REGIONAL INSTITUTE OF MEDICAL SCIENCES IMPHAL ...

Payments to the Contractor by the Consultant shall be made in Indian Rupees into
a bank account or accounts nominated by the Contractor or by account payee
cheque.
60.5 Retention Money
A retention amounting to 10 (Ten) percent of the amounts, determined in
accordance with the procedure set out in Sub-Clause 60.1 (h) shall be made by the
Engineer in the first and following Interim Payment Certificates, until the amount
so retained reaches a limit of retention money (5% of Contract Price) as stated in
the Appendix to Tender (Annexure – D – Volume III).
60.6 Payment of Retention Money
(a)
(b)
Upon the issue of the Taking-Over Certificate with respect to the whole of
the Works, one half of the Retention Money, or upon the issue of a
Taking-Over Certificate with respect to a Section or part of the Permanent
Works only such proportion thereof as the Engineer determines having
regard to the relative value of such Section or part of the Permanent
Works, shall be certified by the Engineer for payment to the Contractor.
upon the expiration of the Defects Liability Period for the Works the other
half of the Retention Money shall be certified by the Engineer for
payment to the Contractor. Provided that, in the event of different Defects
Liability Periods having become applicable to different Sections or parts
of the Permanent Works pursuant to Clause 48.1 to 48.4, the expression
"expiration of the Defects Liability period" shall, for the purposes of this
Sub-Clause, be deemed to mean the expiration of the latest of such
periods. Provided also that if at such time, there shall remain to be
executed by the Contractor any work ordered, pursuant to Clauses 49.1 to
49.4. and 50.1, in respect of the Works, the Engineer shall be entitled to
withhold certification until completion of such work of so much of the
balance of the Retention Money as shall, in the opinion of the Engineer,
represent the cost of the work remaining to be executed.
60.7 Advance Payment
HSCC/RIMS/2010/01 PI
a. The Consultant/Employer will make an advance payment at an interest @
10 (Ten) Percent to the Contractor exclusively for the costs of
mobilization in respect of the works in an amount equivalent to 5 (Five)
percent of the contract price named in the Letter of Acceptance. Payment
of such advance amount will be due under separate certification by the
Engineer after (i) execution of the Form of Agreement by the Parties
hereto; (ii) provision by the Contractor of the performance security in
accordance with sub-clause 10.1; and (iii) provision by the Contractor of
an unconditional bank guarantee in a form and by a bank acceptable to
the consultant in amounts equal to the advance payment. Such bank
guarantee shall remain effective until the advance payment has been
repaid pursuant paragraph (b) below, but the amount thereof shall be
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