Terms of Payment. 19.1 For supply of Stores, Purchaser's normal terms of payment shall be ninety five (95%) percent of the Contract value, and hundred (100%) percent of the Sales Tax, duties on delivery of the Stores at the Project Site/Consignee Stores as indicated in the Contract. The Stores shall be despatched only after the Inspector has issued a Shipping Release [acceptance as stipulated in 2.14 (a) ] on satisfactory completion of inspection. Balance five (5%) percent of the Contract value shall be paid as per clause No. 19.1.2. The details are as under:
19.1.1 Ninety five (95%) percent payment of the Contract value including taxes, duties and levies in full shall be released on receipt of the following documents as applicable:
19.1.1.1 Invoice in triplicate
19.1.1.2 Proof of Receipt by the Consignee in the form of Receipted LR or Receipted Delivery Challan in original.
19.1.1.3 Shipping release in original issued by the Inspector signed in ink and with Inspector's seal or with NPCIL Logo [Refer 2.14 (a)].
19.1.1.4 Proof of payment of Excise duty as per prevailing instructions issued by the Excise Authorities.
19.1.1.5 Statement endorsed on Shipping Release by the Inspector for having received one set of Test Certificates.
19.1.1.6 Certificate towards Excise Duty (where claimed separately) and Sales Tax as per Appendix A & B.
19.1.2 Balance five (5%) percent of the Contract value shall be released on acceptance of the Stores at Site [Refer 2.14 (b)] after inspection and issue of Site Stores Inspection Report / Receipt voucher by the consignee. Normally seventy five (75) days will be allowed for inspection and acceptance after receipt of the Stores. The Contractor shall submit the following documents as applicable:
19.1.2.1 Invoice in triplicate
19.1.2.2 Free issue material account accepted by the Purchaser's Engineer. This shall be based on the approved cutting diagram or other approval by the Purchaser's Engineer (where applicable).
19.1.2.3 Receipted delivery challan for return of balance and scrap material to Purchaser's Stores (where applicable).
19.2 For Supply of plant/equipments/machinery/instruments including erection and commissioning. Purchaser’s normal terms of payment shall be ninety five (95%) percent of the Contract value for supply on delivery at Project Site/Consignee as indicated in the Contract. The Stores shall be despatched only after Inspector has issued a Shipping Release on satisfactory completion of inspection [Refer 2.14 (a)] and as further det...
Terms of Payment. GCC Clause Reference Clause Description /Content Special Conditions GCC Cl. No. 19 Terms of Payment” 100% payment shall be released within 30 days after receipt, inspection & final acceptance of the materials at Kaiga Site
Terms of Payment. 7.4.1. The standard payment terms of SIDBI are given below:
1. Payment of recurring charges will be paid quarterly in arrears in equal installments.
2. Payment of first installment will be released only after submission of Performance Bank Guarantee and finalization of contract document. In case of delay in commencing services, payment will be made on pro-rata basis for the services delivered after deducting applicable LD, if any.
3. The LD towards default in any quarter will be deducted in subsequent quarter and for the last quarter of the contract, LD would be deducted from the amount payable for the last quarter.
4. The bidder before raising invoice has to collect the LD statement of previous quarter from the Bank and raise invoice for the quarter along with credit note for LD for previous quarter. The net of same will be released.
5. Payment for subsequent quarters will be made only after the payments of previous quarters have been released.
7.4.2. All the payments will be made by SIDBI electronically through RTGS/ NEFT. Hence, Bidder to submit Bank Mandate Form (as per Annexure –VIII) along with cancelled cheque in original with Minimum Eligibility bid.
7.4.3. Bidder will be required to furnish the documentary proof as specified above while claiming the appropriate payment.
7.4.4. TDS, if any, will be deducted while releasing the payment.
7.4.5. All Payments will be made to the Bidder in Indian Rupee only.
7.4.6. All payments will be released within 4 weeks of receiving the undisputed invoice along with credit note/inovice, if applicable. In case of LD to be charged to bidder, bank will intimate the amount of LD and bidder has to raise credit note/invoice. The amount payable would be net of debit and credit note / invoice.
7.4.7. Payment in case of Termination of contract – In case the contract is terminated payment will be made on pro rata basis for the period services have been delivered, after deducting applicable LD, TDS and adjusting other pending charges, if any.
7.4.8. 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.
