Common use of Payment & Interest Clause in Contracts

Payment & Interest. 6.1 The mode of payment will be either advance or through the Letter of Credit, with all Bank charges on openers‟ account. 6.2 Wherever the mode of payment through L. C./ Bank Guarantee is also acceptable, the Buyer will open a confirmed irrevocable letter of credit with 90 days credit with any Nationalised Bank/ a bank acceptable to MOIL payable at Nagpur to MOIL for 100% of the FOR value of the “Parcel” as a condition precedent for issue of parcel permitting payment of 100% of the FOR value of a „parcel‟ plus royalty, sales tax, VAT, excise duty, Madhya Pradesh Gramin Avsanrachna Xxxxx Xxxxx Xxxxxx Xxxxxxxxx 2005 Tax, sampling charges, extra transport charges wherever applicable and other levies as may be applicable. MOIL will provide additional credit period over 90 days i.e. upto 150 days (90 days free credit plus 60 days additional credit period with interest) MOIL will charge an interest @ 1.25% per month for additional 30 days credit on gross value of ore. There will be cash discount of 1.5% on advance payment for all grades of Manganese Ore. MOIL shall also accept Bank Guarantee ( as per proforma prescribed by XXXX ) for the sale of all grades of Manganese ore covering at least 105% of the value of ore, by extending the same credit period as above. 6.3 The buyer shall deposit 5% of the value of contracted quantity,based on the Basic Price as Xxxxxxx Money Deposit in the form of a Bank Guarantee as per the Proforma prescribed by MOIL or through Demand Draft of a nationalized Bank or of a Bank acceptable to MOIL drawn in favour of MOIL LIMITED., payable at Nagpur, or in lieu of the payment Bank Guarantee or a Cheque for the amount together with the undertaking as per the proforma provided by MOIL within 20 days of signing the contract/ issue of D.O., whichever is earlier. The Seller shall have the right to forfeit the xxxxxxx money deposited in full or in part on pro-rata basis based on the quantity lifted, in case the actual quantity lifted during the contract period falls short of the contracted quantity by more than five percent. Example :- a) Contractd quantity :1000 T b) Basic Price :Rs.2000/- per tonne. c) Value of EMD :Rs.2000 x 1000 x 5%=Rs.100000 d) Quantity lifted during contract period:800 Tonnes e) Minimum quantity which should have :950 Tonnes been lifted to avoid forfeiture of EMD f) Quantity attracting forfeiture of EMD :150 Tonnes g) Value of 150 Tonnes :Rs.300000/- h)5% value of above :Rs.300000 x 5% =Rs.15000/- For calculating the above, the Basic price will be taken as the price, applicable on the date of signing of the contract. However, any controversy if arose regarding the lifting of quantity shall not affect the right of MOIL to encash the Cheque agreed to be delivered by the Buyer. 6.4 The indenting of Ore along with the requisite payment by the customers should be in a phased monthly instalments vis-a-vis the annual quantity, and MOIL will also effect supply accordingly”. 6.5 In the event, the buyer does not deposit Xxxxxxx Money within 20 days from the date of signing the contract, the contract shall be cancelled. However for any future contracts entered, the buyer shall be liable to first clear his obligation of depositing the said forfeited Xxxxxxx Money.

