Common use of Advance Payment Clause in Contracts

Advance Payment. 17.2.1 Upon receiving request from Contractor, the Authority shall make an advance payment (the “Advance Payment”), upto 10% (ten percent)14 of the Contract Price, for mobilisation expenses and for acquisition of equipment, which shall carry simple interest at the rate of Bank Rate plus 4 % ((four per cent) per annum and shall be made in two instalments of upto maximum 5% (five per cent) of the Contract Price each. 17.2.2 The Contractor may apply to the Authority for the first instalment of the Advance Payment at any time after the Appointed Date, along with an irrevocableand unconditional guarantee from a Bank for an amount 14For large value and complex projects, the Advance Payment may be increased from 10% (ten per cent) to upto 15% (fifteen per cent) of the Contract Price. equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-F, to remain effective till the complete and full repayment thereof. 17.2.3 At any time, after 60 (sixty) days from the Appointed Date, the Contractor may apply to the Authority for the second instalment of the Advance Payment along with an irrevocable and unconditional guarantee from a Bank for an amount equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-F, to remain effective till the complete and full repayment thereofalong with proof of utilization of 1st instalment. 17.2.4 The instalments of Advance Payment shall generally be paid by the Authority to the Contractor within 15 (fifteen) days of the receipt of its respective requests in accordance with the provisions of this Clause 17.2. 17.2.5 The Advance Payment shall be recovered through proportionate deductions to be made in the Interim Payments Certificates issued in accordance with the provisions of Clause 17.5.2. Deductions of Advance Payment shall commence from the Interim Payment Certificate in which the cumulative interim payments certified shall have reached 50% (fifty percent) of the Contract Price. The total amount recovered in each Interim Payment Certificate shall be equal to 30% (thirtyper cent) of the amount of interim payment due and payable under such Interim Payment Certificate, and interest on the amount being recovered to be calculated from the date of disbursement of the Advance Payment to the date of recovery until the entire Advance Payment together with interest is recovered. For the avoidance of doubt, the Parties agree that in the event the total payment specified in any Interim Payment Certificate exceeds the limit of 50% (fifty per cent) of the Contract Price, the proportionate of recovery hereunder shall be restricted to the amount exceeding 50% (fifty per cent) of the Contract Price. By way of illustration, the Parties agree that if the first recovery of say, Rupees ‘x’ is made after 20 (twenty) months from the date of 1st (first) instalment of the Advance Payment, the interest will be recovered on Rupees ‘x’ for a period of 20 (twenty) months; and when the next recovery is made in the following month for say, Rupees ‘y’, interest on Rupees ‘y’ will be computed for a period of 21 (twenty one) months.The Parties further agree that no payments in excess of 90% (ninety per cent) of the Contract Price shall be released until the Advance Payment, including interest thereon, has been fully recovered. 17.2.6 If the Advance Payment has not been fully repaid prior to Termination under Clause 19.7 or Article 21, as the case may be, the whole of the balance then outstanding shall immediately become due and payable by the Contractor to the Authority. In the event of Termination for Contractor Default, the Advance Payment shall be deemed to carry interest at anannual rate of 4% (fourper cent) above the Bank Ratefrom the date of Advance Payment to the date of recovery by encashment of bank guarantee for the Advance Payment. For the avoidance of doubt, the aforesaid interest shall be payable on each instalment of the Advance Payment, regardless of whether the instalment or any part thereof has been repaid to the Authority prior to Termination.

Advance Payment. 17.2.1 Upon receiving request from Contractor, the The Authority shall make an advance payment (the “Advance Payment”), upto equal to 10% (ten percent)14 per cent)14 of the Contract Price, for mobilisation expenses and for acquisition of equipment, which . The Advance Payment shall carry simple interest at the rate of Bank Rate plus 4 9.5% ((four nine point five per cent) per annum and shall be made in two instalments of upto maximum 5% (five per cent) of the Contract Price contract each. 17.2.2 The Contractor may apply to the Authority for the first instalment of the Advance Payment at any time after the Appointed Date, along with an irrevocableand irrevocable and unconditional guarantee from a Bank for an amount 14For 14 For large value and complex projects, the Advance Payment may be increased from 10% (ten per cent) to upto 15% (fifteen per cent) of the Contract Price. equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-F, to remain effective till the complete and full repayment thereof. 17.2.3 At any time, after 60 (sixty) days from the Appointed Date, the Contractor may apply to the Authority for the second instalment of the Advance Payment along with an irrevocable and unconditional guarantee from a Bank for an amount equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-F, to remain effective till the complete and full repayment thereofalong thereof along with proof of utilization of 1st instalment. 17.2.4 The instalments of Advance Payment shall generally be paid by the Authority to the Contractor within 15 (fifteen) days of the receipt of its respective requests in accordance with the provisions of this Clause 17.2. 17.2.5 The Advance Payment shall be recovered through proportionate deductions to be made in the Interim Payments Certificates issued in accordance with the provisions of Clause 17.5.2. Deductions of Advance Payment shall commence from the Interim Payment Certificate in which the cumulative interim payments certified shall have reached 50% (fifty percentper cent) of the Contract Price. The total amount recovered in each Interim Payment Certificate shall be equal to 30% (thirtyper thirty per cent) of the amount of interim payment due and payable under such Interim Payment Certificate, and interest on the amount being recovered to be calculated from the date of disbursement of the Advance Payment to the date of recovery until the entire Advance Payment together with interest is recovered. For the avoidance of doubt, the Parties agree that in the event the total payment specified in any Interim Payment Certificate exceeds the limit of 50% (fifty per cent) of the Contract Price, the proportionate of recovery hereunder shall be restricted to the amount exceeding 50% (fifty per cent) of the Contract Price. By way of illustration, the Parties agree that if the first recovery of say, Rupees ‘x’ is made after 20 (twenty) months from the date of 1st (first) instalment of the Advance Payment, the interest will be recovered on Rupees ‘x’ for a period of 20 (twenty) months; and when the next recovery is made in the following month for say, Rupees ‘y’, interest on Rupees ‘y’ will be computed for a period of 21 (twenty one) months.. The Parties further agree that no payments in excess of 90% (ninety per cent) of the Contract Price shall be released until the Advance Payment, including interest thereon, has been fully recovered. 17.2.6 If the Advance Payment has not been fully repaid prior to Termination under Clause 19.7 or Article 21, as the case may be, the whole of the balance then outstanding shall immediately become due and payable by the Contractor to the Authority. In the event of Termination for Contractor Default, the Advance Payment shall be deemed to carry interest at anannual an annual rate of 43% (fourper three per cent) above the Bank Ratefrom Rate from the date of Advance Payment to the date of recovery by encashment of bank guarantee for the Advance Payment. For the avoidance of doubt, the aforesaid interest shall be payable on each instalment of the Advance Payment, regardless of whether the instalment or any part thereof has been repaid to the Authority prior to Termination.

