bangladesh power development board tender document for ... - BPDB

eplacement of any materials lost or damaged in shipment or handling, replacementshipments for materials being replaced or materials that has been returned to thecountry of origin for repair shall be shipped at no charge to the Board. However,any costs for custom duties, taxes, import licenses under an insurances claim willbe borne by the Contractor. The contractor shall in no way withheld the projectworks/ supplies / services for finalisation of the insurance claimed, if any.61.0 TERMS AND PRECEDURES OF PAYMENT61.01 Local Currency [Bangladesh Taka]Eligible claims for Local Currency [Bangladesh Taka] payment shall be made by theBOARD through a bank of Bangladesh from the Project Budget allocated by theGovernment of the People's Republic of Bangladesh.61.02 Foreign currencyForeign Currency payment shall be made through Letter of Credit (L/C). Thecharges for establishment of letter of credit within the territory of Bangladesh shallbe borne by the BOARD and outside Bangladesh shall be borne by the Contractor.An irrevocable letter of credit shall be opened by the Employer within 45 (forty-five)days after the date of Contract signing.61.03 Terms of paymentThe BOARD shall make payment to the Contractor in both foreign currency andBangladesh Taka respectively in the following manner:1. Foreign currency componenta) CIF cost of supply of materials and equipment.b) Services viz, charges for the design, erection, testing, commissioning, plantengineering, civil engineering, staff training, operation and maintenancefor twenty four (24) months warranty period and first inspection (s) of theunit.2. Local Currency [Bangladesh Taka] componentThis will include the total amount to be paid to the Contractor inunconvertible Bangladesh Taka for insurance, local transportation, allservices, works, etc.3. Payment of foreign currencyThe payment of the foreign currency cost and Contract Price will be madeas under:The foreign exchange component of the Contract Price will be paid out ofan irrevocable and unconditional Letter of Credit to be established in favourof the Contractor.All Bank charges for opening, amendment, prolongation and payment out ofthe L/C within the territory of Bangladesh shall be paid by the BOARD andoutside the territory of Bangladesh shall be paid by the Contractor. But incase the amendment of the L/C is required due to the cause of theContractor, the amendment charge shall be paid by the Contractor.95