Payment & Interest. 6.1 The mode of payment will be either advance or through the Letter of Credit, with all Bank charges on openers‟ account. 6.2 Wherever the mode of payment through L. C./ Bank Guarantee C. is also acceptable, the Buyer will open a confirmed irrevocable letter of credit with 90 days credit with any Nationalised Bank/ a bank acceptable to MOIL payable at Nagpur to MOIL for 100% of the FOR value of the “Parcel” as a condition precedent for issue of parcel permitting payment of 100% of the FOR value of a „parcel‟ plus royalty, sales tax, VAT, excise duty, Madhya Pradesh Gramin Avsanrachna Xxxxx Xxxxx Xxxxxx Xxxxxxxxx 2005 Tax, sampling charges, extra transport charges wherever applicable and other levies as may be applicable. MOIL will provide additional credit period over 90 days i.e. upto 150 days (90 days free credit plus 60 days additional credit period with interest) MOIL will charge an interest @ 1.25% per month for additional 30 days credit on gross value of ore. There will be cash discount of 1.5% on advance payment for all grades of Manganese Ore. MOIL shall also accept Bank Guarantee ( as per proforma prescribed by XXXX ) for the sale of all grades of Manganese ore covering at least 105% of the value of ore, by extending the same credit period as aboveOre . 6.3 The buyer shall deposit 5% of the value of contracted quantity,based on the Basic Price as Xxxxxxx Money Deposit in the form of a Bank Guarantee as per the Proforma prescribed by MOIL or through Demand Draft of a nationalized Bank or of a Bank acceptable to MOIL drawn in favour of MOIL LIMITED., payable at Nagpur, or in lieu of the payment Bank Guarantee or a Cheque for the amount together with the undertaking as per the proforma provided by MOIL within 20 days of signing the contract/ issue of D.O., whichever is earlier. The Seller shall have the right to forfeit the xxxxxxx money deposited in full or in part on pro-rata basis based on the quantity lifted, in case the actual quantity lifted during the contract period falls short of the contracted quantity by more than five percent. Example :- a) Contractd quantity :1000 T b) Basic Price :Rs.2000/- per tonne. c) Value of EMD :Rs.2000 x 1000 x 5%=Rs.100000 d) Quantity lifted during contract period:800 Tonnes e) Minimum quantity which should have :950 Tonnes been lifted to avoid forfeiture of EMD f) Quantity attracting forfeiture of EMD :150 Tonnes g) Value of 150 Tonnes :Rs.300000/- h)5% value of above :Rs.300000 x 5% =Rs.15000/- For calculating the above, the Basic price will be taken as the price, applicable on the date of signing of the contract. However, any controversy if arose regarding the lifting of quantity shall not affect the right of MOIL to encash the Cheque agreed to be delivered by the Buyer. 6.4 The indenting of Ore along with the requisite payment by the customers should be in a phased monthly instalments vis-a-vis the annual quantity, and MOIL will also effect supply accordingly”. 6.5 In the event, the buyer does not deposit Xxxxxxx Money within 20 days from the date of signing the contract, the contract shall be cancelled. However for any future contracts entered, the buyer shall be liable to first clear his obligation of depositing the said forfeited Xxxxxxx Money.

Payment & Interest. 6.1 The mode of payment will be either advance or through the Letter of Credit, with all Bank charges on openers‟ account. 6.2 Wherever the mode of payment through L. C./ Bank Guarantee C. is also acceptable, the Buyer will open a confirmed irrevocable letter of credit with 90 30 days credit with any Nationalised Bank/ a bank acceptable to MOIL payable at Nagpur to MOIL for 100% of the FOR value of the “Parcel” as a condition precedent for issue of parcel permitting payment of 100% of the FOR value of a „parcel‟ plus royalty, sales tax, VAT, excise duty, Madhya Pradesh Gramin Avsanrachna Xxxxx Xxxxx Xxxxxx Xxxxxxxxx 2005 Tax, sampling charges, extra transport charges wherever applicable and other levies as may be applicable. MOIL will provide additional credit period over 90 30 days i.e. upto 150 90 days (90 30 days free credit plus 60 days additional credit period with interest) MOIL will charge an interest @ 1.25% per month for additional 30 days credit on gross value of ore. There will be cash discount of 1.50.5% on advance payment for all grades of Manganese Ore. MOIL shall also accept Bank Guarantee ( as per proforma prescribed by XXXX ) for the sale of all grades of Manganese ore covering at least 105% of the value of ore, by extending the same credit period as above.Ore. 