Secured Advance Sample Clauses
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Secured Advance. The contractor on signing an indenture in the form specified by the Employer during the progress of the execution of the work may be paid if agreed by the Employer upto 75 per cent of the estimated value which shall take into account the market value and contractors tendered rates for the finished item of any material which in the opinion of the Engineer is likely to be incorporated in the work within next three months, are non-perishable and are in accordance with the contract and which have been brought on the site in connection therewith and are adequately stored and protected against damage by weather or other causes but which have not at the time of advance been incorporated in the works. When materials on account of which an advance has been made under this clause are incorporated in the work the amount of such advance shall be deducted from the next payment made under any of the clause or clauses of this contract.
Secured Advance. The Engineer shall make advance payment in respect of materials intended for but not yet incorporated in the Works in accordance with conditions stipulated in the Contract Data. Employer, and denominated in Indian Rupees. The Performance Security shall be valid until a date 28 days from the date of expiry of Defects Liability Period and the additional security for unbalanced bids shall be valid until a date 28 days from the date of issue of the certificate of completion.
Secured Advance. The Engineer shall make advance payment in respect of materials intended for but not yet incorporated in the Works in accordance with conditions stipulated in the Contract Data.
Secured Advance. 33.1 Payment of Secured Advance shall be applicable if provided in the Contract Data.
33.2 If applicable, the Engineer shall make advance payment against materials intended for but not yet incorporated in the Works and against provision by the contractor of an unconditional Bank Guarantee in a form and by a nationalized/ scheduled bank, in the name as stated in the Contract Data, in amounts equal to the advance payment. The guarantee shall remain effective until the advance payment has been adjusted, but the amount of the guarantee shall be progressively reduced by the amounts adjusted by the contractor.
33.3 The amount of secured advance and conditions to be fulfilled shall be as stipulated in the Contract Data.
33.4 The Secured Advance paid shall be recovered as stated in the Contract Data.
Secured Advance i) Secured advanced will be given @ 75% against the value of non-perishable materials brought at site of work by the contractor against production of documentary evidence like invoices showing price adopted for secured advance and actually required for incorporation in the execution of the work, to the satisfaction of the Addl. SE/Sr. Executive Engineer. The contractor will have to execute and indenture bond as per regulations of the PSTCL to het this advance. When for any material of which. Contractor has received payment and Addl. SE/Sr. Executive Engineer has included the value of any unfixed material intended for and/or placed on or adjacent to the works, such material shall become the property of Addl. SE/Sr. Executive Engineer (for any loss or damage to which contractor shall be responsible) and that shall not be removed from the site, except for the works, without the written authority of the Addl. SE/Sr. Executive Engineer.
ii) In case where secured advance is paid to the contractor, the cost of such advance shall be included in the cost of work done, for the purpose of payment of price variation, for the month in which the secured advance was paid, when the materials are utilized for the execution of works, the amount of secured advance will be deducted from the value of work done for calculating escalation.
iii) In case the item of work for which secured advance was given to the contractor is not executed and measured within six months from the month of running bill in which secured advance was allowed, the contractor will be charged interest @ 15% PA from the date of payment of advance to the date of recovery of advance, on the material remained un utilized after six months.
Secured Advance. 75% payment against bills as Secured Advance on the cost of all non-perishable materials brought by the Contractor to Site for use in the Works (excluding chargeable materials issued by the Company) as assessed and approved by the Engineer may be paid, provided the materials confirm to the specifications of the contract an accepted by the Engineer. These materials shall be pledged by the Contractor to the Company. All the Secured Advance allowed will be deducted while making payment of any bill for the work done and a fresh Secured Advance on the materials remaining then at Site will be paid along with the same bill.