Work and Payments. Grantee shall perform the following:
Work and Payments. For the purpose of determining the remuneration due for additional services as may be agreed under Clause 2.4, a breakdown of the lump- sum price is provided.. Payments will be made to the CONSULTANT or to the account of the CONSULTANT and according to the payment schedule stated in the SC. The payment shall be made after the conditions listed in the SC for such payment have been met, and the CONSULTANT has submitted an invoice, inclusive of all taxes and duties, to the CLIENT specifying the amount due. For the purpose of this contract, payment shall be considered having been made/effected, when the CLIENT has delivered payment instructions to its bank with copy for information to the CONSULTANT. Unless otherwise stated in the SC, the first payment shall be made against the provision by the CONSULTANT of a bank guarantee for the same amount, and shall be valid for the period stated in the SC. Such guarantee shall be in the form set forth in Appendix D hereto. The CONSULTANT is further required to submit a Performance Bank Guarantee of an amount equal to 10% of the CONTRACT Price as stated in GC 6.2 as an assurance in the event of failure to perform its obligations under the CONTRACT by delaying the performance during the term of the CONTRACT. Such guarantee shall be in the form set forth in Appendix E hereto, and submitted on a non-judicial stamp paper as the CLIENT shall have approved in writing. All payments shall be made on submission of a written invoice as per Schedule of Payments. The payment shall be due within one month of the receipt of invoice. If the CLIENT is not satisfied with the standard of any part of the work/service carried out by the Consultant and requires the Consultant to rectify any defective work or part of any service, as the case may be, in accordance with clause 2.6 above, such remedial work or rectification as may be required shall be carried out by the Consultant at its own expense and it shall not be entitled to any additional payments/charges in respect of such remedial work.
