Common use of Mode of Billing and Payment Clause in Contracts

Mode of Billing and Payment. Xxxxxxxx and payments in respect of the Services shall be made as follows: (a) Within the number of days after the Effective Date specified in the SC, the Client shall cause to be paid to the Consultant advance payments in foreign currency and in local currency as specified in the SC. When the SC indicate advance payment, this will be due after provision by the Consultant to the Client of an advance payment security acceptable to the Client in an amount (or amounts) and in a currency (or currencies) specified in the SC. Such security (i) to remain effective until the advance payment has been fully set off, and (ii) to be in the form set forth in Appendix H hereto, or in such other form as the Client shall have approved in writing. The advance payments will be set off by the Client in equal installments against the statements for the number of months of the Services specified in the SC until said advance payments have been fully set off. (b) As soon as practicable and not later than fifteen (15) days after the end of each calendar month during the period of the Services, or after the end of each time intervals otherwise indicated in the SC, the Consultant shall submit to the Client, in duplicate, itemized statements, accompanied by copies of invoices, vouchers and other appropriate supporting materials, of the amounts payable pursuant to Clauses GC 6.3 and GC 6.4 for such month, or any other period indicated in the SC. Separate statements shall be submitted in respect of amounts payable in foreign currency and in local currency. Each statement shall distinguish that portion of the total eligible costs which pertains to remuneration from that portion which pertains to reimbursable expenses. (c) The Client shall pay the Consultant’s statements within sixty (60) days after the receipt by the Client of such statements with supporting documents. Only such portion of a statement that is not satisfactorily supported may be withheld from payment. Should any discrepancy be found to exist between actual payment and costs authorized to be incurred by the Consultant, the Client may add or subtract the difference from any subsequent payments. Interest at the annual rate specified in the SC shall become payable as from the above due date on any amount due by, but not paid on, such due date.

Mode of Billing and Payment. Xxxxxxxx Billing and payments in respect of the Services shall be made as follows: (a) Within the number To cover payments due under Sub-Clauses 6.1 and 6.2 of days after the Effective Date specified in the SCthis Contract, the Client shall cause to be paid to the Consultant advance payments establish a revolving fund in foreign currency and in local currency as specified accounts, each account to be separately and distinctly maintained by the Consultants, and shall deposit into the said accounts, amounts in the SC. When the SC indicate advance payment, this will be due after provision by the Consultant to the Client of an advance payment security acceptable to the Client in an amount (or amounts) and in a currency (or currencies) currencies specified in the SC. Such security above as follows: (i) Not later than thirty (30) days following the signing of Contract by both the Parties amounts estimated to remain effective until be the advance payment has been fully requirements in the respective currencies for the three (3) months of the Services immediately following the signing of Contract calculated on the basis of the applicable estimates set off, forth in Appendices D and E. (ii) Not later than the 15th day of each succeeding month, the amount equal to the preceding monthly estimate in accordance with Appendices D and E shall be in the form set forth in Appendix H hereto, or in such other form as the Client shall have approved in writing. The advance payments will be set off recouped by the Client in equal installments the revolving fund against foreign currency and local currency amounts. Any bank interest accruing in a revolving fund shall be credited by the statements for Consultants to the number of months of the Services specified in the SC until said advance payments have been fully set offClient. (b) As soon as practicable and not later than fifteen preferably within thirty (1530) days after the end of each calendar month during the period of the Services, or after the end of each time intervals otherwise indicated in the SC, the Consultant Consultants shall submit to the Client, in duplicate, itemized statements, accompanied by copies of receipted invoices, vouchers and other appropriate supporting materials, of the amounts payable pursuant to Sub-Clauses GC 6.3 and GC 6.4 for such month, or any other period indicated in the SC. Separate monthly statements shall be submitted in respect of amounts payable in foreign currency and in local currency. Each Monthly statement shall distinguish that portion of the total eligible costs which pertains to remuneration from that portion which pertains to reimbursable expensesdirect costs expenditure. In case of a joint venture, separate monthly statements shall be submitted in respect of amounts payable to each Member of the joint venture of the Consultants. (c) The Client shall pay cause the Consultant’s payment of the Consultants' monthly statements within sixty twenty-eight (6028) days for amounts in local currency and within fifty six (56) days for amounts in foreign currency after the receipt by the Client of such statements with supporting documents. Only such portion of a monthly statement that is not satisfactorily supported may be withheld from payment. Should any discrepancy be found to exist between actual payment and costs authorized to be incurred by the ConsultantConsultants, the Client Client, after seeking clarification from the Consultants, may add or subtract the difference from any subsequent payments. (d) The final payment under this Clause shall be made only after the final report and a final statement, identified as such, shall have been submitted by the Consultants and approved as satisfactory by the Client. Interest at The Services shall be deemed completed and finally accepted by the annual rate specified Client and the final report and final statement shall be deemed approved by the Client as satisfactory ninety (90) calendar days after receipt of the final report and final statement by the Client unless the Client, within such ninety (90) days period, gives written notice to the Consultants specifying in detail deficiencies in the SC Services, the final report or final statement. The Consultants shall become thereupon promptly make any necessary corrections, and upon completion of such corrections, the foregoing process shall be repeated. Any amount which the Client has paid or caused to be paid in accordance with this Clause in excess of the amounts actually payable as in accordance with the provisions of this Contract shall be reimbursed by the Consultants to the Client within thirty (30) days after receipt by the Consultants of notice thereof. Any such claim by the Client for reimbursement must be made within fifty six (56) days after receipt by the Client of a final report and a final statement approved by the Client in accordance with the above. The Client shall cause the final payment to the Consultants within fifty six (56) days of receipt of final invoice from the above due date on any amount due byConsultants, but not paid on, such due dateafter completion of Services finally accepted along with the final report and statement of the Consultants by the Client. (e) All payments under this Contract shall be made to the bank account of the Consultants to be notified later.

