An advance payment of Thai Baht 20,009,000.00 (inclusive of value added tax) shall be made to the contractor upon award of the contract and receipt of the advance payment bond in the attached format (refer Appendix A) issued by a bank of acceptable standing.
An Advance Payment shall be recovered at a rate of 10 % of the gross recommended value of work done and the release of advance payment bond shall be after issuance the taking-over certificate.