Advance Payment. 17.2.1 Upon receiving request from Contractor, the 19.2.1 The Authority shall make an interest-free advance payment (the “Advance Payment”), upto 10% equal in amount to 10 (ten percent)14 ten) percent of the Contract Price, for mobilisation expenses and for acquisition of equipment, which shall carry simple interest at the rate of Bank Rate plus 4 % ((four per cent) per annum and . The Advance Payment shall be made in three instalments. The first instalment shall be an amount equal to 2% (two instalments percent) of upto maximum the Contract Price, the second instalment shall be equal to 3% (three percent) of the Contract Price, and the third instalment shall be equal to 5% (five per centpercent) of the Contract Price eachPrice. 17.2.2 19.2.2 The Contractor may apply to the Authority for the first instalment of the Advance Payment at any time after the Appointed Date, along with an irrevocableand irrevocable and unconditional guarantee from a Bank for an amount 14For large value and complex projects, the Advance Payment may be increased from 10% (ten per cent) to upto 15% (fifteen per cent) of the Contract Price. equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-FG, to remain effective till the complete and full repayment thereof. 17.2.3 19.2.3 At any time, time after 60 30 (sixtythirty) days from the Appointed Date, the Contractor may apply to the Authority for the second instalment of the Advance Payment along with an irrevocable and unconditional guarantee from a Bank for an amount equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-FG, to remain effective till the complete and full repayment thereofalong with proof of utilization of 1st instalmentthereof. 17.2.4 The instalments 19.2.4 At any time, after 60 (sixty) days from the Appointed Date, the Contractor may apply to the Authority for the third instalment of the Advance Payment along with an irrevocable and unconditional guarantee from a Bank for an amount equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-G, to remain effective till the complete and full repayment thereof. 19.2.5 The first, second and the third instalments shall generally be paid by the Authority to the Contractor within 15 (fifteen) days of the receipt of its respective requests in accordance with the provisions of this Clause 17.219.2. 17.2.5 The 19.2.6 Each instalment of Advance Payment shall be recovered through proportionate deductions repaid by the Contractor to be made in the Interim Payments Certificates issued in accordance with Authority no later than 365 (three hundred and sixty five) days from the provisions of Clause 17.5.2. Deductions respective date of Advance Payment Payment. 19.2.7 The Contractor shall commence from the Interim Payment Certificate in which the cumulative interim payments certified shall have reached 50% (fifty percent) of the Contract Price. The total amount recovered in repay each Interim Payment Certificate shall be equal to 30% (thirtyper cent) of the amount of interim payment due and payable under such Interim Payment Certificate, and interest on the amount being recovered to be calculated from the date of disbursement instalment of the Advance Payment to on or before the due date of recovery until repayment. In the entire Advance Payment together with interest is recovered. For event of the avoidance of doubtContractor’s failure to make the repayment on time, the Authority shall be entitled to encash the Bank guarantee for Advance Payment. The Parties expressly agree that for any delay in the event the total payment specified in any Interim Payment Certificate exceeds the limit of 50% (fifty per cent) of the Contract Price, the proportionate of recovery hereunder shall be restricted to the amount exceeding 50% (fifty per cent) of the Contract Price. By way of illustration, the Parties agree that if the first recovery of say, Rupees ‘x’ is made after 20 (twenty) months from the date of 1st (first) instalment repayment of the Advance Payment, the Contractor shall pay interest will to the Authority for each day of delay, such interest to be recovered on Rupees ‘x’ for a period calculated at the rate of 20 (twenty) months; and when the next recovery is made in the following month for say, Rupees ‘y’, interest on Rupees ‘y’ will be computed for a period of 21 (twenty one) months.The Parties further agree that no payments in excess of 9018% (ninety eighteen per cent) of the Contract Price shall be released until the Advance Payment, including interest thereon, has been fully recoveredper annum. 17.2.6 19.2.8 If the Advance Payment has not been fully repaid prior to Termination under Clause 19.7 21.7 or Article 2123, as the case may be, the whole of the balance then outstanding shall immediately become due and payable by the Contractor to the Authority. In Without prejudice to the provisions of Clause 19.2.7, in the event of Termination for Contractor Default, the Advance Payment shall be deemed to carry interest at anannual the rate of 410% (fourper ten per cent) above the Bank Ratefrom per annum from the date of Advance Payment to the date of recovery by encashment of bank guarantee the Bank Guarantee for the Advance Payment. For the avoidance of doubt, the aforesaid interest shall be payable on each instalment of the Advance Payment, regardless of whether the instalment or any part thereof has been repaid to the Authority prior to Termination.

Advance Payment. 17.2.1 Upon receiving request from Contractor, the Authority shall make an advance payment (the “Advance Payment”), upto 10% (ten percent)14 per cent) of the Contract Price, for mobilisation expenses and for acquisition of equipment, which shall carry simple interest at the rate of Bank Rate plus 4 4% ((four per cent) per annum and shall be made in two instalments of upto maximum 5% (five per cent) of the Contract Price contract price each. 17.2.2 The Contractor may apply to the Authority for the first instalment of the Advance Payment at any time after the Appointed Date, along with an irrevocableand irrevocable and unconditional guarantee from a Bank for an amount 14For large value and complex projects, the Advance Payment may be increased from 10% (ten per cent) to upto 15% (fifteen per cent) of the Contract Price. equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-F, to remain effective till the complete and full repayment thereof. 17.2.3 At any time, after 60 (sixty) days from the Appointed Date, the Contractor may apply to the Authority for the second instalment of the Advance Payment along with an irrevocable and unconditional guarantee from a Bank for an amount equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-F, to remain effective till the complete and full repayment thereofalong thereof along with proof of utilization of 1st instalment. 17.2.4 The instalments of Advance Payment shall generally be paid by the Authority to the Contractor within 15 (fifteen) days of the receipt of its respective requests in accordance with the provisions of this Clause 17.2. 17.2.5 The Advance Payment shall be recovered through proportionate deductions to be made in the Interim Payments Certificates issued in accordance with the provisions of Clause 17.5.2. Deductions of Advance Payment shall commence from the Interim Payment Certificate in which the cumulative interim payments certified shall have reached 50% (fifty percentper cent) of the Contract Price. The total amount recovered in each Interim Payment Certificate shall be equal to 30% (thirtyper thirty per cent) of the amount of interim payment due and payable under such Interim Payment Certificate, and interest on the amount being recovered to be calculated from the date of disbursement of the Advance Payment to the date of recovery until the entire Advance Payment together with interest is recovered. For the avoidance of doubt, the Parties agree that in the event the total payment specified in any Interim Payment Certificate exceeds the limit of 50% (fifty per cent) of the Contract Price, the proportionate of recovery hereunder shall be restricted to the amount exceeding 50% (fifty per cent) of the Contract Price. By way of illustration, the Parties agree that if the first recovery of say, Rupees ‘x’ is made after 20 (twenty) months from the date of 1st (first) instalment of the Advance Payment, the interest will be recovered on Rupees ‘x’ for a period of 20 (twenty) months; and when the next recovery is made in the following month for say, Rupees ‘y’, interest on Rupees ‘y’ will be computed for a period of 21 (twenty one) months.. The Parties further agree that no payments in excess of 90% (ninety per cent) of the Contract Price shall be released until the Advance Payment, including interest thereon, has been fully recovered. 17.2.6 If the Advance Payment has not been fully repaid prior to Termination under Clause 19.7 or Article 21, as the case may be, the whole of the balance then outstanding shall immediately become due and payable by the Contractor to the Authority. In the event of Termination for Contractor due to Contractor’s Default, the Advance Payment shall be deemed to carry interest at anannual an annual rate of 4% (fourper four per cent) above the Bank Ratefrom Rate from the date of Advance Payment to the date of recovery by encashment of bank guarantee for the Advance Payment. For the avoidance of doubt, the aforesaid interest shall be payable on each instalment of the Advance Payment, regardless of whether the instalment or any part thereof has been repaid to the Authority prior to Termination.