6.3 The buyer shall deposit 5% of the value of contracted quantity,based on the Basic Price as Xxxxxxx Money Deposit in the form of a Bank Guarantee as per the Proforma prescribed by MOIL or through Demand Draft of a nationalized Bank or of a Bank acceptable to MOIL drawn in favour of MOIL LIMITED., payable at Nagpur, or in lieu of the payment or Bank Guarantee or Guarantee, a Cheque for the amount together with the undertaking as per the proforma provided by MOIL within 20 days of signing the contract/ issue of D.O., whichever is earlier. The Seller shall have the right to forfeit the xxxxxxx money deposited in full or in part on pro-rata basis based on the quantity lifted, in case the actual quantity lifted during the contract period falls short of the contracted quantity by more than five percent. Example :- a) Contractd quantity :1000 T b) Basic Price :Rs.2000/- per tonne. c) Value of EMD :Rs.2000 x 1000 x 5%=Rs.100000 d) Quantity lifted during contract period:800 Tonnes e) Minimum quantity which should have :950 Tonnes been lifted to avoid forfeiture of EMD f) Quantity attracting forfeiture of EMD :150 Tonnes g) Value of 150 Tonnes :Rs.300000/- h)5% value of above :Rs.300000 x 5% =Rs.15000/- For calculating the above, the Basic price will be taken as the price, applicable on the date of signing of the contract. However, any controversy if arose regarding the lifting of quantity shall not affect the right of MOIL to encash the Cheque agreed to be delivered by the Buyer. 6.4 The indenting of Ore along with the requisite payment by the customers should be in a phased monthly instalments vis-a-vis the annual quantity, and MOIL will also effect supply accordingly”. 6.5 In the event, the buyer does not deposit Xxxxxxx Money within 20 days from the date of signing the contract, the contract shall be cancelled. However for any future contracts entered, the buyer shall be liable to first clear his obligation of depositing the said forfeited Xxxxxxx Money.

Payment & Interest. 6.1 The mode of payment will be either advance or through the Letter of Credit, with all Bank charges on openers‟ openers’ account. In case of Chemical Grades, the mode of payment will be either advance or through Letter of Credit with all Bank charges on openers’ account, with payment at site. There will not be any free credit in case of Chemical Grades against L/C or discount for advance payment. 6.2 Wherever the mode of payment through L. C./ Bank Guarantee L.C. is also acceptable, acceptable the Buyer will open a confirmed irrevocable confirmed, irrecovable letter of credit payable with 90 30 days credit (No credit period in respect of Chemical Grade) with any Nationalised Bank/ nationalised bank, or a bank acceptable to MOIL MOIL, payable at Nagpur to MOIL for 100% of the FOR value of the “Parcel” "parcel" as a condition precedent for issue of parcel permitting payment of 100% of the FOR for value of a „parcel‟ "Parcel' plus royalty, ,sales tax, VAT, excise duty, Madhya Pradesh Gramin Avsanrachna tatha Xxxxx Xxxxx Xxxxxx Xxxxxxxxx Adhiniyam 2005 Tax, sampling charges, excise duty,extra transport charges wherever applicable whereever applicable, and other levies as may be applicable. MOIL will provide additional credit period over 90 30 days i.e. upto 150 i.e.upto 60 days (90 30 days free credit plus 60 30 days additional credit period with interest) MOIL will charge an interest @ 1.25@1.25% per month for the additional 30 days credit on gross value of ore. Ore. There will be cash discount of 1.50.5% on advance payment for all grades except in case of Manganese Ore. MOIL shall also accept Bank Guarantee ( as per proforma prescribed by XXXX ) for the sale of all grades of Manganese ore covering at least 105% of the value of ore, by extending the same credit period as aboveChemical Grades. 6.3 “The buyer shall deposit 5% of the value of contracted quantity,based on the Basic Price as Xxxxxxx Money Deposit in the form of a Bank Guarantee as per the Proforma prescribed by MOIL or through Demand Draft of a nationalized Bank or of a Bank acceptable to MOIL drawn in favour of MOIL LIMITEDManganese Ore (India)Ltd., payable at Nagpur, or in lieu of the payment or Bank Guarantee or Guarantee, a Cheque for the amount together with the undertaking as per the proforma provided by MOIL within 20 days of signing the contract/ issue of D.O., whichever is earliercontract. The Seller shall have the right to forfeit the xxxxxxx money deposited in full or in part on pro-rata basis based on the quantity lifted, in case the actual quantity lifted during the