Common use of VAT Exemption Clause in Contracts

VAT Exemption. It is the responsibility of the Contracting Authority to request VAT exemption from the competent authority. VAT will be paid according to the rules agreed between the Governemt Montenegro and the European Union. Art. 7 Payment terms The Contractor shall invoice the Contracting Authority according to the following schedule: Submitting of Deliverable 1: 15% Submitting of Deliverable 2: 15% Submitting of Deliverable 3: 20% Submitting of Deliverable 4: 30% Submitting of Deliverable 5: 20% All invoices will be accompanied by the relevant supporting documents indicated above. Fees shall be paid only for the specific services included in the approved budget. Invoices will be paid within 30 days by the Contracting Authority after approval of the received deliverables. Payments will be done on the bank account of the Contractor indicated in the financial identification form under Annex 2. Art. 8 Performance guarantee The performance guarantee is equal to 10% of the value of the contract. The performance guarantee shall be held against payment to the Contracting Authority for any loss resulting from the Contractor's failure to fully and properly perform his obligations under the contract. The performance guarantee shall be prepared according to the template included in Annex 1 to this contract.

VAT Exemption. It is the responsibility of the Contracting Authority to request VAT exemption from the competent authority. VAT will be paid according to the rules agreed between the Governemt Montenegro and the European Union. Art. 7 Payment terms The Contractor shall invoice the Contracting Authority according to the following schedule: Submitting Finalization of the Task 1 and Task 2 – Deliverable 1: 1520% Submitting Finalization of the Task 3 - Deliverable 2: 15% Submitting of Deliverable 2 and 3: 2030% Submitting Finalization of the Task 4 - Deliverable 4: 3010% Submitting Finalization of the Task 4 - Deliverable 5: 2040% All invoices will be accompanied by the relevant supporting documents indicated above. Fees shall be paid only for the specific services included in the approved budget. Invoices will be paid within 30 days by the Contracting Authority after approval of the received deliverables. Payments will be done on the bank account of the Contractor indicated in the financial identification form under Annex 2. Art. 8 Performance guarantee The performance guarantee is equal to 10% of the value of the contract. The performance guarantee shall be held against payment to the Contracting Authority for any loss resulting from the Contractor's failure to fully and properly perform his obligations under the contract. The performance guarantee shall be prepared according to the template included in Annex 1 to this contract.