NCSCM Building Bid Document - Sicom

(b)
(c)
The price adjustment shall be determined during each quarter from the formula given in the
contract data.
Following expressions and meanings are assigned to the work done during each quarter:
R =
Total value of work done during the quarter. It would include the amount of secured
advance for materials paid for (if any) during the quarter, less the amount of the secured
advance recovered, during the quarter. It will exclude value for works executed under
variations for which price adjustment will be worked separately based on the terms
mutually agreed.
47.2 To the extent that full compensation for any rise or fall in costs to the contractor is not covered by the
provisions of this or other clauses in the contract, the unit rates and prices included in the contract shall
be deemed to include amounts to cover the contingency of such other rise or fall in costs.
48. Retention
48.1 The Employer shall retain from each payment due to the Contractor the proportion stated in the Contract
Data until Completion of the whole of the Works.
48.2 On Completion of the whole of the Works half the total amount retained is repaid to the Contractor and
half when the Defects Liability Period has passed and the Engineer has certified that all Defects notified
by the Engineer to the Contractor before the end of this period have been corrected.
48.3 On completion of the whole works, the contractor may substitute retention money(balance half) with an
“on demand” Bank guarantee.
49. Liquidated Damages
49.1 The Contractor shall pay liquidated damages to the Employer at the rate per day stated in the Contract
Data for each day that the Completion Date is later than the Intended Completion Date (for the whole of
the works or the milestone as stated in the contract data). The total amount of liquidated damages shall
not exceed the amount defined in the Contract Data. The Employer may deduct liquidated damages from
payments due to the Contractor. Payment of liquidated damages does not affect the Contractor's
liabilities.
49.2 If the Intended Completion Date is extended after liquidated damages have been paid, the Engineer shall
correct any overpayment of liquidated damages by the Contractor by adjusting the next payment
certificate. The Contractor shall be paid interest on the over payment calculated from the date of
payment to the date of repayment at the rates specified in Sub Clause 43.1.
50. Deleted
51. Advance Payment
51.1 The Employer shall make advance payment to the Contractor of the amounts stated in the Contract Data
by the date stated in the Contract Data, against provision by the Contractor of an Unconditional Bank
Guarantee in a form and by a bank acceptable to the Employer in amounts and currencies equal to the
advance payment. The guarantee shall remain effective until the advance payment has been repaid, but
the amount of the guarantee shall be progressively reduced by the amounts repaid by the Contractor.
Interest will not be charged on the advance payment.
51.2 The Contractor is to use the advance payment only to pay for Equipment, Plant and Mobilization
expenses required specifically for execution of the Works. The Contractor shall demonstrate that
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