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


 Payment %
of Cumulative
Milestone Portion of WORK completed and documents
CONTRACT Payment %
PRICE
1.0 Initial Payment for Project Management of Five Percent
(5%)
 Upon receipt and acceptance of the following: -
 Bank Guarantee 5 5
 Parental Guarantee (if any)
 All Insurance certificates, policies and cover notes.
 CONTRACT agreement signed

2.0 ENGINEERING

 Ten Percent (10%) of the CONTRACT PRICE shall be

apportioned for ENGINEERING phase.
 This portion of CONTRACT PRICE shall be paid upon 2 7
complete mobilization of all CONTRACTOR’s
engineering team and acceptance of engineering
facilities by PCIHBV.

 This portion of the CONTRACT PRICE shall be paid

against CONTRACTOR’s invoice which shall be related
to:
 Monthly achievement of physical progress of 8 15
WORK as per monthly payment schedule
 Achievement of milestones related to progress.

3.0 PROCUREMENT
25 40
 Thirty Percent (30%) of the CONTRACT PRICE shall
be apportioned for PROCUREMENT phase.
  This portion of the CONTRACT PRICE shall be paid
against CONTRACTOR’s invoice based on the monthly
achievement of the milestone and the actual progress
of procurement for EQUIPMENT and MATERIALS.

4.0 CONSTRUCTION

 Fifty percent (50%) of the CONTRACT PRICE shall

be apportioned to the construction phase.

 This portion of the CONTRACT PRICE shall be paid

5 45
against CONTRACTOR’s invoice based on the monthly
achievement of the milestone and the actual progress
for the construction of temporary facilities, camps,
accommodation at SITE and full mobilization of
CONTRACTOR’s key construction personnel to SITE.

 This portion of the CONTRACT PRICE shall be paid

against CONTRACTOR’s invoice which shall be related
to:
 Monthly achievement of physical progress of 45 90
CONSTRUCTION.
 Achievement of milestones related to the progress.

5.0

 Five percent (5%) of the CONTRACT PRICE shall be

paid against CONTRACTOR’s invoice upon the
issuance of COMPLETION certificate for the WORK by
PCIHBV: 5 95

 5.1 Issuance of Completion Certificate for Wellpad H

 5.2 Issuance of Completion Certificate for ECW for
Train 5

6.0 PROVISIONAL ACCEPTANCE COMPLETION

Two percent (2%) of the CONTRACT PRICE shall be paid

against CONTRACTOR’s invoice upon the issuance of 2 97
MECHANICAL COMPLETION certificate for the WORK by
PCIHBV.

7.0 FINAL DOCUMENTATION

3 100
Three percent (3%) of the CONTRACT PRICE shall be
paid against CONTRACTOR's invoice upon the submission
and approval of Final As-Built Documentation and
Electronic Data
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