The amount of the advance payment shall be: [20% of the Contract amount. It will pay to the Contractor not later than 30 days after signing of the contract provided that Insurance Bond/unconditional bank guarantee and performance bond is furnished insert the total amount of advance payment which shall not exceed 30% of the total contract price]
GCC 60.9
The following provisions shall apply to the advance payment and the
advance payment security:
(jjjjjjjjjjjj)An Advance Payment Security shall be required.
(kkkkkkkkkkkk)An advance payment shall be made within [insert number]30 days after the Effective Date. The advance payment will be set off by the Public Body in equal installments against the statements for the first [insert number] months of the Works until the advance payment has been fully set off.
(llllllllllll)The Advance Payment Security shall be in the amount and in the currency of the Ethiopian birr [foreign] [local] currency portion of the advance payment.
(mmmmmmmmmmmm)The repayment of the advance payments shall take the form of deductions based on the monthly claims
(i)The advance payment (maximum of 30%) shall be repaid by means of deductions from the installments and, if necessary, the balance due to the Contractor. This repayment shall begin with the first installment and be completed, at the very latest; by the time 80% of the amount of the contract has been paid.
Repayment shall be made in the same currency as the advance payment.
The amount to be deducted from each installment shall be calculated using the following formula:
where:
R = the amount to be repaid
Va = the total amount of the advance payment
Vt = the initial contract amount
D = the amount of the installment.
The result is rounded up to two decimal places.
