Common use of Payment terms for Indigenous Sellers Clause in Contracts

Payment terms for Indigenous Sellers. It will be mandatory for the Bidders to indicate their bank account numbers and other relevant e-payment details so that payments could be made through ECS/ EFT mechanism instead of payment through cheques, wherever feasible. A copy of the model mandate form prescribed by RBI to be submitted by Bidders for receiving payments through ECS is at Form DPM-11 (Available in MoD website and can be given on request). The payment will be made as per the following terms, on production of the requisite documents:- (a) 95% Payment against Inspection note, Proof of dispatch, duly supported by Xerox copy of the Bank Guarantee and against Consignee’s provisional receipt. Balance of 5% will be paid on receipt of items in good condition by consignee(s) along with user’s certificate of complete Installation and successful commissioning. (b) 100% payment on delivery and acceptance by the user. (c) Stage-wise payments (To be defined as per complexity of case) (d) Quarterly payments on submission of User clearance certificate in respect of AMC contracts.

Payment terms for Indigenous Sellers. It will be mandatory for the Bidders to indicate their bank account numbers and other relevant e-payment details so that payments could be made through ECS/ ECS/EFT mechanism instead of payment through cheques, wherever feasible. A copy of the model mandate form prescribed by RBI to be submitted by Bidders for receiving payments through ECS is at Form DPM-11 (Available in MoD website and can be given on request). The payment will be made as per the following terms, on production of the requisite documents:- (a) 95% Payment against Inspection note, Proof of dispatch, duly supported by Xerox copy of the Bank Guarantee and against Consignee’s provisional receipt. Balance of 5% will be paid on receipt of items in good condition by consignee(s) along with user’s certificate of complete Installation and successful commissioning. (b) 100% payment on delivery and acceptance by the user. (c) Stage-wise payments (To be defined as per complexity of case) (d) Quarterly payments on submission of User clearance certificate in respect of AMC contracts.

Payment terms for Indigenous Sellers. It will be mandatory for the Bidders to indicate their bank account numbers and other relevant e-payment details so that payments could be made through ECS/ ECS/EFT mechanism instead of payment through cheques, wherever feasible. A copy of the model mandate form prescribed by RBI to be submitted by Bidders for receiving payments through ECS is at Form DPM-11 (Available in MoD website and can be given on request). The payment will be made as per the following terms, on production of the requisite documents:- (a) 95% Payment against Inspection note, Proof of dispatch, duly supported by Xerox copy of the Bank Guarantee and against Consignee’s provisional receipt. Balance of 5% will be paid on receipt of items in good condition by consignee(s) along with user’s certificate of complete Installation and successful commissioning. (b) 100% payment on delivery and acceptance by the user. (c) Stage-wise payments (To be defined as per complexity of case)) OR (d) Quarterly payments on submission of User clearance certificate in respect of AMC contracts.

Payment terms for Indigenous Sellers. It will be mandatory for the Bidders to indicate their bank account numbers and other relevant e-payment details so that payments could be made through ECS/ ECS/EFT mechanism instead of payment through cheques, wherever feasible. A copy of the model mandate form prescribed by RBI to be submitted by Bidders Xxxxxxx for receiving payments through ECS is at Form DPM-11 (Available in MoD website and can be given on request). The payment will be made as per the following terms, on production of the requisite documents:- (a) 95% Payment against Inspection note, Proof of dispatch, duly supported by Xerox copy of the Bank Guarantee and against Consignee’s provisional receipt. Balance of 5% will be paid on receipt of items in good condition by consignee(s) along with user’s certificate of complete Installation and successful commissioning. (b) 100% payment on delivery and acceptance by the user. (c) Stage-wise payments (To be defined as per complexity of case) (d) Quarterly payments on submission of User clearance certificate in respect of AMC contracts.