Mode of Billing and Payment. Xxxxxxxx Billings and payments in respect of the Services shall be made as follows: (a) Within the number of days after the Effective Date If specified in the SC, the Client shall cause to be paid to the Consultant Consultants an advance payments in foreign currency and in local currency payment as specified in the SC, and as otherwise set forth below. When the SC indicate The advance payment, this payment will be due after provision by the Consultant Consultants to the Client of an advance payment security a bank guarantee by a bank acceptable to the Client in an amount (or amounts) and in a currency (or currencies) specified in the SC. Such security , such bank guarantee (i) to remain effective until the advance payment has been fully set offoff as provided in the SC, and (ii) to be in the form set forth in Appendix H hereto, ___ hereto or in such other form as the Client shall have approved in writing. The advance payments will be set off by the Client in equal installments against the statements for the number of months of the Services specified in the SC until said advance payments have been fully set off. (b) As soon as practicable and not later than fifteen (15) days after the end of each calendar month during the period of the Services, or after the end of each time intervals otherwise indicated in the SC, the Consultant Consultants shall submit to the Client, in duplicate, itemized statements, accompanied by copies of receipted invoices, vouchers and other appropriate supporting materials, of the amounts payable pursuant to Clauses GC 6.3 and GC 6.4 for such month, or any other period indicated in the SC. Separate monthly statements shall be submitted in respect of amounts payable in foreign currency and in local currency. Each such separate monthly statement shall distinguish that portion of the total eligible costs which pertains to remuneration from that portion which pertains to reimbursable expensesexpenditures. (c) The Client shall pay cause the Consultant’s payment of the Consultants’ monthly statements within sixty (60) days after the receipt by the Client of such statements with supporting documents. Only such portion of a monthly statement that is not satisfactorily supported may be withheld from payment. Should any discrepancy be found to exist between actual payment and costs authorized to be incurred by the ConsultantConsultants, the Client may add or subtract the difference from any subsequent payments. Interest at the annual rate specified in the SC shall become payable as from the above due date on any amount due by, but not paid on, such due date.