Advance Payment. 17.2.1 Upon receiving request from Contractor, the Authority shall make an advance payment (the “Advance Payment”), upto 10% (ten percent)14 of the Contract Price, for mobilisation expenses and for acquisition of equipment, which shall carry simple interest at the rate of Bank Rate plus 4 4% ((four per cent) per annum and shall be made in two instalments of upto maximum 5% (five per cent) of the Contract Price contract price each. 17.2.2 The Contractor may apply to the Authority for the first instalment of the Advance Payment at any time after the Appointed Date, along with an irrevocableand irrevocable and unconditional guarantee from a Bank for an amount 14For large value and complex projects, the Advance Payment may be increased from 10% (ten per cent) to upto 15% (fifteen per cent) of the Contract Price. equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-F, to remain effective till the complete and full repayment thereof. 14For large value (Contract price not less than Rs. 500 Cr) or complex projects, the Advance Payment may be increased from 10% (ten per cent) to upto 15% (fifteen per cent) of the Contract Price. 17.2.3 At any time, after 60 (sixty) days from the Appointed Date, the Contractor may apply to the Authority for the second instalment of the Advance Payment along with an irrevocable and unconditional guarantee from a Bank for an amount equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-F, to remain effective till the complete and full repayment thereofalong thereof along with proof of utilization utilisation of 1st instalment. 17.2.4 The instalments of Advance Payment shall generally be paid by the Authority to the Contractor within 15 (fifteen) days of the receipt of its respective requests in accordance with the provisions of this Clause 17.2. 17.2.5 The Advance Payment shall be recovered through proportionate deductions to be made in the Interim Payments Certificates issued in accordance with the provisions of Clause 17.5.2. Deductions of Advance Payment shall commence from the Interim Payment Certificate in which the cumulative interim payments certified shall have reached 50% (fifty percentper cent) of the Contract Price. The total amount recovered in each Interim Payment Certificate shall be equal to 30% (thirtyper thirty per cent) of the amount of interim payment due and payable under such Interim Payment Certificate, and interest on the amount being recovered to be calculated from the date of disbursement of the Advance Payment to the date of recovery until the entire Advance Payment together with interest is recovered. For the avoidance of doubt, the Parties agree that in the event the total payment specified in any Interim Payment Certificate exceeds the limit of 50% (fifty per cent) of the Contract Price, the proportionate of recovery hereunder shall be restricted to the amount exceeding 50% (fifty per cent) of the Contract Price. By way of illustration, the Parties agree that if the first recovery of say, Rupees ‘x’ is made after 20 (twenty) months from the date of 1st (first) instalment of the Advance Payment, the interest will be recovered on Rupees ‘x’ for a period of 20 (twenty) months; and when the next recovery is made in the following month for say, Rupees ‘y’, interest on Rupees ‘y’ will be computed for a period of 21 (twenty one) months.. The Parties further agree that no payments in excess of 90% (ninety per cent) of the Contract Price shall be released until the Advance Payment, including interest thereon, has been fully recovered. 17.2.6 If the Advance Payment has not been fully repaid prior to Termination under Clause 19.7 or Article 21, as the case may be, the whole of the balance then outstanding shall immediately become due and payable by the Contractor to the Authority. In the event of Termination for Contractor due to Contractor’s Default, the Advance Payment shall be deemed to carry interest at anannual an annual rate of 4% (fourper four per cent) above the Bank Ratefrom Rate from the date of Advance Payment to the date of recovery by encashment of bank guarantee for the Advance Payment. For the avoidance of doubt, the aforesaid interest shall be payable on each instalment of the Advance Payment, regardless of whether the instalment or any part thereof has been repaid to the Authority prior to Termination.

Advance Payment. 17.2.1 Upon receiving the request from Contractor, the Authority SPV shall make an advance payment (the “Advance Payment”), upto up to 10% (ten percent)14 of the Contract Price, for mobilisation expenses and for the acquisition of equipment, which shall carry simple interest at the rate of Bank Rate plus 4 4% ((four per cent) per annum and shall be made in two instalments of upto maximum 5% (five per cent) of the Contract Price contract price each. 17.2.2 The Contractor may apply to the Authority SPV for the first instalment of the Advance Payment at any time after the Appointed Date, along with an irrevocableand irrevocable and unconditional guarantee from a Bank for an amount 14For large value and complex projects, the Advance Payment may be increased from 10% (ten per cent) to upto 15% (fifteen per cent) of the Contract Price. equivalent to 110% (one hundred and ten per centpercent) of such instalment, substantially in the form provided at Annex-III of Schedule-F, to remain effective till the complete and full repayment thereof. 17.2.3 At any time, after 60 (sixty) days from the Appointed Date, the Contractor may apply to the Authority SPV for the second instalment of the Advance Payment along with an irrevocable and unconditional guarantee from a Bank for an amount equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-F, to remain effective till the complete and full repayment thereofalong thereof along with proof of utilization of 1st instalment. 17.2.4 The instalments of Advance Payment shall generally be paid by the Authority SPV to the Contractor within 15 (fifteen) days of the receipt of its respective requests in accordance with the provisions of this Clause 17.2. 17.2.5 The Advance Payment shall be recovered through proportionate deductions to be made in the Interim Payments Certificates issued in accordance with the provisions of Clause 17.5.2. Deductions of Advance Payment shall commence from the Interim Payment Certificate in which the cumulative interim payments certified shall have reached 50% (fifty percentper cent) of the Contract Price. The total amount recovered in each Interim Payment Certificate shall be equal to 30% (thirtyper thirty per cent) of the amount of interim payment due and payable under such Interim Payment Certificate, and interest on the amount being recovered to be calculated from the date of disbursement of the Advance Payment to the date of recovery until the entire Advance Payment together with interest is recovered. For the avoidance of doubt, the Parties agree that in the event the total payment specified in any Interim Payment Certificate exceeds the limit of 50% (fifty per cent) of the Contract Price, the proportionate of recovery hereunder shall be restricted to the amount exceeding 50% (fifty per cent) of the Contract Price. By way of illustration, the Parties agree that if the first recovery of say, Rupees ‘x’ is made after 20 (twenty) months from the date of 1st (first) instalment of the Advance Payment, the interest will be recovered on Rupees ‘x’ for a period of 20 (twenty) months; and when the next recovery is made in the following month for say, Rupees ‘y’, interest on Rupees ‘y’ will be computed for a period of 21 (twenty twenty-one) months.. The Parties further agree that no payments in excess of 90% (ninety per cent) of the Contract Price shall be released until the Advance Payment, including interest thereon, has been fully recovered. 17.2.6 If the Advance Payment has not been fully repaid prior to Termination under Clause 19.7 or Article 21, as the case may be, the whole of the balance then outstanding shall immediately become due and payable by the Contractor to the Authority. In the event of Termination for Contractor Default, the Advance Payment shall be deemed to carry interest at anannual rate of 4% (fourper cent) above the Bank Ratefrom the date of Advance Payment to the date of recovery by encashment of bank guarantee for the Advance Payment. For the avoidance of doubt, the aforesaid interest shall be payable on each instalment of the Advance Payment, regardless of whether the instalment or any part thereof has been repaid to the Authority prior to Termination.Clause

