Time of payment and interest. 19.9.1 The Authority shall pay to the Contractor any amount due under any payment certificate issued by the Authority’s Engineer in accordance with the provisions of this Article 19, or in accordance with any other clause of this Agreement as follows:
(a) payment shall be made no later than 30 (thirty) days from the date of submission of the Stage Payment Statement by the Contractor to the Authority’s Engineer for certification in accordance with the provisions of Clause 19.4 for an IPC; provided that, in the event the IPC is not issued by the Authority’s Engineer within the aforesaid period of 30 (thirty) days, the Authority shall pay the amount shown in the Contractor’s Stage Payment Statement and any discrepancy therein shall be added to, or deducted from, the next payment certificate issued to the Contractor; and
(b) payment shall be made no later than 30 (thirty) days from the date of submission of the Final Payment Certificate for Works along with the discharge submitted to the Authority’s Engineer in accordance with the provisions of Clause 19.15 for certification.
19.9.2 In the event of the failure of the Authority to make payment to the Contractor within the time period stated in this Clause 19.9, the Authority shall be liable to pay to the Contractor interest at the Base Rate plus 2% (two percent), calculated at quarterly rests, on all sums remaining unpaid from the date on which the same should have been paid, calculated in accordance with the provisions of Clause 19.9.1(a) and (b) and till the date of actual payment.
Time of payment and interest. 10.7.1 KDA shall pay to the Contractor any amount due under any payment certificate issued by the Project Engineer in accordance with the provisions of this Article 1 0, or in accordance with any other clause of this Agreement, as may be applicable, as follows:
(i) no later than 42 (forty two) days from the date of submission of the Stage wise Statement by the Contractor to the Project Engineer for certification in accordance with the provisions of Clauses 1 0.4 or 10.6 for an “IPC. Provided that, in the event the IPC is not issued by the Project Engineer within the aforesaid period of 42 (forty two) days, KDA shall pay the amount shown in the Contractor’s Stage wise Statement and that any discrepancy shall be added to, or deducted from, the next payment certificate issued to the Contractor; and
(ii) no later than 56 (fifty six) days from the date of submission of the Final Statement for Works along with the discharge submitted to the Project Engineer in accordance with the provisions of Clauses 10.10 and
Time of payment and interest. The Authority shall pay to the Contractor any amount due under any payment certifi- cate issued by the Authority’s Engineer in accordance with the provisions of this Article 19, or in accordance with any other clause of this Agreement as follows:
Time of payment and interest. Unless otherwise specified in this Agreement, any amount payable to a Party under this Agreement shall be due net thirty (30) days after the date the applicable Invoice is received.
