Payments under its contract. Payments to the second party for the work will be released by the first party in the following manner:- On signing of agreement and Mobilization : 10% of total cost, as interest free mobilization advance in two instalments of 5% each, after initial mobilization and after achieving 20% financial progress, against receipt of an unconditional Bank Guarantee from the Contractor for an equivalent amount, in the format attached. Minimum Amount of Interim Payment Certificates : 10% of the Contract Value Final payment Certificate : Upon completion & commissioning and handing over.
Appears in 3 contracts
Sources: Loan Agreement, Loan Agreement, Loan Agreement