contract period falls short of the contracted quantity by more than five ten percent. Example :- a) Contractd quantity :1000 T b) Basic Price :Rs.2000/- per tonne. c) Value of EMD :Rs.2000 x 1000 x 5%=Rs.100000 d) Quantity lifted during contract period:800 Tonnes e) Minimum quantity which should have :950 900 Tonnes been lifted to avoid forfeiture of EMD f) Quantity attracting forfeiture of EMD :150 100 Tonnes g) Value of 150 100 Tonnes :Rs.300000/- h)5Rs.200000/- h) 5% value of above :Rs.300000 Rs.200000 x 5% =Rs.15000/- Rs.10000/- For calculating the above, the Basic price will be taken as the price, applicable on the date of signing of the contract. However, any controversy if arose regarding the lifting of quantity shall not affect the right of MOIL to encash the Cheque agreed to be delivered by the Buyer. 6.4 The indenting of Ore along with the requisite payment by the customers should be in a phased monthly instalments vis-a-vis the annual quantity, and MOIL will also effect supply accordingly”. 6.5 In the event, the buyer does not deposit Xxxxxxx Money within 20 days from the date of signing the contract, the contract shall be cancelled. However for any future contracts entered, the buyer shall be liable to first clear his obligation of depositing the said forfeited Xxxxxxx Money.

Payment & Interest. 6.1 The mode of payment will be either advance or through the Letter of Credit, with all Bank charges on openers‟ openers’ account. 6.2 Wherever the mode of payment through L. C./ Bank Guarantee is also acceptable, the Buyer will open a confirmed irrevocable letter of credit with 90 days credit with any Nationalised Bank/ a bank acceptable to MOIL payable at Nagpur to MOIL for 100% of the FOR value of the “Parcel” as a condition precedent for issue of parcel permitting payment of 100% of the FOR value of a „parcel‟ ‘parcel’ plus royalty, sales tax, VAT, excise duty, Madhya Pradesh Gramin Avsanrachna Xxxxx Xxxxx Xxxxxx Xxxxxxxxx 2005 Tax, sampling charges, extra transport charges wherever applicable and other levies as may be applicable. MOIL will provide additional credit period over 90 days i.e. upto 150 days (90 days free credit plus 60 days additional credit period with interest) MOIL will charge an interest @ 1.25% per month for additional 30 days credit on gross value of ore. There will be cash discount of 1.5% on advance payment for all grades of Manganese Ore. MOIL shall also accept Bank Guarantee ( as per proforma prescribed by XXXX ) for the sale of all grades of Manganese ore covering at least 105% of the value of ore, by extending the same credit period as above. 6.3 The buyer shall deposit 5% of the value of contracted quantity,based on the Basic Price as Xxxxxxx Money Deposit in the form of a Bank Guarantee as per the Proforma prescribed by MOIL or through Demand Draft of a nationalized Bank or of a Bank acceptable to MOIL drawn in favour of MOIL LIMITED., payable at Nagpur, or in lieu of the payment Bank Guarantee or a Cheque for the amount together with the undertaking as per the proforma provided by MOIL within 20 days of signing the contract/ issue of D.O., whichever is earlier. The Seller shall have the right to forfeit the xxxxxxx money deposited in full or in part on pro-rata basis based on the quantity lifted, in case the actual quantity lifted during the contract period falls short of the contracted quantity by more than five percent. Example :- a) Contractd quantity :1000 T b) Basic Price :Rs.2000/- per tonne. c) Value of EMD :Rs.2000 x 1000 x 5%=Rs.100000 d) Quantity lifted during contract period:800 Tonnes e) Minimum quantity which should have :950 Tonnes been lifted to avoid forfeiture of EMD f) Quantity attracting forfeiture of EMD :150 Tonnes g) Value of 150 Tonnes :Rs.300000/- h)5% value of above :Rs.300000 x 5% =Rs.15000/- For calculating the above, the Basic price will be taken as the price, applicable on the date of signing of the contract. However, any controversy if arose regarding the lifting of quantity shall not affect the right of MOIL to encash the Cheque agreed to be delivered by the Buyer. 6.4 The indenting of Ore along with the requisite payment by the customers should be in a phased monthly instalments vis-a-vis the annual quantity, and MOIL will also effect supply accordingly”. 6.5 In the event, the buyer does not deposit Xxxxxxx Money within 20 days from the date of signing the contract, the contract shall be cancelled. However for any future contracts entered, the buyer shall be liable to first clear his obligation of depositing the said forfeited Xxxxxxx Money.