Advance Payment. 17.2.1 Upon receiving request from Contractor, the Authority shall make an advance payment (the “Advance Payment”), upto up to 10% (ten percent)14 per cent)14 of the Contract Price, for mobilisation expenses and for acquisition of equipment, which shall carry simple interest at the rate of Bank Rate plus 4 4% ((four per cent) per annum and shall be made in two instalments of upto up to maximum 5% (five per cent) of the Contract Price contract price each. 17.2.2 The Contractor may apply to the Authority for the first instalment of the Advance Payment at any time after the Appointed Date, along with an irrevocableand irrevocable and unconditional guarantee from a Bank for an amount 14For large value and complex projects, the Advance Payment may be increased from 10% (ten per cent) to upto 15% (fifteen per cent) of the Contract Price. equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-F, to remain effective till the complete and full repayment thereof. 14For large value (Contract price not less than Rs. 500 Cr) or complex projects, the Advance Payment may be increased from 10% (ten per cent) to up to 15% (fifteen per cent) of the Contract Price. 17.2.3 At any time, after 60 (sixty) days from the Appointed Date, the Contractor may apply to the Authority for the second instalment of the Advance Payment along with an irrevocable and unconditional guarantee from a Bank for an amount equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-F, to remain effective till the complete and full repayment thereofalong thereof along with proof of utilization utilisation of 1st instalment. 17.2.4 The instalments of Advance Payment shall generally be paid by the Authority to the Contractor within 15 (fifteen) days of the receipt of its respective requests in accordance with the provisions of this Clause 17.2. 17.2.5 The Advance Payment shall be recovered through proportionate deductions to be made in the Interim Payments Certificates issued in accordance with the provisions of Clause 17.5.2. Deductions of Advance Payment shall commence from the Interim Payment Certificate in which the cumulative interim payments certified shall have reached 50% (fifty percentper cent) of the Contract Price. The total amount recovered in each Interim Payment Certificate shall be equal to 30% (thirtyper thirty per cent) of the amount of interim payment due and payable under such Interim Payment Certificate, and interest on the amount being recovered to be calculated from the date of disbursement of the Advance Payment to the date of recovery until the entire Advance Payment together with interest is recovered. For the avoidance of doubt, the Parties agree that in the event the total payment specified in any Interim Payment Certificate exceeds the limit of 50% (fifty per cent) of the Contract Price, the proportionate of recovery hereunder shall be restricted to the amount exceeding 50% (fifty per cent) of the Contract Price. By way of illustration, the Parties agree that if the first recovery of say, Rupees ‘x’ is made after 20 (twenty) months from the date of 1st (first) instalment of the Advance Payment, the interest will be recovered on Rupees ‘x’ for a period of 20 (twenty) months; and when the next recovery is made in the following month for say, Rupees ‘y’, interest on Rupees ‘y’ will be computed for a period of 21 (twenty one) months.. The Parties further agree that no payments in excess of 90% (ninety per cent) of the Contract Price shall be released until the Advance Payment, including interest thereon, has been fully recovered. 17.2.6 If the Advance Payment has not been fully repaid prior to Termination under Clause 19.7 or Article 21, as the case may be, the whole of the balance then outstanding shall immediately become due and payable by the Contractor to the Authority. In the event of Termination for Contractor due to Contractor’s Default, the Advance Payment shall be deemed to carry interest at anannual an annual rate of 4% (fourper four per cent) above the Bank Ratefrom Rate from the date of Advance Payment to the date of recovery by encashment of bank guarantee for the Advance Payment. For the avoidance of doubt, the aforesaid interest shall be payable on each instalment of the Advance Payment, regardless of whether the instalment or any part thereof has been repaid to the Authority prior to Termination.

Advance Payment. 17.2.1 Upon receiving request from Contractor, the The Authority shall make an advance payment (the “Advance Payment”), upto equal to 10% (ten percent)14 per cent)14 of the Contract Price, for mobilisation expenses and for acquisition of equipment, which . The Advance Payment shall carry simple interest at the rate of Bank Rate plus 4 9.5% ((four nine point five per cent) per annum and shall be made in two instalments of upto maximum 5% (five per cent) of the Contract Price contract each. 17.2.2 The Contractor may apply to the Authority for the first instalment of the Advance Payment at any time after the Appointed Date, along with an irrevocableand irrevocable and unconditional guarantee from a Bank for an amount 14For 14 For large value and complex projects, the Advance Payment may be increased from 10% (ten per cent) to upto 15% (fifteen per cent) of the Contract Price. equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-F, to remain effective till the complete and full repayment thereof. 17.2.3 At any time, after 60 (sixty) days from the Appointed Date, the Contractor may apply to the Authority for the second instalment of the Advance Payment along with an irrevocable and unconditional guarantee from a Bank for an amount equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-F, to remain effective till the complete and full repayment thereofalong with proof of utilization of 1st instalmentthereof. 17.2.4 The instalments of Advance Payment shall generally be paid by the Authority to the Contractor within 15 (fifteen) days of the receipt of its respective requests in accordance with the provisions of this Clause 17.2. 17.2.5 The Advance Payment shall be recovered through proportionate deductions to be made in the Interim Payments Certificates issued in accordance with the provisions of Clause 17.5.2. Deductions of Advance Payment shall commence from the Interim Payment Certificate in which the cumulative interim payments certified shall have reached 50% (fifty percentper cent) of the Contract Price. The total amount recovered in each Interim Payment Certificate shall be equal to 30% (thirtyper thirty per cent) of the amount of interim payment due and payable under such Interim Payment Certificate, and interest on the amount being recovered to be calculated from the date of disbursement of the Advance Payment to the date of recovery until the entire Advance Payment together with interest is recovered. For the avoidance of doubt, the Parties agree that in the event the total payment specified in any Interim Payment Certificate exceeds the limit of 50% (fifty per cent) of the Contract Price, the proportionate of recovery hereunder shall be restricted to the amount exceeding 50% (fifty per cent) of the Contract Price. By way of illustration, the Parties agree that if the first recovery of say, Rupees ‘x’ is made after 20 (twenty) months from the date of 1st (first) instalment of the Advance Payment, the interest will be recovered on Rupees ‘x’ for a period of 20 (twenty) months; and when the next recovery is made in the following month for say, Rupees ‘y’, interest on Rupees ‘y’ will be computed for a period of 21 (twenty one) months.. The Parties further agree that no payments in excess of 90% (ninety per cent) of the Contract Price shall be released until the Advance Payment, including interest thereon, has been fully recovered. 17.2.6 If the Advance Payment has not been fully repaid prior to Termination under Clause 19.7 or Article 21, as the case may be, the whole of the balance then outstanding shall immediately become due and payable by the Contractor to the Authority. In the event of Termination for Contractor Default, the Advance Payment shall be deemed to carry interest at anannual an annual rate of 43% (fourper three per cent) above the Bank Ratefrom Rate from the date of Advance Payment to the date of recovery by encashment of bank guarantee for the Advance Payment. For the avoidance of doubt, the aforesaid interest shall be payable on each instalment of the Advance Payment, regardless of whether the instalment or any part thereof has been repaid to the Authority prior to Termination.

