Water Treatment Plant BOT (New build only) - PPP in Infrastructure ...

2215. CONTRACT PRICE AND PAYMENT15.1 Payment Mechanism(a)(b)(c)(d)(e)(f)(g)The Supplier shall submit a monthly invoice for the Charge calculatedpursuant to Schedule 4 and any additional amounts payable to it under thisContract and the due date for payment of such monthly invoice shall be thedate falling seven (7) days after the date of the invoice. The final date forpayment of the Charge shall be twenty-one (21) days from the date of therelevant invoice, except in the case of manifest error. The Base MonthlyCharge shall be settled in accordance with Sub-Clause 15.2.No later than five (5) days after the date on which any payment becomes dueunder this Contract, the Purchaser shall give notice to the Supplier specifyingany amount of the payment made or proposed to be made and the basis onwhich that amount was calculated.If the Purchaser considers that it is entitled to withhold any amount from anypayment, it shall give the Supplier a notice of its intention to withholdpayment not later than ten (10) days before the relevant final date for payment,specifying the amount proposed to be withheld and the ground or grounds forwithholding payment. Any amount that the Purchaser does not notify as anamount so to be withheld shall be paid by the relevant final date for payment.Where the period of payment would include a day which is a bank holiday in[COUNTRY], that day shall be excluded.All amounts payable pursuant to this Contract shall be paid without set offunless otherwise agreed between the parties or determined pursuant to Clause20.All payments made under this Contract shall be made by transfer to such bankaccount as each Party shall notify to the other and shall be in the currencyindicated in Schedule 4.Any amount properly due to a Party pursuant to this Contract and remainingunpaid after the final date for payment shall bear interest (both before andafter judgement), such interest to accrue from day to day at the rate of [4%]above the LIBOR three-month sterling rate from the date when payment wasdue until the amount due is actually received by the payee.15.2 Regular Payment of Base Monthly ChargeTo ensure the punctual payment of the Base Monthly Charge and timely performanceof its obligations under this Contract, the Purchaser shall set up a payment mechanismto allow the automatic payment of the Base Monthly Charge on [ ] of each month intosuch bank account as the Supplier shall notify to the Purchaser. This mechanism shallremain in force throughout the Contract Period.PPP in Infrastructure Resource Center for Contracts, Laws and Regulations (PPPIRC) Reviewed: Victoria R. Delmon, LEGPShttp://www.worldbank.org/ppp November 2007