Common use of Payment during Construction Period Clause in Contracts

Payment during Construction Period. Upon receiving a report from the Independent Engineer certifying the achievement of the below mentioned payment milestones (“Payment Milestones”), the Authority shall disburse, within 15 (fifteen) days of the receipt of each such report, an instalment equal to 10% (ten per cent) of the Project Cost, adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of that report. For the purpose of this clause 23.4, the Payment Milestones for release of payment during Construction Period shall be as under: a) I (first) Payment Milestone – On achievement of 20% physical progress b) II (second) Payment Milestone - On achievement of 40% physical progress c) III (third) Payment Milestone - On achievement of 60% physical progress d) IV (fourth) Payment Milestone - On achievement of 75% physical progress e) V (fifth) Payment Milestone - On achievement of 90% physical progress Provided that in case of Change of Scope, the physical progress shall be recalculated to account for the changed scope.

Payment during Construction Period. Upon receiving a report from the Independent Engineer certifying the achievement of the below mentioned payment milestones (“Payment Milestones”)Milestones12, the Authority shall disburse, within 15 (fifteen) days of the receipt of each such report, an instalment installment equal to 1012% (ten Twelve per cent) of the Bid Project Cost, adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of that report. For the purpose of this clause Clause 23.4, the Payment Milestones Milestone for release of payment during Construction Period shall be as under: a) I (first) Payment Milestone – - On achievement of 20% physical progress Physical Progress b) II (second) Payment Milestone - On achievement of 40% physical progress % Physical Progress c) III (third) Payment Milestone - – On achievement of 60% physical progress Physical Progress d) IV (fourth) Payment Milestone - On achievement of 75% physical progress Physical Progress e) V (fifth) Payment Milestone - – On achievement of 90% physical progress Physical Progress Provided that in case of Change of Scope, the physical progress Physical Progress shall be recalculated to account for the changed scope.

Payment during Construction Period. Upon receiving a report from the Independent Engineer certifying the achievement of the below mentioned payment milestones (“Payment Milestones”), the Authority shall disburse, within 15 (fifteen) days of the receipt of each such report, an instalment installment equal to 10% (ten Ten per cent) of the Bid Project Cost, adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of that report. For the purpose of this clause Clause 23.4, the Payment Milestones Milestone for release of payment during Construction Period shall be as under: a) I (first) Payment Milestone – - On achievement of 20% physical progress Physical Progress b) II (second) Payment Milestone - On achievement of 40% physical progress % Physical Progress c) III (third) Payment Milestone - – On achievement of 60% physical progress Physical Progress d) IV (fourth) Payment Milestone - On achievement of 75% physical progress Physical Progress e) V (fifth) Payment Milestone - – On achievement of 90% physical progress Physical Progress Provided that in case of Change of Scope, the physical progress Physical Progress shall be recalculated to account for the changed scope.

Payment during Construction Period. Upon receiving a report from the Independent Engineer certifying the achievement of the below mentioned payment milestones (“Payment Milestones”), the Authority shall disburse, within 15 (fifteen) days of the receipt of each such report, an instalment equal to 104% (ten four per cent) of the Project Cost, adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of that report. For the purpose of this clause 23.4, the Payment Milestones for release of payment during Construction Period shall be as under: a) I (first) Payment Milestone – On achievement of 20% physical progress b) II (second) Payment Milestone - On achievement of 40% physical progress c) III (third) Payment Milestone - On achievement of 60% physical progress d) IV (fourth) Payment Milestone - On achievement of 75% physical progress e) V (fifth) Payment Milestone - On achievement of 90% physical progress Provided that in case of Change of Scope, the physical progress shall be recalculated to account for the changed scope.

Payment during Construction Period. Upon receiving a report from the Independent Engineer certifying the achievement of the below mentioned payment milestones (“Payment Milestones”)Milestones4, the Authority shall disburse, within 15 (fifteen) days of the receipt of each such report, an instalment installment equal to 108% (ten eight per cent) of the Bid Project Cost, adjusted for the Price Index Multiple as applicable on the Reference Index Date preceding the date of that report. For the purpose of this clause Clause 23.4, the Payment Milestones Milestone for release of payment during Construction Period shall be as under: a) I (first) Payment Milestone – - On achievement of 20% physical progress Physical Progress b) II (second) Payment Milestone - On achievement of 40% physical progress % Physical Progress c) III (third) Payment Milestone - – On achievement of 60% physical progress Physical Progress d) IV (fourth) Payment Milestone - On achievement of 75% physical progress Physical Progress e) V (fifth) Payment Milestone - – On achievement of 90% physical progress Physical Progress Provided that in case of Change of Scope, the physical progress Physical Progress shall be recalculated to account for the changed scope.