Common use of Progressive Payment Clause in Contracts

Progressive Payment. 1. Invoice for progress payment in original and two (2) copies duly certified by OWNER. 2. Bank guarantee of the amount equal to the progress payment in one (1) copy of the original bank guarantee valid up to completion period issued or counter guaranteed/confirmed by Scheduled bank or in the alternative the guarantee given by the foreign bank duly counter-guaranteed/confirmed by Scheduled bank. The charges for counter guarantee / confirmation; if any, will be to beneficiary's account. 3. Performance certificate from the beneficiary to the effect that progress achieved is equal to progress invoiced, duly certified by OWNER. Certificate in one (1) original plus two (2) copies.