Common use of Time of payment and interest Clause in Contracts

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. 19.9.1 17.7.1 The Authority shall pay to the Contractor any amount due under any payment certificate issued by the Authority’s Authority Engineer in accordance with the provisions of this Article 1917, or in accordance with any other clause of this Agreement as follows: (a) payment 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 Authority Engineer for certification in accordance with the provisions of Clause 19.4 17.4 for an IPC; provided thatprovided, however, that in the event the IPC is not issued by the Authority’s Authority 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, adjusted in the next payment certificate issued to the Contractorcertificate; and (b) payment shall be made no later than 30 than30 (thirty) days from daysfrom the date of submission ofsubmission of the Final Payment Certificate for Works along with the discharge submitted to the Authority’s Authority Engineer for certification in accordance with the provisions of Clause 19.15 for certification17.12. 19.9.2 17.7.2 In the event of the failure of the Authority to make payment to the Contractor within the time period stated specified in this Clause 19.917.7, the Authority shall be liable to pay to the Contractor interest at the Base a rate equal to theBank Rate plus 23% (two percent), calculated threeper cent),calculated at quarterly rests, on all sums remaining unpaid from the date on by which the same should have been paid, calculated in accordance with the provisions of Clause 19.9.1(a17.7.1 (a) and (b) and till the date of actual payment.

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 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 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 Authority‟s Engineer within the aforesaid period of 30 (thirty) days, the Authority shall pay the amount shown in the Contractor’s 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 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. 19.9.1 17.7.1 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 1917, or in accordance with any other clause of this Agreement as follows: (a) payment 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 17.4 for an IPC; provided thatprovided, however, 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, adjusted in the next payment certificate issued to the Contractorcertificate; 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 for certification in accordance with the provisions of Clause 19.15 for certification17.12. 19.9.2 17.7.2 In the event of the failure of the Authority to make payment to the Contractor within the time period stated specified in this Clause 19.917.7, the Authority shall be liable to pay to the Contractor interest at a rate equal to the Base Bank Rate plus 23% (two percentthree per cent), calculated at quarterly rests, on all sums remaining unpaid from the date on by which the same should have been paid, calculated in accordance with the provisions of Clause 19.9.1(a17.7.1 (a) and (b) and till the date of actual payment.

Time of payment and interest. 19.9.1 (i) 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 (ii) 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@ 9% (two percent), calculated at quarterly restsnine per cent) per annum, 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(asub- Clauses (a) and (b) of Clause 19.9 (i) and till the date of actual payment.

Time of payment and interest. 19.9.1 17.7.1 The Authority shall pay to the Contractor any amount due under any payment certificate issued by the Authority’s Authority Engineer in accordance with the provisions of this Article 1917, or in accordance with any other clause of this Agreement as follows: (a) payment 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 Authority Engineer for certification in accordance with the provisions of Clause 19.4 17.4 for an IPC; provided thatprovided, however, that in the event the IPC is not issued by the Authority’s Authority 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, adjusted in the next payment certificate issued to the Contractorcertificate; 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 Authority Engineer for certification in accordance with the provisions of Clause 19.15 for certification17.12. 19.9.2 17.7.2 In the event of the failure of the Authority to make payment to the Contractor within the time period stated specified in this Clause 19.917.7, the Authority shall be liable to pay to the Contractor interest at a rate equal to the Base Bank Rate plus 2% (two percent)3%, calculated at quarterly rests, on all sums remaining unpaid from the date on by which the same should have been paid, calculated in accordance with the provisions of Clause 19.9.1(a17.7.1 (a) and (b) and till the date of actual payment.

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 than30 (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. 19.9.1 (i) 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 (ii) 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@ 9% (two percent), calculated at quarterly restsnine per cent) per annum, 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(asub-Clauses (a) and (b) of Clause 19.9 (i) and till the date of actual payment.

Time of payment and interest. 19.9.1 The Authority Employer shall pay to the Contractor any amount due under any payment certificate issued by the AuthorityEmployer’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 AuthorityEmployer’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 AuthorityEmployer’s Engineer within the aforesaid period of 30 (thirty) days, the Authority Employer 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 AuthorityEmployer’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 Employer to make payment to the Contractor within the time period stated in this Clause 19.9, the Authority Employer shall be liable to pay to the Contractor interest at the Base Bank Rate plus 25% (two five 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. 19.9.1 17.7.1 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 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 IPC17.4; provided thatprovided, however, 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, adjusted in the next payment certificate issued to the ContractorIPC; 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 for certification in accordance with the provisions of Clause 19.15 for certification17.12. 19.9.2 17.7.2 In the event of the failure of the Authority to make payment to the Contractor within the time period stated specified in this Clause 19.917.7, the Authority shall be liable to pay to the Contractor interest at rate equal to the Base Bank Rate plus 23% (two percentthree per cent), calculated at quarterly rests, on all sums remaining unpaid from the date on by which the same should have been paid, calculated in accordance with the provisions of Clause 19.9.1(a) and (b) paid and till the date of actual payment.

