The86 Clause Samples

The86. 3 The cCo-ordinator shall receive all payments made by the Commission. The co-ordinator undertakes to keep payments made under the contract on an account separated from its normal business accounts and his own assets and property. Subject to article 86.5 below payments made by the Commission under the contract shall be distributed to the contractors as follows: For the first and other and instalment in thirds: The first third upon receipt of the instalment advancement payment from the Commission at the beginning of the project;, The second and last third upon receipt by the co-ordinator, through the FR, of a quarterly report once reviewed and inaccepted in accordance with the requirements defined by the quality procedures of the project; PMB ?? ; The last instalment (10% retention) upon receipt of the corresponding payment frompayment from the Commission.
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