Advance Payment. 17.2.1 Upon receiving request from Contractor, the Authority 19.2.1 The Employer shall make an interest bearing advance payment (the @ Bank Rate + 5% per annum -(the “Advance Payment”), upto 10% equal in amount to 10 (ten percent)14 ten) percent of the Contract Price, for mobilisation expenses and for acquisition of equipment, which shall carry simple interest at the rate of Bank Rate plus 4 % ((four per cent) per annum and . The Advance Payment shall be made in three instalments. The first instalment shall be an amount equal to 2% (two instalments percent) of upto maximum the Contract Price, the second instalment shall be equal to 3% (three percent) of the Contract Price, and the third instalment shall be equal to 5% (five per centpercent) of the Contract Price eachPrice. 17.2.2 19.2.2 The Contractor may apply to the Authority Employer for the first instalment of the Advance Payment at any time after the Appointed Date, along with an irrevocableand irrevocable and unconditional guarantee from a Bank for an amount 14For large value and complex projects, the Advance Payment may be increased from 10% (ten per cent) to upto 15% (fifteen per cent) of the Contract Price. equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-FG, to remain effective till the complete and full repayment thereof. 17.2.3 19.2.3 At any time, time after 60 30 (sixtythirty) days from the Appointed Date, the Contractor may apply to the Authority for the second instalment of the Advance Payment along with an irrevocable and unconditional guarantee from a Bank for an amount equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-FG, to remain effective till the complete and full repayment thereofalong thereof along with proof of satisfactory utilization of 1st instalmentfirst instalment of the Advance Payment in this Project. 17.2.4 The instalments 19.2.4 At any time, after 60 (sixty) days from the Appointed Date, the Contractor may apply to the Employer for the third instalment of the Advance Payment along with an irrevocable and unconditional guarantee from a Bank for an amount equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-G, to remain effective till the complete and full repayment thereof along with proof of satisfactory utilization of second instalment of the Advance Payment. No advance shall generally be given after 40% of the original Contract amount has been paid 19.2.5 The first, second and the third instalments shall be paid by the Authority Employer to the Contractor within 15 (fifteen) days of the receipt of its respective requests in accordance with the provisions of this Clause 17.219.2. 17.2.5 19.2.6 The Advance Payment shall be recovered through proportionate deductions to be made in the Interim Payments Certificates issued in accordance with the provisions recovery of Clause 17.5.2. Deductions of Advance Payment all Advances shall commence from the Interim Payment Certificate in which the cumulative interim payments certified shall have reached 50when 20% (fifty percent) of the Contract Price. The total amount recovered in each Interim Payment Certificate shall be equal to 30% (thirtyper cent) of the amount of interim payment due and payable under such Interim Payment Certificate, and interest on the amount being recovered to be calculated from the date of disbursement of the Advance Payment to the date of recovery until the entire Advance Payment together with interest is recovered. For the avoidance of doubt, the Parties agree that in the event the total payment specified in any Interim Payment Certificate exceeds the limit of 50% (fifty twenty per cent) of the original Contract PricePrice of the work has been paid, or at ten months after the proportionate Commencement Date of the Contract whichever is the earlier, and it will be completed by the time 80% of the original contract value has been paid or by the time of original Completion Date whichever is earlier. The recovery hereunder of advances shall be restricted limited to the amount exceeding 5030% (fifty thirty per cent) of the Contract Price. By way of illustration, the Parties agree that if the first recovery of say, Rupees ‘x’ is made after 20 (twenty) months from the date of 1st (first) instalment of the Advance Payment, the interest will be recovered on Rupees ‘x’ for a period of 20 (twenty) months; and when the next recovery is made in the following month for say, Rupees ‘y’, interest on Rupees ‘y’ will be computed for a period of 21 (twenty one) months.The Parties further agree that no payments in excess of 90% (ninety per cent) of the Contract Price shall be released until the Advance Payment, including interest thereon, has been fully recoveredan account xxxx. 17.2.6 19.2.7 If the Advance Payment has not been fully repaid prior to Termination under Clause 19.7 Claus 21.7 or Article 2123, as the case may be, the whole of the balance then outstanding including interest shall immediately become due and payable by the Contractor to the Authority. In the event of Termination for Contractor Default, the Advance Payment shall be deemed to carry interest at anannual rate of 4% (fourper cent) above the Bank Ratefrom the date of Advance Payment to the date of recovery by encashment of bank guarantee for the Advance Payment. For the avoidance of doubt, the aforesaid interest shall be payable on each instalment of the Advance Payment, regardless of whether the instalment or any part thereof has been repaid to the Authority prior to TerminationEmployer.

