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 Milestones5, the Authority shall disburse, within 15 (fifteen) days of the receipt of each such report, an installment equal to 4% (four 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 23.4, the Payment Milestone for release of payment during Construction Period shall be as under: a) I (first) Payment Milestone - On achievement of 5% Physical Progress b) II (second) Payment Milestone - On achievement of 10% Physical Progress c) III (third) Payment Milestone – On achievement of 20% Physical Progress d) IV (fourth) Payment Milestone - On achievement of 30% Physical Progress e) V (fifth) Payment Milestone – On achievement of 40% Physical Progress f) VI (sixth) Payment Milestone – On achievement of 50% Physical Progress g) VII (seventh) Payment Milestone – On achievement of 60% Physical Progress h) VIII (eighth) Payment Milestone – On achievement of 70% Physical Progress i) IX (ninth) Payment Milestone – On achievement of 80% Physical Progress j) X (tenth) 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.