(a) 30% of the Contract Value in advance after signing of this Agreement and the Sellers’ furnishing of performance security under Clause 5 of this agreement and advance bank guarantee in the amount equivalent to 30% of the Contract Value in the form acceptable to FPT. The advance bank guarantee shall be issued within 30 working days of the signing of this Agreement and shall be valid for a period of 365 days or upto Laem Cha-bang Port delivery of all the pipes and bends, whichever is earlier and such bank guarantee shall not be unreasonably withheld. The
advance payment shall be made within 7 days of the receipt of the
undisputed invoice, performance security and advance bank guarantee.
Each of the Sellers may provide FPT with a separate advance bank
guarantee at the ratio of 96% for WELSPUN and 4% for GMS.