Common use of Mobilisation Advance Clause in Contracts

Mobilisation Advance. The Authority shall, on request of the Concessionaire, made at any time after the Appointed Date, and upon the Concessionaire furnishing a Bank Guarantee in a form satisfactory to the Authority, make an advance payment in a sum not exceeding 10 % (ten per cent) of the Project Cost (the “Mobilisation Advance”). The Mobilisation Advance shall be paid by the Authority within 30 (thirty) days of receipt of a request in this behalf from the Concessionaire. The rate of interest on the Mobilisation Advance shall be equal to the Bank Rate, compounded annually. The Mobilisation Advance shall be deducted by the Authority in 4 (four) equal instalments from each of the payments to be made by the Authority to the Concessionaire in accordance with the provisions of Clause 23.4 and the interest thereon shall be recovered as the 5th (fifth) and final instalment upon expiry of 120 (one hundred and twenty) days commencing from the date of recovery of the 4th (fourth) instalment.

Mobilisation Advance. The Authority shall, on request of the Concessionaire, made at any time after the Appointed Date, and upon the Concessionaire furnishing a Bank Guarantee in a form satisfactory to the Authority, make an advance payment in a sum not exceeding 10 5 % (ten per centfive percent) of the Project Cost (the “Mobilisation Advance”). The Mobilisation Advance shall be paid by the Authority within 30 (thirty) days of receipt of a request in this behalf from the Concessionaire. The rate of interest on the Mobilisation Advance shall be equal to the Bank Rate, compounded annually. The Mobilisation Advance shall be deducted by the Authority in 4 (four) equal instalments from each of the payments to be made by the Authority to the Concessionaire in accordance with the provisions of Clause 23.4 and the interest thereon shall be recovered as the 5th (fifth) and final instalment upon expiry of 120 (one hundred and twenty) days commencing from the date of recovery of the 4th (fourth) instalment.