Advance Payment. 17.2.1 Upon receiving request from Contractor, the Authority shall make an advance payment (the “Advance Payment”), upto 10% (ten percent)14 of the Contract Price, for mobilisation expenses and for acquisition of equipment, which shall carry simple interest at the rate of Bank Rate plus 4 4% ((four per cent) per annum and shall be made in two instalments of upto maximum 5% (five per cent) of the Contract Price contract price each. 17.2.2 The Contractor may apply to the Authority for the first instalment of the Advance Payment at any time after the Appointed Date, along with an irrevocableand irrevocable and unconditional guarantee from a Bank for an amount equivalent to 110% (one hundred 14For large value and complex projects, the Advance Payment may be increased from 10% (ten per cent) to upto 15% (fifteen per cent) of the Contract Price. equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-F, to remain effective till the complete and full repayment thereof. 17.2.3 At any time, after 60 (sixty) days from the Appointed Date, the Contractor may apply to the Authority for the second instalment of the Advance Payment along with an irrevocable and unconditional guarantee from a Bank for an amount equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-F, to remain effective till the complete and full repayment thereofalong thereof along with proof of utilization of 1st instalment. 17.2.4 The instalments of Advance Payment shall generally be paid by the Authority to the Contractor within 15 (fifteen) days of the receipt of its respective requests in accordance with the provisions of this Clause 17.2. 17.2.5 The Advance Payment shall be recovered through proportionate deductions to be made in the Interim Payments Certificates issued in accordance with the provisions of Clause 17.5.2. Deductions of Advance Payment shall commence from the Interim Payment Certificate in which the cumulative interim payments certified shall have reached 50% (fifty percent) of the Contract Price. The total amount recovered in each Interim Payment Certificate shall be equal to 30% (thirtyper thirty per cent) of the amount of interim payment due and payable under such Interim Payment Certificate, and interest on the amount being recovered to be calculated from the date of disbursement of the Advance Payment to the date of recovery until the entire Advance Payment together with interest is recovered. For the avoidance of doubt, the Parties agree that in the event the total payment specified in any Interim Payment Certificate exceeds the limit of 50% (fifty per cent) of the Contract Price, the proportionate of recovery hereunder shall be restricted to the amount exceeding 50% (fifty per cent) of the Contract Price. By way of illustration, the Parties agree that if the first recovery of say, Rupees ‘x’ is made after 20 (twenty) months from the date of 1st (first) instalment of the Advance Payment, the interest will be recovered on Rupees ‘x’ for a period of 20 (twenty) months; and when the next recovery is made in the following month for say, Rupees ‘y’, interest on Rupees ‘y’ will be computed for a period of 21 (twenty one) months.The Parties further agree that no payments in excess of 90% (ninety per cent) of the Contract Price shall be released until the Advance Payment, including interest thereon, has been fully recovered. 17.2.6 If the Advance Payment has not been fully repaid prior to Termination under Clause 19.7 or Article 21, as the case may be, the whole of the balance then outstanding shall immediately become due and payable by the Contractor to the Authority. In the event of Termination for Contractor due to Contractor’s Default, the Advance Payment shall be deemed to carry interest at anannual an annual rate of 4% (fourper four per cent) above the Bank Ratefrom Rate from the date of Advance Payment to the date of recovery by encashment of bank guarantee for the Advance Payment. For the avoidance of doubt, the aforesaid interest shall be payable on each instalment of the Advance Payment, regardless of whether the instalment or any part thereof has been repaid to the Authority prior to Termination.

Advance Payment. 17.2.1 Upon receiving request from Contractor, the Authority 19.2.1 The Employer shall make an interest bearing advance payment @ Bank Rate per annum (the “Advance Payment”), upto 10% equal in amount to 10 (ten percent)14 ten) percent of the Contract Price, for mobilisation mobilization expenses and for acquisition of equipment, which shall carry simple interest at the rate of Bank Rate plus 4 % ((four per cent) per annum and . The Advance Payment shall be made in three installments. The first installment shall be an amount equal to 2% (two instalments percent) of upto maximum the Contract Price, the second installment shall be equal to 3% (three percent) of the Contract Price, and the third installment shall be equal to 5% (five per centpercent) of the Contract Price eachPrice. 17.2.2 19.2.2 The Contractor may apply to the Authority Employer for the first instalment installment of the Advance Payment at any time after signing of the Appointed DateContract Agreement, along with an irrevocableand irrevocable and unconditional guarantee from a Bank for an amount 14For large value and complex projects, the Advance Payment may be increased from 10% (ten per cent) to upto 15% (fifteen per cent) of the Contract Price. equivalent to 110% (one hundred and ten per cent) of such instalmentinstallment, substantially in the form provided at Annex-III of Schedule-FG, to remain effective till the complete and full repayment thereof. 17.2.3 19.2.3 At any time, time after 60 30 (sixtythirty) days from the Appointed Datedate of signing of the Contract Agreement, the Contractor may apply to the Authority for the second instalment installment of the Advance Payment along with an irrevocable and unconditional guarantee from a Bank for an amount equivalent to 110% (one hundred and ten per cent) of such instalmentinstallment, substantially in the form provided at Annex-III of Schedule-FG, to remain effective till the complete and full repayment thereofalong thereof along with proof of satisfactory utilization of 1st instalment. 17.2.4 The instalments first installment of Advance Payment in this Project. 19.2.4 At any time, after 60 (sixty) days from the date of signing of the Contract Agreement, the Contractor may apply to the Employer for the third installment of the Advance Payment along with an irrevocable and unconditional guarantee from a Bank for an amount equivalent to 110% (one hundred and ten per cent) of such installment, substantially in the form provided at Annex-III of Schedule-G, to remain effective till the complete and full repayment thereof along with proof of satisfactory utilization of second installment of the Advance Payment in this Project. No advance shall generally be given after 40% of the original Contract amount has been paid. 19.2.5 The first, second and the third installments shall be paid by the Authority Employer to the Contractor within 15 (fifteen) days of the receipt of its respective requests in accordance with the provisions of this Clause 17.219.2. 17.2.5 19.2.6 The Advance Payment shall be recovered through proportionate deductions to be made in the Interim Payments Certificates issued in accordance with the provisions recovery of Clause 17.5.2. Deductions of Advance Payment all Advances shall commence from the Interim Payment Certificate in which the cumulative interim payments certified shall have reached 50when 20% (fifty percent) of the Contract Price. The total amount recovered in each Interim Payment Certificate shall be equal to 30% (thirtyper cent) of the amount of interim payment due and payable under such Interim Payment Certificate, and interest on the amount being recovered to be calculated from the date of disbursement of the Advance Payment to the date of recovery until the entire Advance Payment together with interest is recovered. For the avoidance of doubt, the Parties agree that in the event the total payment specified in any Interim Payment Certificate exceeds the limit of 50% (fifty twenty per cent) of the original Contract PricePrice of the work has been paid, or two months after the proportionate Commencement Date of the Contract whichever is the earlier, and it will be completed by the time 80% of the original contract value has been paid or by the time of original Completion Date whichever is earlier. The recovery hereunder of advances shall be restricted limited to the amount exceeding 5030% (fifty thirty per cent) of the Contract Price. By way of illustration, the Parties agree that if the first recovery of say, Rupees ‘x’ is made after 20 (twenty) months from the date of 1st (first) instalment of the Advance Payment, the interest will be recovered on Rupees ‘x’ for a period of 20 (twenty) months; and when the next recovery is made in the following month for say, Rupees ‘y’, interest on Rupees ‘y’ will be computed for a period of 21 (twenty one) months.The Parties further agree that no payments in excess of 90% (ninety per cent) of the Contract Price shall be released until the Advance Payment, including interest thereon, has been fully recoveredan account bill. 17.2.6 19.2.7 If the Advance Payment has not been fully repaid prior to Termination under Clause 19.7 21.7 or Article 2123, as the case may be, the whole of the balance then outstanding including interest shall be immediately become due and payable by the Contractor to the Authority. In the event of Termination for Contractor Default, the Advance Payment shall be deemed to carry interest at anannual rate of 4% (fourper cent) above the Bank Ratefrom the date of Advance Payment to the date of recovery by encashment of bank guarantee for the Advance Payment. For the avoidance of doubt, the aforesaid interest shall be payable on each instalment of the Advance Payment, regardless of whether the instalment or any part thereof has been repaid to the Authority prior to TerminationEmployer.