Payment & Interest. 6.1 The mode of payment will be either advance or through the Letter of Credit, with all Bank charges on openers‟ openers’ account. 6.2 Wherever the mode of payment through L. C./ Bank Guarantee C. is also acceptable, the Buyer will open a confirmed irrevocable letter of credit with 90 30 days credit with any Nationalised Bank/ a bank acceptable to MOIL payable at Nagpur to MOIL for 100% of the FOR value of the “Parcel” as a condition precedent for issue of parcel permitting payment of 100% of the FOR value of a „parcel‟ ‘parcel’ plus royalty, sales tax, VAT, excise duty, Madhya Pradesh Gramin Avsanrachna Xxxxx Xxxxx Xxxxxx Xxxxxxxxx 2005 Tax, sampling charges, extra transport charges wherever applicable and other levies as may be applicable. MOIL will provide additional credit period over 90 30 days i.e. upto 150 90 days (90 30 days free credit plus 60 days additional credit period with interest) MOIL will charge an interest @ 1.25% per month for additional 30 days credit on gross value of ore. There will be cash discount of 1.50.5% on advance payment for all grades of Manganese Ore. MOIL shall also accept Bank Guarantee ( as per proforma prescribed by XXXX ) for the sale of all grades of Manganese ore covering at least 105% of the value of ore, by extending the same credit period as above.Ore. 6.3 The buyer shall deposit 5% of the value of contracted quantity,based on the Basic Price as Xxxxxxx Money Deposit in the form of a Bank Guarantee as per the Proforma prescribed by MOIL or through Demand Draft of a nationalized Bank or of a Bank acceptable to MOIL drawn in favour of MOIL LIMITED., payable at Nagpur, or in lieu of the payment or Bank Guarantee or Guarantee, a Cheque for the amount together with the undertaking as per the proforma provided by MOIL within 20 days of signing the contract/ issue of D.O., whichever is earlier. The Seller shall have the right to forfeit the xxxxxxx money deposited in full or in part on pro-rata basis based on the quantity lifted, in case the actual quantity lifted during the contract period falls short of the contracted quantity by more than five percent. Example :- a) Contractd quantity :1000 T b) Basic Price :Rs.2000/- per tonne. c) Value of EMD :Rs.2000 x 1000 x 5%=Rs.100000 d) Quantity lifted during contract period:800 Tonnes e) Minimum quantity which should have :950 Tonnes been lifted to avoid forfeiture of EMD f) Quantity attracting forfeiture of EMD :150 Tonnes g) Value of 150 Tonnes :Rs.300000/- h)5% value of above :Rs.300000 x 5% =Rs.15000/- For calculating the above, the Basic price will be taken as the price, applicable on the date of signing of the contract. However, any controversy if arose regarding the lifting of quantity shall not affect the right of MOIL to encash the Cheque agreed to be delivered by the Buyer. 6.4 The indenting of Ore along with the requisite payment by the customers should be in a phased monthly instalments vis-a-vis the annual quantity, and MOIL will also effect supply accordingly”. 6.5 In the event, the buyer does not deposit Xxxxxxx Money within 20 days from the date of signing the contract, the contract shall be cancelled. However for any future contracts entered, the buyer shall be liable to first clear his obligation of depositing the said forfeited Xxxxxxx Money.