Terms and Conditions for payment a. Payment would be settled on the completion (sign off) of each milestone as per the schedule given below Sr No Particulars % age of the Contract Value 1 Submission of AS-IS report 30% 2 Submission of final report 60% 3 Acceptance of final report 10%
b. Payments will be made by the SIDBI within thirty days of its approval of the quality of the deliverable as specified in Clause 6.3 above, from the consulting agency against each milestone scheduled mentioned at Clause no 8.5.3 (a) and receipt of the corresponding invoice from the Consulting Agency specifying the amount due.
c. First payment to the consulting agency will be payable only after submission of Performance Bank Guarantee for an amount equivalent to 10% of the contract value.
d. Subsequent payments will be released on submission of deliverables and acceptance of the same by SIDBI.
e. All the payments will be made by SIDBI, Lucknow electronically through RTGS/NEFT. Bidder is required to submit Bank Mandate form alongwith cancelled cheque in original with technical bid.
f. The Bidder must accept the payment terms proposed by the Bank. The financial bid submitted by the Bidder must be in conformity with the payment terms proposed by RFP No. 314/2022/1681/HO1/DCV Issued on January 05,2022 Page:56 of 98 the Bank. Any deviation from the proposed payment terms would not be accepted. The Bank shall have the right to withhold any payment due to the Bidder, in case of delays or defaults on the part of the Bidder. Such withholding of payment shall not amount to a default on the part of the Bank.
g. TDS, if any, will be deducted while releasing the payment
h. All payments will be made to the Bidder in Indian Rupee only
i. No advance payment will be made in any case.
