be paid to the Concessionaire by KSEB as per signed PPA, at a power tariff provided in Article 9.3.1; 9.4.3 For the payments as provided in Article 9.1, The Concessionaire shall raise by 5th day of a Month, the ▇▇▇▇/ bill/ invoice for the Tipping Fee for the preceding month. The invoice thus raised shall, subject to due performance by Concessionaire and other terms and conditions of this Agreement, shall be approved by the PMU / Authority by 15th of the month and directed to KSIDC for release of payment. 9.4.4 The Authority shall deduct/ withhold the following during the Concession Period: i. Statutory deductions as per applicable rules and laws. ii. Any penalties based on the Service Level Benchmarks, as specified in Schedule 2. 9.4.5 KSIDC shall, subject to the terms of this agreement, pay 90% of the ▇▇▇▇ bill amount, to the Concessionaire by the end of the month in which the ▇▇▇▇ bill has been raised. The remaining 10% of the ▇▇▇▇ bill amount shall be paid by KSIDC by the end of the third month, subject to deductions as applicable and approved by the PMU/ the Authority. 9.4.6 KSIDC shall, subject to terms of this Agreement, pay the amount against bills of the Concessionaire through the Escrow Account mechanism by deposit of the relevant amount in the Escrow. Further, subject to due performance of obligations by the Concessionaire, KSIDC shall, by way of additional security for payment, deposit and maintain at all times, an amount equivalent to fee corresponding to next three months payment in the Escrow Account.

Payment Mechanism. 9.4.1 9.2.1 KSIDC shall be the payment agency for all kind of payments, except Power tariff, payments that are required to be made to the ConcessionaireConcessionaire or any third party, as envisaged in this Concession Agreement, based on instructions issued by the PMU/ Authority. 9.4.2 9.2.2 The Power Tariff Concessionaire shall be paid to the Concessionaire by KSEB as per signed PPA, at a power tariff provided in Article 9.3.19.1.2; 9.4.3 9.2.3 For the payments as provided in Article 9.19.1.3, The Concessionaire shall raise by 5th day of a Month, the ▇▇▇▇/ invoice for the Tipping Fee Power Payments for the preceding month. The invoice thus raised shall, subject to due performance by Concessionaire and other terms and conditions of this Agreement, shall be approved by the PMU / Authority by 15th of the month and directed to KSIDC for release of payment. 9.4.4 The Authority shall deduct/ withhold the following during the Concession Period: i. Statutory deductions as per applicable rules and laws. ii. Any penalties based on the Service Level Benchmarks, as specified in Schedule 2. 9.4.5 9.2.4 KSIDC shall, subject to the terms of this agreement, pay 90% of the ▇▇▇▇ amount, to the Concessionaire by the end of the month in which the ▇▇▇▇ has been raised. The remaining 10% of the ▇▇▇▇ amount shall be paid by KSIDC by the end of the third month, subject to deductions as applicable and approved by the PMU/ the Authority. 9.4.6 9.2.5 KSIDC shall, subject to terms of this Agreement, pay the amount against bills of the Concessionaire through the Escrow Account mechanism by deposit of the relevant amount in the Escrow. Further, subject to due performance of obligations by the Concessionaire, KSIDC shall, by way of additional security for payment, deposit and maintain at all times, an amount equivalent to fee corresponding to next three months payment in the Escrow Account.