Advance Payment. 17.2.1 Upon receiving request from Contractor, the 19.2.1 The Authority shall make an interest-bearing advance payment (the @10% per Annum(the “Advance Payment”), upto 10% equal in amount to 10 (ten percent)14 ten) percent of the Contract Price, for mobilisation expenses and for acquisition of equipment, which shall carry simple interest at the rate of Bank Rate plus 4 % ((four per cent) per annum and . The Advance Payment shall be made in two instalments of upto maximum 5four instalments. The first instalment shall be an amount equal to 2% (five per centtwo percent) of the Contract Price, the second instalment shall be equal to 3% (three percent) of the Contract Price, the third instalment shall be equal to 3% (three percent) of the Contract Price eachand the fourth instalment shall be equal to 2% (two percent) of the Contract Price. 17.2.2 19.2.2 The Contractor may apply to the Authority for the first instalment of the Advance Payment at any time after the Appointed Date, along with an irrevocableand unconditional guarantee from a Bank for an amount 14For large value and complex projects, the Advance Payment may be increased from 10% (ten per cent) to upto 15% (fifteen per cent) of the Contract Price. equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-F, to remain effective till the complete and full repayment thereof. 17.2.3 At any time, after 60 (sixty) days from the Appointed Date, the Contractor may apply to the Authority for the second instalment of the Advance Payment along with an irrevocable and unconditional guarantee from a Bank Nationalised Bank, counter guaranteed by its branch at Bhubaneswar for an amount equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-FG, to remain effective till the complete and full repayment thereofalong with proof of utilization of 1st instalmentthereof. 17.2.4 The instalments 19.2.3 At any time after 30 (thirty) days from the Appointed Date, the Contractor may apply for the second instalment of the Advance Payment along with an irrevocable and unconditional guarantee from a Nationalised Bank, counter guaranteed by its branch at Bhubaneswar for an amount equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-G, to remain effective till the complete and full repayment thereof. 19.2.4 At any time, after 60 (sixty) days from the Appointed Date, the Contractor may apply to the Authority for the third instalment of the Advance Payment along with an irrevocable and unconditional guarantee from a Nationalised Bank, counter guaranteed by its branch at Bhubaneswar for an amount equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-G, to remain effective till the complete and full repayment thereof. 19.2.4.1 At any time, after 90 (Ninety) days from the Appointed Date on verification of Plant and Machineries by S.E., Mechanical (R&B) , the Contractor may apply to the Authority for the fourth instalment of the Advance Payment along with an irrevocable and unconditional guarantee from a Nationalised Bank, counter guaranteed by its branch at Bhubaneswar for an amount equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule- G, to remain effective till the complete and full repayment thereof. 19.2.5 The first, second, third and the fourth instalments shall generally be paid by the Authority to the Contractor within 15 (fifteen) days of the receipt of its respective requests in accordance with the provisions of this Clause 17.219.2. 17.2.5 The 19.2.6 Each instalment of Advance Payment shall be recovered through proportionate deductions repaid by the Contractor to be made in the Interim Payments Certificates issued in accordance with Authority no later than 365 (three hundred and sixty five) days from the provisions of Clause 17.5.2. Deductions respective date of Advance Payment Payment. 19.2.7 The Contractor shall commence from the Interim Payment Certificate in which the cumulative interim payments certified shall have reached 50% (fifty percent) of the Contract Price. The total amount recovered in repay each Interim Payment Certificate shall be equal to 30% (thirtyper cent) of the amount of interim payment due and payable under such Interim Payment Certificate, and interest on the amount being recovered to be calculated from the date of disbursement instalment of the Advance Payment to on or before the due date of recovery until repayment. In the entire Advance Payment together with interest is recovered. For event of the avoidance of doubtContractor’s failure to make the repayment on time, the Authority shall be entitled to encash the Bank guarantee for Advance Payment. The Parties expressly agree that for any delay in the event the total payment specified in any Interim Payment Certificate exceeds the limit of 50% (fifty per cent) of the Contract Price, the proportionate of recovery hereunder shall be restricted to the amount exceeding 50% (fifty per cent) of the Contract Price. By way of illustration, the Parties agree that if the first recovery of say, Rupees ‘x’ is made after 20 (twenty) months from the date of 1st (first) instalment repayment of the Advance Payment, the Contractor shall pay interest will to the Authority for each day of delay, such interest to be recovered on Rupees ‘x’ for a period calculated at the rate of 20 (twenty) months; and when the next recovery is made in the following month for say, Rupees ‘y’, interest on Rupees ‘y’ will be computed for a period of 21 (twenty one) months.The Parties further agree that no payments in excess of 9018% (ninety eighteen per cent) of the Contract Price shall be released until the Advance Payment, including interest thereon, has been fully recoveredper annum. 17.2.6 19.2.8 If the Advance Payment has not been fully repaid prior to Termination under Clause 19.7 21.7 or Article 2123, as the case may be, the whole of the balance then outstanding shall immediately become due and payable by the Contractor to the Authority. In Without prejudice to the provisions of Clause 19.2.7, in the event of Termination for Contractor Default, the Advance Payment shall be deemed to carry interest at anannual the rate of 410% (fourper ten per cent) above the Bank Ratefrom per annum from the date of Advance Payment to the date of recovery by encashment of bank guarantee the Bank Guarantee for the Advance Payment. For the avoidance of doubt, the aforesaid interest shall be payable on each instalment of the Advance Payment, regardless of whether the instalment or any part thereof has been repaid to the Authority prior to Termination.

