Payment Condition. (a) There will be no interim payment for the work. Full and Final Bill will be paid after satisfactorily completion of work and within 45 days from the date of submission of all the required documents (2 Copies of Computerized spiral binded measurement book, tax invoice, guarantee/warranty of item of work, supplier’s bill (if required) etc. (b) Security deposit of 5% of contract amount (including GST, interest free) will be deducted from the bill (indicated in the b) and same will be returned after completion of one year of defect liability period (DLP). All defect will be rectified free of cost during one year of DLP. All Penalties, if any mentioned in the tender, will be recovered from security deposit. (c) The Employer shall have power to withhold any payment if the works or any parts thereof are not being carried out to his satisfaction. Signature of the tenderer Place: Date:
