CALL FOR TENDERS

9.1. Payments to the Contractor are due for services rendered when the serviceshave been performed according to this Contract satisfactorily, as verified bythe Load Management and Supply Policy Department of PPC S.A..9.2. 30 % of the Contract Price amount shall be paid upon approval of theProject Report – Milestone #1, as described in article 3 of the Document 2of 5. The remaining 70% of the Contract Price shall be paid upon thecompletion of the Project and the approval of the Project Report – Milestone#3.«Approval» as used in this contract shall be limited to ensuring that theservices where satisfactorily performed in accordance with the terms of thiscontract. Approval will be given by the authorised representatives of PPCS.A. in writing within 10 working days from the date of submission ofinvoices.9.3. Payments shall be made only upon submission of invoices and any othersupporting documents required under this Contract and the Applicable Lawto the address stated in the Contract. The Contractor shall submit invoiceson the basis of the work actually carried out according to paragraph 9.2 andverified according to paragraph 9.1 of this Contract.9.4. In respect of any invoice duly submitted and reviewed by the competentPPC’s S.A. Department under the terms of this Contract, payment will bedone by PPC’s S.A. Finance Department on the 20 th day of the secondcalendar month following the month of submittal. If the 20 th day of thesecond calendar month is not a working day, the payment will be made onthe next working day.ARTICLE 10.TAXES, DUTIES AND OTHER CHARGES10.1. The Consultant and their Personnel shall pay all such taxes, duties, fees,and other impositions as may be levied under the Law, the amount ofwhich is deemed to have been included in the contract Price.10.2. The Consultant and his personnel (either Greek or foreign) shall bear theincome tax and related charges (if any) imposed in Greece by the Greektax authorities in connection with the project and pursuant to the Greeklegislation and the bilateral governmental agreements if any. For thispurpose the Client shall apply the retentions provided by the relevant taxlaws.10.3. The Value Added Tax will be born by the Client.ARTICLE 11. DURATION, COMPLETION AND TERMINATION OF THECONTRACT11.1. Commencement of Services.The Consultant shall begin carrying out the Services on the ………………of……………….. 2010.41/53