Advance Payment. 17.2.1 Upon receiving request from Contractor, the Authority shall make an advance payment (the “Advance Payment”), upto 10% (ten percent)14 percent) of the Contract Price, for mobilisation mobilization expenses and for acquisition of equipment, which shall carry simple interest at the rate of Bank Rate plus 4 4% ((four per cent) per annum and shall be made in two instalments of upto maximum 5% (five per cent) of the Contract Price contract price each. 17.2.2 The Contractor may apply to the Authority for the first instalment of the Advance Payment at any time after the Appointed Date, along with an irrevocableand irrevocable and unconditional guarantee from a Bank for an amount 14For large value and complex projects, the Advance Payment may be increased from 10% (ten per cent) to upto 15% (fifteen per cent) of the Contract Price. equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-F, to remain effective till the complete and full repayment thereof. 17.2.3 At any time, after 60 (sixty) days from the Appointed Date, the Contractor may apply to the Authority for the second instalment of the Advance Payment along with an irrevocable and unconditional guarantee from a Bank for an amount equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-F, to remain effective till the complete and full repayment thereofalong thereof along with proof of utilization of 1st instalment. 17.2.4 The instalments of Advance Payment shall generally be paid by the Authority to the Contractor within 15 (fifteen) days of the receipt of its respective requests in accordance with the provisions of this Clause 17.2. 17.2.5 The Advance Payment shall be recovered through proportionate deductions to be made in the Interim Payments Certificates issued in accordance with the provisions of Clause 17.5.2. Deductions of Advance Payment shall commence from the Interim Payment Certificate in which the cumulative interim payments certified shall have reached 50% (fifty percent) of the Contract Price. The total amount recovered in each Interim Payment Certificate shall be equal to 30% (thirtyper thirty per cent) of the amount of interim payment due and payable under such Interim Payment Certificate, and interest on the amount being recovered to be calculated from the date of disbursement of the Advance Payment to the date of recovery until the entire Advance Payment together with interest is recovered. For the avoidance of doubt, the Parties agree that in the event the total payment specified in any Interim Payment Certificate exceeds the limit of 50% (fifty per cent) of the Contract Price, the proportionate of recovery hereunder shall be restricted to the amount exceeding 50% (fifty per cent) of the Contract Price. By way of illustration, the Parties agree that if the first recovery of say, Rupees ‘x’ is made after 20 (twenty) months from the date of 1st (first1st(first) instalment of the Advance Payment, the interest will be recovered on Rupees ‘x’ for a period of 20 (twenty) months; and when the next recovery is made in the following month for say, Rupees ‘y’, interest on Rupees ‘y’ will be computed for a period of 21 (twenty one) months.The Parties further agree that no payments in excess of 90% (ninety per cent) of the Contract Price shall be released until the Advance Payment, including interest thereon, has been fully recovered. 17.2.6 If the Advance Payment has not been fully repaid prior to Termination under Clause 19.7 or Article 21, as the case may be, the whole of the balance then outstanding shall immediately become due and payable by the Contractor to the Authority. In the event of Termination for Contractor due to Contractor’s Default, the Advance Payment shall be deemed to carry interest at anannual an annual rate of 4% (fourper four per cent) above the Bank Ratefrom Rate from the date of Advance Payment to the date of recovery by encashment of bank guarantee for the Advance Payment. For the avoidance of doubt, the aforesaid interest shall be payable on each instalment of the Advance Payment, regardless of whether the instalment or any part thereof has been repaid to the Authority prior to Termination.

Advance Payment. 17.2.1 Upon receiving request from Contractor, the 19.2.1 The Authority shall make an interest-bearing (As per the bank rate) advance payment per Annum (the “Advance Payment”), upto 10% equal in amount to 10 (ten percent)14 ten) percent of the Contract Price, for mobilisation expenses and for acquisition of equipment, which shall carry simple interest at the rate of Bank Rate plus 4 % ((four per cent) per annum and . The Advance Payment shall be made in two instalments of upto maximum 5three instalments. The first instalment shall be an amount equal to 3% (five per centthree percent) of the Contract Price, the second instalment shall be equal to 3% (three percent) of the Contract Price, the third instalment shall be equal to 4% (Four percent) of the Contract Price each. 17.2.2 19.2.2 The Contractor may apply to the Authority for the first instalment of the Advance Payment at any time after the Appointed Date, along with an irrevocableand unconditional guarantee from a Bank for an amount 14For large value and complex projects, the Advance Payment may be increased from 10% (ten per cent) to upto 15% (fifteen per cent) of the Contract Price. equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-F, to remain effective till the complete and full repayment thereof. 17.2.3 At any time, after 60 (sixty) days from the Appointed Date, the Contractor may apply to the Authority for the second instalment of the Advance Payment along with an irrevocable and unconditional guarantee from a Bank Nationalised or Scheduled Bank, counter guaranteed by its branch at Visakhapatnam for an amount equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-FG, to remain effective till the complete and full repayment thereofalong with proof of utilization of 1st instalmentthereof. 17.2.4 The instalments 19.2.3 After mobilization of office and key resources and machineries within 30 (thirty) days from the Appointed Date, the Contractor may apply for the second instalment of the Advance Payment along with an irrevocable and unconditional guarantee from a Nationalised or Scheduled Bank, counter guaranteed by its branch at Visakhapatnam for an amount equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-G, to remain effective till the complete and full repayment thereof. 19.2.4 After mobilization of materials required to achieve the first mile stone as specified in Schedule J, the Contractor may apply to the Authority for the third instalment of the Advance Payment along with an irrevocable and unconditional guarantee from a Nationalised or Scheduled Bank, counter guaranteed by its branch at Visakhapatnam for an amount equivalent to 110% (one hundred and ten per cent) of such instalment, substantially in the form provided at Annex-III of Schedule-G, to remain effective till the complete and full repayment thereof. 19.2.5 The first, second and third instalments shall generally be paid by the Authority to the Contractor within 15 (fifteen) days of the receipt of its respective requests in accordance with the provisions of this Clause 17.219.2. 17.2.5 The 19.2.6 Each instalment of Advance Payment shall be recovered through proportionate deductions repaid by the Contractor to be made in the Interim Payments Certificates issued in accordance with Authority no later than 365 (three hundred and sixty five) days from the provisions of Clause 17.5.2. Deductions respective date of Advance Payment Payment. 19.2.7 The Contractor shall commence from the Interim Payment Certificate in which the cumulative interim payments certified shall have reached 50% (fifty percent) of the Contract Price. The total amount recovered in repay each Interim Payment Certificate shall be equal to 30% (thirtyper cent) of the amount of interim payment due and payable under such Interim Payment Certificate, and interest on the amount being recovered to be calculated from the date of disbursement instalment of the Advance Payment to on or before the due date of recovery until repayment. In the entire Advance Payment together with interest is recovered. For event of the avoidance of doubtContractor’s failure to make the repayment on time, the Authority shall be entitled to encash the Bank guarantee for Advance Payment. The Parties expressly agree that for any delay in the event the total payment specified in any Interim Payment Certificate exceeds the limit of 50% (fifty per cent) of the Contract Price, the proportionate of recovery hereunder shall be restricted to the amount exceeding 50% (fifty per cent) of the Contract Price. By way of illustration, the Parties agree that if the first recovery of say, Rupees ‘x’ is made after 20 (twenty) months from the date of 1st (first) instalment repayment of the Advance Payment, the Contractor shall pay interest will to the Authority for each day of delay, such interest to be recovered on Rupees ‘x’ for a period calculated at the rate of 20 (twenty) months; and when the next recovery is made in the following month for say, Rupees ‘y’, interest on Rupees ‘y’ will be computed for a period of 21 (twenty one) months.The Parties further agree that no payments in excess of 9018% (ninety eighteen per cent) of the Contract Price shall be released until the Advance Payment, including interest thereon, has been fully recoveredper annum. 17.2.6 19.2.8 If the Advance Payment has not been fully repaid prior to Termination under Clause 19.7 21.7 or Article 2123, as the case may be, the whole of the balance then outstanding shall immediately become due and payable by the Contractor to the Authority. In Without prejudice to the provisions of Clause 19.2.7, in the event of Termination for Contractor Default, the Advance Payment shall be deemed to carry interest at anannual the rate of 410% (fourper ten per cent) above the Bank Ratefrom per annum from the date of Advance Payment to the date of recovery by encashment of bank guarantee the Bank Guarantee for the Advance Payment. For the avoidance of doubt, the aforesaid interest shall be payable on each instalment of the Advance Payment, regardless of whether the instalment or any part thereof has been repaid to the Authority prior to Termination.