Time of payment and interest. 19.9.1 (i) The Authority shall pay to the Contractor any amount due under any payment certificate issued by the Authority’s '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 '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 's Engineer within the aforesaid period of 30 (thirty) days, the Authority shall pay the amount shown in the Contractor’s '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 's Engineer in accordance with the provisions of Clause 19.15 for certification. 19.9.2 (ii) 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@ 9% (two percent), calculated at quarterly restsnine per cent) per annum, 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(asub-Clauses (a) and (b) of Clause 19.9 (i) and till the date of actual payment.

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. 19.9.1 The Authority Authority/GMDA shall pay to the Contractor any amount due under any payment certificate issued by the Authority’s AUTHORITY’S/GMDAs 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 AUTHORITY’S/GMDAs 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 AUTHORITY’S/GMDAs Engineer within the aforesaid afore said period of 30 (thirty) days, the Authority Authority/GMDA 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 AUTHORITY’S/GMDAs Engineer in accordance with the provisions of Clause 19.15 for certification. 19.9.2 In the event of the failure of the Authority Authority/GMDA to make payment to the Contractor within the time period stated in this Clause 19.9, the Authority Authority/GMDA 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. 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 than30 (thirty) days from daysfrom the date of submission ofsubmission 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. 19.9.1 (i) 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 followsasfollows: (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, Statementandanydiscrepancythereinshallbeaddedto,ordeductedfrom,the next payment certificate issued to the Contractor; andnextpaymentcertificateissued totheContractor;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 certificationforcertification. 19.9.2 (ii) 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@ Bank Rate+ 3% (two percent), calculated at quarterly restsper annum, 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(asub-Clauses (a) and (b) of Clause 19.9 (i) and till the date of actual payment.

Time of payment and interest. 19.9.1 (i) 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; andContractor;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 (ii) 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@ Bank Rate+3% (two percent), calculated at quarterly restsper annum, 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(asub- Clauses (a) and (b) of Clause 19.9 (i) and till the date of actual payment.

Time of payment and interest. 19.9.1 (i) 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 (ii) In the event of the failure of the Authority to make payment to the Contractor within the time period stated Stated in this Clause 19.9, the Authority shall be liable to pay to the Contractor interest at the Base @ Bank Rate plus 2+ 3% (two percent), calculated at quarterly restsper annum, 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(asub-Clauses (a) and (b) and till the date of actual payment.Clause

Time of payment and interest. 19.9.1 17.7.1 The Authority SPV shall pay to the Contractor any amount due under any payment certificate issued by the AuthoritySPV’s Engineer in accordance with the provisions of this Article 1917, or in accordance with any other clause of this Agreement as follows: (a) payment 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 AuthoritySPV’s Engineer for certification in accordance with the provisions of Clause 19.4 17.4 for an IPC; provided thatprovided, however, that in the event the IPC is not issued by the AuthoritySPV’s Engineer within the aforesaid period of 30 (thirty) days, the Authority SPV shall pay the amount shown in the Contractor’s Stage Payment Statement and any discrepancy therein shall be added to, or deducted from, adjusted in the next payment certificate issued to the Contractorcertificate; 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 AuthoritySPV’s Engineer for certification in accordance with the provisions of Clause 19.15 for certification17.12. 19.9.2 17.7.2 In the event of the failure of the Authority SPV to make payment to the Contractor within the time period stated specified in this Clause 19.917.7, the Authority SPV shall be liable to pay to the Contractor interest at a rate equal to the Base Bank Rate plus 2% (two percent)3%, calculated at quarterly rests, on all sums remaining unpaid from the date on by which the same should have been paid, calculated in accordance with the provisions of Clause 19.9.1(a17.7.1 (a) and (b) and till the date of actual payment.

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 than30 (thirty) days from daysfrom the date of submission ofsubmission 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 b)and till the date of actual payment.

Time of payment and interest. 19.9.1 The Authority Employer shall pay to the Contractor any amount due under any payment certificate issued by the Authority’s Employer‟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 Employer‟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 Employer‟s Engineer within the aforesaid period of 30 (thirty) days, the Authority Employer shall pay the amount shown in the Contractor’s 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 Employer‟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 Employer to make payment to the Contractor within the time period stated in this Clause 19.9, the Authority Employer shall be liable to pay to the Contractor interest at the Base Bank Rate plus 25% (two five 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.