Improvement of FPA Laboratory - Fertilizer and Pesticide Authority
Improvement of FPA Laboratory - Fertilizer and Pesticide Authority
Improvement of FPA Laboratory - Fertilizer and Pesticide Authority
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39. Advance Payment39.1. The Procuring Entity shall, upon a written request <strong>of</strong> the contractor whichshall be submitted as a contract document, make an advance payment to thecontractor in an amount not exceeding fifteen percent (15%) <strong>of</strong> the totalcontract price, to be made in lump sum or, at the most two, installmentsaccording to a schedule specified in the SCC.39.2. The advance payment shall be made only upon the submission to <strong>and</strong>acceptance by the Procuring Entity <strong>of</strong> an irrevocable st<strong>and</strong>by letter <strong>of</strong> credit<strong>of</strong> equivalent value from a commercial bank, a bank guarantee or a suretybond callable upon dem<strong>and</strong>, issued by a surety or insurance company dulylicensed by the Insurance Commission <strong>and</strong> confirmed by the ProcuringEntity.39.3. The advance payment shall be repaid by the Contractor by an amount equalto the percentage <strong>of</strong> the total contract price used for the advance payment.39.4. The contractor may reduce his st<strong>and</strong>by letter <strong>of</strong> credit or guaranteeinstrument by the amounts refunded by the Monthly Certificates in theadvance payment.39.5. The Procuring Entity will provide an Advance Payment on the ContractPrice as stipulated in the Conditions <strong>of</strong> Contract, subject to the maximumamount stated in SCC Clause 39.1.40. Progress Payments40.1. The Contractor may submit a request for payment for Work accomplished.Such request for payment shall be verified <strong>and</strong> certified by the ProcuringEntity’s Representative/Project Engineer. Except as otherwise stipulated inthe SCC, materials <strong>and</strong> equipment delivered on the site but not completelyput in place shall not be included for payment.40.2. The Procuring Entity shall deduct the following from the certified grossamounts to be paid to the contractor as progress payment:(a)(b)(c)(d)(e)Cumulative value <strong>of</strong> the work previously certified <strong>and</strong> paid for.Portion <strong>of</strong> the advance payment to be recouped for the month.Retention money in accordance with the condition <strong>of</strong> contract.Amount to cover third party liabilities.Amount to cover uncorrected discovered defects in the works.40.3. Payments shall be adjusted by deducting therefrom the amounts for advancepayments <strong>and</strong> retention. The Procuring Entity shall pay the Contractor theamounts certified by the Procuring Entity’s Representative within twentyeight (28) days from the date each certificate was issued. No payment <strong>of</strong>67