Once the time-limit referred to in GCC Clause 59.3 has expired, the Contractor – unless the Contractor is a public body which is partly or wholly financed by the Federal Government Budget – shall upon demand, submitted within two months of receiving late payment, be entitled to late-payment interest at the rediscount rate applied by the National bank of Ethiopia on the first day of the month in which the time-limit expired, plus three and a half percentage points. The interest shall be payable for the time elapsed between the expiry of the payment deadline and the date on which the Public Body’s account is debited. .
Any default in payment of more than 120 days from the expiry of the period laid down in GCC Clause 67.1 shall entitle the Contractor either not to perform the Contract or to terminate it.
All orders for payments to third parties may be carried out only after an assignment made in accordance with GCC Clause 13. The assignment shall be notified to the Public Body.
Notification of beneficiaries of the assignment shall be the sole responsibility of the Contractor.
In the event of a legally binding attachment of the property of the Contractor affecting payments due to him under the contract, without prejudice to the time limit laid down in GCC Clause 67, the Public Body shall have 30 days, starting from the day when it receives notification of the definitive lifting of the obstacle to payment, to resume payments to the Contractor.
