(6) Taking-over of PERMANENT WORKS
Upon issuance by TTCL to the CONTRACTOR of the certificate of COMPLETION
OF WORKS pursuant to Subclauses (1) thru (5) of this Clause, the PERMANENT
WORKS shall be considered to have been taken over by TTCL, whereupon the risk
of damage to or loss of the PERMANENT WORKS or any part thereof shall pass to
TTCL.
4.3 FINAL ACCEPTANCE OF WORKS
The CONTRACTOR shall, after the certificate of "COMPLETION OF WORK" and
completion of all outstanding or remaining/repaired work, submit to TTCL a request for final
acceptance by TTCL of the PERMANENT WORKS, Within fourteen (14) days of receipt by
TTCL of the request, TTCL shall, unless anything prevents TTCL fi-om complying with and
shall issue the Certificate of FINAL ACCEPTANCE OF WORKS.
However, issuance by TTCL to the CONTRACTOR of the Certificate of FINAL
ACCEPTANCE OF WORKS shall not in any way relieve the CONTRACTOR from any
remaining obligation or responsibility under the CONTRACTOR/PURCHASE ORDER.
5. PAYMENT TERMS
5.1 Terms of Payment shall be in accordance with the CONTRACT/PURCHASE ORDER.
5.2 Standard Terms of Payment : Unless otherwise specified on the CONTRACT/PURCHASE
ORDER, the terms of Payment shall be as follows :
(a) Down-Payment
Value equal to ten (10) percent of the CONTRACT PRICE, shall be paid to the
CONTRACTOR in the form of down-payment, within 30 days against presentation
by the CONTRACTOR of the Request for Down-Payment accompanied by the
Down-Payment Refiand Bond,
(b) Progress Payment
Value equal to eighty-five (85) percent of the CONTRACTOR PRICE, shall on the
cooperate basis in proportion to the work progress of the WORKS performed in an
one {1} month period on and fi-om the twenty-first (2Ist) day of a month to the
twenfieth (20th) day of the following month within 30 days, against presentation by
the CONTRACTOR to TTCL of :
a copy of the Certificate issued by TTCL, stating that the corresponding
Milestone or Progress Target for which the payment is due has been achieved
and cleared, and
the Commercial Invoice representing a hundred (100) percent of the value
earned by the CONTRACTOR of the WORKS performed in each month, and
the Request for Payment representing eighty-five (85) percent of the invoice
value.
and the abovementioned eighty-five (85) percent of the invoice value represents the fiill
invoice value less ten (10) percent thereof for repayment to TTCL of the down-payment and
less another five (5) percent thereof for retention money to be withheld by TTCL subject to
Paragraph (c) of this Subclause.
The method of measuring the progress of the WORKS performed, shall be subject to the
instructions given in the TECHNICAL DOCUMENTS or otherwise give later to the
CONTRACTOR.
(c) Withholding and Release of Retenfion Money
Value equal to five (5) percent of the CONTRACT PRICE, i.e., shall be withheld as
retention money for workmanship guarantee which shall be retained by TTCL until
the issuance of Final Acceptance.
5.3 BACKCHARGES
]£, upon the CONTRACTOR' s request, TTCL shall have supplied, fiimished. provided or
otherwise rendered the CONTRACTOR any of equipment and materials, utilities and so
forth which are, under the CONTRACTOR/PURCHASE ORDER chargeable to the
CONTRACTOR or not included in TTCL's scope of supply or service, all such shall, at the
rate or price as may be provided in the CONTRACT/PURCHASE ORDER or as may be
agreed by the parties hereto, be back charged to the CONTRACTOR, and the
CONTRACTOR hereby agrees that such back charge, if any, shall be deducted every month
form Progress Payment for the month to or fi-om any other payment to the CONTRACTOR.
5.4 SECURITIES AND BONDS
(1) Down-Payment Refund Bond
The CONTRACTOR shall, as referred to in Paragraph (a). Subclause (5.1) of Clause
5 "PAYMENT TERMS" hereof, submit to TTCL the Down-Payment Refund Bond
together with his Request for Down-Payment.
The Bond shall cover the full value of the down-payment being ten (10) percent of
the CONTRACT PRICE, and shall be valid and remain in force until the scheduled
date set for FINAL ACCEPTANCE OF WORKS pursuant to Clause 4.3 for FINAL
ACCEPTANCE OF WORKS of the GENERAL TERMS AND CONDITIONS.
Notwithstanding the foregoing, if any delay in completing the WORKS occurs due
to any reason or reasons, TTCL may require the CONTRACTOR to extend the
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