RTICLE 6: TERMS OF PAYMENT 6.1 The terms of payment of the Contract Price shall be as follows:6.1.1 Payment for the engineering service (1) Ten percent (10%) of the engineering service price amounting to USD **** (USD :***** only)shall be paid as an advance payment within 30 days by T/T (telegraphic transfer) after Effective Date.(2) Eighty percent (80%) of the engineering service price amounting to USD **** (USD : ******only) shall be paid in accordance with the Document Delivery Schedule in Annex 5 (Document Delivery Schedule) rendered by CONTRACTOR as follow: - Complete F1 document submission in Annex 5 50%- Complete F2 document submission in Annex 5 30% (3) Ten percent (10%) of the engineering service price amounting to USD *** (USD :****** only) shall be paid as the last and final payment within thirty (30) days after receipt As-built drawing.6.1.2 Payment for the supervisory service(1) ******* of the supervisory service price amounting to USD *****(USD : *******only) shall be paid within thirty (30) days against progress as following : - Against Site Mobilization 10%- Completion erection P1 in Annex 1 20% - Complete erection P2 in Annex 1 30% - Achievement of Take Over date 30%Note : The measurement of erection work progress shall be mutually agreed during implementation phase. The reasonable measurement in quantity and quality of work shall be applied correctly VKPC PM2 PROJECT (PAPER MACHINE PACKAGE) SERVICE CONTRACTContract No. VKPC-16-01-I-PM-0211(2) Ten percent (10%) of the supervisory service price amounting to USD ****(USD : **********only) shall be paid as the last and final payment within thirty (30) days after the issuance of the Acceptance Certificate.6.1.3 Payment for the erection service(1) **** (90%) of the erection service price amounting to USD******) shall be paid within thirty (30) days against progress as following : - Against Site Mobilization 10%- Completion erection P1 in Annex 1 20% - Complete erection P2 in Annex 1 30% - Achievement of Take Over date 30%Note : The measurement of erection work progress shall be mutually agreed during implementation phase. The reasonable measurement in quantity and quality of work shall be applied correctly(2) Ten percent (10%) of the erection service price amounting to USD ***(USD : ****** only) shall be paid as the last and final payment within thirty (30) days after the issuance of the Acceptance Certificate.6.2 The payments stated above shall be made by VKPC within thirty (30) days after receipt of the CONTRACTOR 's valid invoice by means of telegraphic transfer remittance to the bank account to be designated by the CONTRACTOR within thirty (30) days after VKPC receipt of the invoice.6.2 The payments stated above shall be made by VKPC within thirty (30) days after receipt of the CONTRACTOR 's valid invoice by means of telegraphic transfer remittance to the bank account to be designated by the CONTRACTOR within thirty (30) days after VKPC receipt of the invoice. VKPC PM2 PROJECT (PAPER MACHINE PACKAGE) SERVICE CONTRACTContract No. VKPC-16-01-I-PM-02
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