7.4.9. 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 the Bank. Any deviation from the proposed payment terms would not be accept
Terms of Payment i. The contractor should ensure that minimum wages, as prescribed in Central / State Government, whichever is higher, as per notifications, issued from time to time, shall be paid to the workmen / staff deployed by her / him / them, in the Bank’s premises, and the same shall be credited, directly to their respective Bank accounts. The Bank reserves, the right to verify the same, as and when, warranted and accordingly, the contractor, shall produce relevant documents to the Bank of demand. The contractor shall, ensure payment of subscriptions towards, EPF, ESI etc, for the women / staff deployed, in the Bank’s premises or any other statutory payments.
ii. Bank's reserves the right to verify, at any time, the deployment of w or k m en / s ta ff. Hence an attendance register, for the workmen / staff deployed shall be, maintained, for verification and copies of the same, duly certified by the officials, authorised by the
iii. Payments against, the contractor’s bills, based on actual quantity of work executed, will be paid through RTGS / NEFT, within the period for payment, stipulated herein, from the date of submission of the bill along with all required documents, such as acknowledgement from occupants of flats / department representative, countersigned by the official authorised by the Bank, copy of relevant pages of attendance register etc. Wages shall be paid to the workmen / employees, by the contractor, without waiting for the payment from the Bank. In case of non-execution / non-completion of pest services in certain areas of office / residential premises / flats, the payment will be made based on actual / proportionate area / number of flats / areas in for which the treatment was, actually carried out, by verifying the acknowledgements, obtained from the representatives of various departments /authorised officials of the Bank or residents of flats.
Terms of Payment a) The Agency will not be paid any payments in advance. Payments will be made on a monthly basis. The Bills shall be raised & submitted by the Agency on the 7th working day of each month which should include documentary evidence in support of salary deposited and other statutory payments to security guards. The bills shall be scrutinized and release of payment will be made once the Bank is satisfied that the bills are in order.
b) The bidder shall ensure payment of minimum wages to the workmen employed by they/them through NEFT to their bank account/s and shall maintain a register of wages and shall issue a wage slip to every workman employed by them and obtain their signature or thumb impression on the wage slips. ln addition, they have to provide essential amenities like drinking water, first aid facility, etc. to their employees as per Contract Labour (Regulation & Abolition) Act, 1970. Salary of the employees shall be disbursed only through NEFT to their bank account and a copy of the NEFT payment shall be produced with the bill to be submitted to the Bank for payment to the Vendor. No cash payment by the company/firm shall be made to its employees.
c) Bank will deduct tax at source and all other statutory taxes/ charges etc. as applicable from time to time from the amount payable to the Agency.
d) The Agency must ensure that security guards engaged by them must receive their entitled wages in time as per GoI instructions; such timely payment shall be independent of whether the Bank has released payments against the bills submitted by the Agency. In view of this, the following procedure will be adopted. The bills shall be submitted along with the following documents in respect of the contractual employees deployed at RBI Kanpur, mandatorily:
i. Current month Invoice Copy.
ii. Current month Wage Register (Form XVII [See rule 78(1) (a) (i) of The Contract Labour (Regulation and Abolition) Central Rules, 1971], duly signed by the individual contract Labourers.
iii. Current month Attendance Register/Sheet.
iv. Current month ESI remittance challan (if applicable) with consolidated and breakup details.
v. Current month EPF remittance challan, as applicable, with consolidated and breakup details.
vi. Bank statement of the agency duly authorized by Bank officials having details of salary Payment made to each employee.
vii. Proof of any other payment (bonus etc.) made to the contractual employees.
viii. Certificate by the Agency declaring that they are adhering...
Terms of Payment. 5.1. The amount shall be paid to the Bank at fortnightly intervals for briquettes produced by SBS machine (as per machine reports/ Manual Invoice Raised) during the previous fortnight. As regards unserviceable items, the amount payable by the tenderer will be reckoned on the basis of weight or quantum collected from RBI premises and the sale consideration has to be paid before lifting of such items from RBI premises.
5.2. The amount payable in respect of currency briquettes shall be communicated to the contractor at fortnightly intervals and the contractor has to pay the sale consideration within four days from the date of the communication.
5.3. TCS and GST at the applicable rate will be collected separately.
5.4. Payment shall be made, in INR (Indian Rupee) for lifting the shredded currency note briquettes and unserviceable items. I/We hereby declare that I/we have read and understood the above conditions. Place: Date: Signature of bidder (with seal)