KIOCL Limited. - The Kudremukh Iron Ore Company Limited

Payment for all bills shall be due from OWNER, except as otherwise provided herein within Fifteen(15) Clear Days of receipt by Owner ENGINEER‟s certification of such bills.3. All equipment and materials brought to the Worksite by CONTRACTOR when so brought shall be deemedto vest in OWNER without prejudice to the obligation of CONTRACTOR for their safe custody.CONTRACTOR shall intimate to ENGINEER all equipment and material brought to the Worksite at the timeof bringing to the Worksite and the said Equipment and materials shall be subject to check byENGINEER/OWNER at all times. No such equipment or materials shall be removed from the Worksite byCONTRACTOR without the express written permission of OWNER.4. Delay of Payment shall not be construed as a breach of this CONTRACT5. OWNER shall, in accordance with the Indian Income Tax Laws, withhold from payments to be made toCONTRACTOR as advance Tax, all amounts as may be required.6. Payments made pursuant to this CONTRACT by Owner shall not be construed as the waiver of any breachhereof by CONTRACTOR or as an acceptance of defective Work or items of work not in conformity with theterms and conditions of this CONTRACT.7. Progress payments shall be made as the Work progresses based upon quantities of Work In Place, lessappropriate adjustment.OWNER or his designated representatives may verify the progress of the work at any time. CONTRACTORshall co-operate in permitting access, for verification of the progress to all places where work is being doneor material is stored and shall provide safe and proper facilities at all times for such verification of progress.8. Ad hoc / Advance of 75% will be released against the work done as assessed by the ENGINEER and onsubmission of progressive bill by the CONTRACTOR, pending detailed scrutiny/ verification by theENGINEER. This will be adjusted fully on passing and releasing the full payment against the bill.9. All progressive payments shall be regarded as advances against final payment and not as payment for Workdone.C. LIQUIDATED DAMAGES1. The date(s) of completion of Work as stipulated in the CONTRACT including various intermediatemilestones fixed by Engineer shall be of the essence of CONTRACT.2. If, CONTRACTOR fails to complete the Work or the component part of the work within the stipulatedcompletion date or the component milestone stipulated in the CONTRACT, CONTRACTOR shall pay toOWNER, as liquidated damages for such default (unless extension of time is granted by Engineer asprovided under Article 32.0 hereof) for everyday which lapse between the date prescribed thus for and theactual date of completion of such component part of the Work, the amounts determined on the basis of thepercentages of the apportioned value of such components as specified herein.i) Delay for first 20 days 0.1 % per day.ii) Delay beyond first 20 days 0.15% per day.Subject to maximum of 5% of the total CONTRACT VALUE.3. OWNER reserves the right to waive the liquidated damages either in part or in full at its sole discretion.4. The payment or deduction or retention of such liquidated damages shall not relieve CONTRACTOR of theobligations and liabilities under this CONTRACT.5. OWNER may recover, deduct or retain the liquidated damages as assessed above from any moneys due orwhich may become due or payable to CONTRACTOR in this or any other Contract or in any other mannerdecided by the OWNER.6. Liquidated damages as provided herein above relate only to delay in the performance by CONTRACTOR ofthe Work or component part thereof and the parties hereto agree that such amount for such events are preestimated,fair and reasonable and acceptable to the parties.54