The memorandum of payment methodWitnessethWhereas, AVC Is desirous of commissioning work to GTAP andWhereas , GTAP is desirous of performing the commissioned workNow , therefore, in consideration of the payment mothod based on set the condition: The parties hereto agree as forllows:Article1: SCOPE OF THE MEMORANDUMThis memorandum apply to as far as generate the work commission fee when the AVC’s order is accomplished by GTAP. And this memorandum determines the sending invoice mothod from GTAP to AVC and payment method from AVC to GTAPArticle 2 PROHIBITION OF CHANGE THE PAYERAVC shall not be able to change the payment company to the third party. AVC’s group company pr AVC’s holding company except to AVC1. In case, AVC violates this article , GTAP shall demand compensation to AVCArticle 3. CALCULATION PERIODIn case of continuous work, the calculation period of subcontract charge shall be calculated at the end of month. And GTAP shall send the invoice to AVC within 10 working days.In case of urgent works, it shall be closed at finished day, the invoice shall send to AVC within 10 working days. The invoice is based on Thai baht.Article 4 PAYMENT PERIOD OF WORK COMMISIONAVC shall finish the payment with Thai baht based on GTAP’s invoice within due date.Article 5 PROHIBITION OF REDUCTION REQUEST TO INVOICESubcontract charge in an invoice organized from GTAP to AVC, it shall not be able to claim the reduction of the amount except the case that the cause of such is attributable to GTAP1. In case , AVC violates this article, GTAP shall demand compensation to AVCArticle 6 TRANSFER EXPENSES AVC shall transfer the full amount of subcontract charge to GTAP’s specified bank account. The bank transfer expenses shall be borne by AVC1. In case of oversea trade, GTAP shall submit the invoice with additional with additional 500 Thai Baht as the expense of sending invoice or receiving the payment from AVC ( when it released from foreign bank) . In spite of this case, if the amount exceeds 100,000 Thai baht ( excluded VAT), It is not apply for foregoing sentence.Article 7 COMPENSATIONIf the payment has not been verified by AVC on the specified date in Article 4, GTAP shall be able to claim the delay compensation 12% per annum to AVC with calculation starting from the date as specified in this Article 4.Article 8 EXTRA WORKS FROM SPECIFICATIONIf GTAP performs any work in addition to the work prescribed in AVC’s specification, TGAP shall ask the charge based on Article 3.Article 9 OFFSET OF SUBCONTRACT CHARGE In case AVC has any monetary cliam against GTAP for the Equipment lent or spplieed as prescribed in Article 12 and 13 of this agreement, or work space using charge, water bill, electricity and heating expenses etc., pursuant this agreement , it shall be able to offset with GTAP’s subcontract charge.Article 10 TAX PAYMENT Each party shall fulfill the payment duty for all tax that is concern with this business.Article 11 EXPORATION DATE OF MEMORANDUM1. For the validity of this memorandum, it shall one year from the date when this memorandum of payment mothod is contracted.2. If there is no declaration of intention of by the document from the parties by at least one month before of expiration, it shall be update by the same memorandum contents more for one year and hereinafter is same.Article 12 CANCELLATION OF MEMORANDUMAbout the cancellation of the memorandum, it shall declare the intention by document from the parties by at least 60 days before expiration. In spite of this case, if there is credit or debt between AVC and GTAP, it shall not cancel this memorandum unless clear off credit or debt.Article 13 CANCELLATION PREVIOUS MEMORANDUMAbout cancellation of this memorandum, it shall be cancelled by made agreement to basic subcontract agreement between AVC and GTAP.IN WITNESS WHEREOF, the parties hereto have caused this memorandum to be executed by their duty authorized representatives in duplicate as this day and year below written, each party retaining one.
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