Hyderabad Metro Rail Limited

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Schedule -2: Form of Agreement 6.1.1 An abstract of the cost of the Services payable to the Consultant is set forth in Annex-5 of the Agreement. 6.1.2 Except as may be otherwise agreed under Clause 2.6 and subject to Clauses 4.2.2 and 6.1.3, the payments under this Agreement shall not exceed the agreement value specified herein (the “Agreement Value”). The Parties agree that the Agreement Value is Rs. ………. ( Rupees …………………….), which does not include the Additional Costs specified in Annex-5 (the “Additional Costs”). 6.1.3 Notwithstanding anything to the contrary contained in Clause 6.1.2, if pursuant to the provisions of Clauses 2.6 and 2.7, the Parties agree that additional payments shall be made to the Consultant in order to cover any additional expenditures not envisaged in the cost estimates referred to in Clause 6.1.1 above, the Agreement Value set forth in Clause 6.1.2 above shall be increased by the amount or amounts, as the case may be, of any such additional payments. 6.2 Currency of payment All payments shall be made in Indian Rupees. The Consultant shall be free to convert Rupees into any foreign currency as per Applicable Laws. 6.3 Mode of billing and payment Billing and payments in respect of the Services shall be made as follows:- (a) (b) The Consultant shall be paid for its services as per the Payment Schedule at Annex-6 of this Agreement, and Clauses 5.2 and 5.3 of the TOR, and the rates specified in Annex-4 of this Agreement, subject to the Consultant fulfilling the following conditions: (i) No payment shall be due for the next stage till the Consultant completes to the satisfaction of the Authority the work pertaining to the preceding stage. Provided, however, that for the Deliverables specified at KD7 and KD8 in Clause 5.2 of the TOR, payment shall be due and payable by the Authority for the man hours spent during each calendar month; (ii) The Authority shall pay to the Consultant, only the undisputed amount. The Authority shall cause the payment due to the Consultant to be made within 30 (thirty) days after the receipt by the Authority of duly completed bills with necessary particulars (the “Due Date”). Interest at the rate of 10% (ten per cent) per annum shall become payable by the Authority as from the Due Date on any amount due by, but not paid on or before, such Due Date. (c ) The final payment under this Clause 6.3 shall be made only after the final Deliverable shall have been submitted by the Consultant and RFP for Financial Consultant: Hyderabad Metro Rail (MRTS) Project 70
(d) (e) Schedule -2: Form of Agreement approved as satisfactory by the Authority. The Services shall be deemed completed and finally accepted by the Authority and the final Deliverable shall be deemed approved by the Authority as satisfactory upon expiry of 60 (sixty) days after receipt of the final Deliverable unless the Authority, within such 60 (sixty) day period, gives written notice to the Consultant specifying in detail, the deficiencies in the Services. The Consultant shall thereupon promptly make any necessary corrections and/or additions, and upon completion of such corrections or additions, the foregoing process shall be repeated. The Authority shall make the final payment upon acceptance or deemed acceptance of the final Deliverable by the Authority. Any amount which the Authority has paid or caused to be paid in excess of the amounts actually payable in accordance with the provisions of this Agreement shall be reimbursed by the Consultant to the Authority within 30 (thirty) days after receipt by the Consultant of notice thereof. Any such claim by the Authority for reimbursement must be made within 1 (one) year after receipt by the Authority of a final report and a final statement in accordance with Clause 6.3 (d). Any delay by the Consultant in reimbursement by the due date shall attract simple interest @ 10% (ten per cent) per annum. All payments under this Agreement shall be made to the account of the Consultant as may be notified to the Authority by the Consultant. 7. LIQUIDATED DAMAGES AND PENALTIES 7.1 Performance Security 7.1.1 For the purposes of this Agreement, performance security shall be deemed to be an amount equal to 10% (ten per cent) of the Agreement Value (the “Performance Security”); provided that the Consultant shall not be required to provide Performance Security in the form of a bank guarantee or cash deposit. 7.1.2 Notwithstanding anything to the contrary contained in Clause 7.1.1, as and when payments become due to the Consultant for its Services, the Authority shall retain by way of Performance Security, 10% (ten per cent) of all the amounts due and payable to the Consultant, to be appropriated against breach of this Agreement or for recovery of liquidated damages as specified in Clause 7.2. The balance remaining out of the Performance Security shall be returned to the Consultant at the end of three months after the expiry of this Agreement pursuant to Clause 2.4 hereof. For the avoidance of doubt, the parties hereto expressly agree that in addition to appropriation of the amounts withheld hereunder, in the event of any default requiring the appropriation of further amounts comprising the Performance Security, the Authority may make deductions from any subsequent payments due and payable to the Financial Consultant hereunder, as if it is appropriating the Performance Security in accordance with the provisions of this Agreement. RFP for Financial Consultant: Hyderabad Metro Rail (MRTS) Project 71
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Hyderabad Metro Rail Limited (HMR,
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Request for Proposal DISCLAIMER The
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Hyderabad Metro Rail Limited

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