Percentage of Retention 16(iii) 10%-the retention will not be deducted from the Contractor’s payments but will be guaranteed using the Advance Payment Guarantee. Upon Practical Completion the amount will be reduced to 2.5% and the cheques guarantees exchanged accordingly.
Period for issue of Interim Payment Certificates 16(iv) 7 days after Contractor submits his application
for payment under 16(a).
Period for Payment 16(v) 7 days after Contractor submits his application for payment under 16(a).
Total Advance Payment 16.1 10%