ESTIMATED COST RS.31.50 LAKH (RUPEES THIRTY-ONE ... - IDCO

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thereof or using the same by the corporation . Only the final certificate will relieve the
contractor from the contract obligations
. Except the certificate no other certificate or
payment against the certificate shall be taken to be an admission by the corporation of the
performance of contract .
CLAUSE-7: PAYMENT
Interim payment for the work done by the contractor A bill shall be submitted by the
Contractor each month or before the date fixed by the Corporation for all works executed in
the previous month and the authorized officer of the Corporation or his subordinate shall
take the requisite measurement for the purpose of having the same verified and the claim as
far as admissible, adjusted if possible, before the expiry of ten days from the presentation of
the bill. If the Contractor does not submit the bill within the time fixed as aforesaid, the
authorized officer of the Corporation or his subordinate shall measure up the said work in the
presence of the Contractor whose counter signature to the measurement list shall be
sufficient warrant and the authorized officer of the Corporation or his subordinate shall
prepare a bill from such list which shall be binding on the Contractor in all respects. Provided
that, if any balance of the 7% (seven percent),security is outstanding from each such
payment shall be deducted so mush not exceeding 5% as may be necessary to make up the
balance of the security. All such intermediate payments to the Contractor shall be regarded
as payments by way of advance against the final payment only and not as payments for
work actually done and completed and shall not preclude the requiring of bad, unsound and
imperfect or unskilled work to be removed and taken away and reconstructed or re-erected,
or be considered as an admission of the due performance of the contract , or any part
thereof in any respect, or the accrual of any claim nor shall it condoled, determine of effect in
any way the powers of the Corporation under these conditions or any of them as to the final
settlement or adjustment of the accounts or otherwise, or in any other way vary or affect the
contract.
5% (Five percent) of the value of each Running Account Bill and the final bill
prepared shall be retained withheld towards security deposit as further security over the 2%
(Two percent) I.S.D. & E.M.D for the defect liability period. Deduction towards Income tax
and work contract/Sales Tax for each will be made from each bill and the amount will be
credited to the concerned authority at the rates fixed from time to time.
Final Payment:
The Contractor shall receive the final payment of entire of all the money due to payable to
him under or by virtue of the Contract except the Security Deposit of (Ten percent) of the
gross value deducted from each R/A & final bill as further security over the E.M.D. & I.S.D.
comprising 2% (Two percent) of the tender amount.The contractor shall submit the final bill