Common use of Contract Price and Payment Terms Clause in Contracts

Contract Price and Payment Terms. In full consideration for the complete, satisfactory and timely performance by the Contractor of its obligations under this Contract, UN-Women shall pay the Contractor: [insert either option] [OPTION 1: a total fixed fee of US$____________ in instalments of [US$_____] as set forth below] OR [OPTION 2: fees for the provision for the Services at the rates as set forth below]. [Insert details of the Contract price, whether it be lump sum or on a time and materials. Insert frequency of payment, for example, upon satisfactory completion and delivery of the final report to UN-Women and after [acceptance by UN-Women // certification by UN-Women that the] Services have been performed and the expected outputs have been satisfactorily provided. Contractor’s bank account for payments under this Contract (see Article 1 of the Special Conditions, Annex A). Name of bank: _____________; Bank address: _______________; Bank ID (SWIFT/BIC for non-US bank and ABA number for US bank) Account No. or IBAN: (IBAN if the bank is within EU/EEA) BSB: __________________ Bank account title/name: ______________ [Must be in the name of the Contractor.] Currency of payment: __________________ Currency of bank account: _____________________ Type of account: __________________ (Checking or Savings) Routing instructions: __________________ (if necessary) 30.