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

a. 60% of the CIF cost of the Supply of Goods shall be paid out of theirrevocable Letter of Credit upon presentation of invoice along with completeshipping documents as per clause GC 62. Payment advice shall be issued tothe Bank by the Project Director and other concerned office of the BOARDupon receipt of the negotiable shipping documents.b. 20% of the CIF cost of the supply of Goods shall be paid on issuance ofreceiving cum damage report against submission of invoices duly certified bythe Engineer and approved by the Project Director. Payment advice shall beissued by the concern office of the Employer.c 10% of CIF cost of the supply of Goods shall be paid Only aftersuccessful, performance and reliability runs of one hundred sixty eight(168) hours of the power plant and after issue of Taking over/ ProvisionalAcceptance certificate as specified against submission of invoices dulycertified by the Engineer and approved by the Project Director. AdvicePayment shall be issued by the concern office of the Employer.d. 10% of CIF cost for the supply of Goods shall be payable after completion of2(two) years warranty period and removal of all defects, pointed out by theBOARD against submission of invoices duly certified by the Engineer andapproved by the Project Director. Payment advice shall be issued by theconcern office of the Employer.e. Amount Payable in foreign currency for the installation / services definedunder sub clause 1(b) herein will be paid against monthly invoice aftercertified by the Engineer countersigned by the Project Director out ofthe established Letter of Credit in the following manner:(i) 90% against monthly invoice, (ii) 5% after issuance of ProvisionalAcceptance/Taking over certificate & (iii) 5% after warranty period andissuance final acceptance certificate. Payment advice shall be issued by theconcern office of the Employer.4. Payment of Local Currency [Bangladesh Taka]:a. 90% of the total Local Currency [Bangladesh Taka component] of theContract Price shall be paid against monthly invoices for the actualprogress for the respective month accompanied by the statement of theWorks duly certified by the Engineer and approved by the ProjectDirector within forty five (45) days of the date of approval of the invoice bythe Project Director. Insurance Policy in respect to Insurance fortransportation from port to site and premium payment certificate shall haveto be submitted before payment of insurance claim bills.[b. 5% of the total Local Currency [Bangladesh Taka Component] of theContract Price shall be paid after issuance of Provisional Acceptance/Takingover certificate and the rest 5% after completion of warranty period andremoval of all the defects pointed out by the BOARD.5. Any individual claim for payment submitted by the Contractor is to be for aminimum sum of 0.5% of the Contract Price.6. No extra payments in respect of overtime, additional materials or specialconditions of hardship shall be claimed by the Contractor unless suchpayments have been previously authorised in writing by the BOARD.7. If at any time any payment would fall to be due for a work or portion of awork and if there shall be any defect in portion of such works in respect ofwhich such payment is proposed, BOARD may retain the whole or any96