Payment condition
Article 6: the party “B” shall provide the responsible documentation for the payment at 100 percents in total amount in the contract to the party “C” as issued by the bank in Cambodia, not exceeding 30 days from the date of signing the agreement (business days).
6.1: The party “B” and the party “C” agreed to open an escrow account in a bank as indicated by the party “B” and the holder of the escrow account of the party “C” is
6.2: The party “B” agreed to make the first payment at 3 percents to the party “C” in total amount as set herein is Bath. 125,000,000.00 x 65% = Bath. 81,250,000.00 in order that the party “C” to transport the machinery for implementing the Country Road construction project
6.3: The party “B” makes payment for the construction project implementation to the party “C” each 30 days in accordance with the percentage of the actual work as completed the project by the party “C”.
6.4: The party “C” shall make the progress report of the construction project as already implemented to attach to the motion for payment to the party “B” for 07 days. before the payment deadline.
Article 7: The payment condition to this Country Road construction project shall be written and confirmed in another agreement in reference with the technical standard to be implemented the construction project and shall be approved by the parties concerned the above project.
Article 8: In case that any barrier to the Country Road construction implementation as caused by any party to this contract to the above construction project implementation, such party shall be responsible before the law of the Kingdom of Cambodia applicable.