(a) The Contractor shall be entitled to an Advance Payment on the Contract amounting to 25% of the Builder’s Works* (subject to a maximum of RM10 Million) on compliance with the following conditions:-

Pihak kerajaan akan membuat tuntutan semula atau rekupan ke atas Advanced Payment tersebut melalui bayaran interim kerja apabila kemajuan kerja telah mencapai kemajuan sebanyak 25%. Tuntutan untuk advanced payment hanya boleh dipohon oleh pihak kontraktor dalam masa 3 bulan dari tarikh milik tapak.

(b) production of a Banker’s Guarantee in the approved format equal in value to the advance proposed to be paid; (c) Submission of the Banker’s Guarantee not later than 3 months from the date of the possession of Site. 54.2 The advance payment shall …

(c) Submission of the Banker’s Guarantee not later than 3 months from the date of the possession of Site. 54.2 The advance payment shall be recouped when the cumulative total value of the Builder’s Work executed and certified (including the amount certified for materials on site) reaches twenty-five percent (25%) of the

Obtain confirmation from the bank or insurance company against the bank or insurance guarantee. Complete and initials the Checklist for Preparation of Advance Payment. Complete the Form JKR66. Make six (6) copies of the completed JKR66 Form before signing. The recommending officer signs the Form JKR66.

in writing to pay specified moneys payable under the Contract then remaining outstanding. (v) ALL CLAIMS, IF ANY, IN RESPECT OF THIS GUARANTEE MUST BE RECEIVED BY THE BANK/FINANCE COMPANY/INSURANCE COMPANY DURING THE VALIDITY PERIOD OF THIS GUARANTEE OR WITHIN FOUR (4) WEEKS FROM THE EXPIRY DATE OF THIS GUARANTEE WHICHEVER IS THE LATER.

Bank Guarantee for Cash Advance. Details of the required Guarantee for either type of Advance are usually set out in the Conditions of Contract together with arrangements for repayment of the Advance from monies due to the contractor under interim payment certifica-tion.

the issue of any such Interim Certificate), the Government shall make a payment to the Contractor as follows: (a) where the Performance Bond is in the form of a Banker’s, Insurance or Finance Company Guarantee, payment shall be made on the amount certified as due to the Contractor in the said Interim Certificate; or

The document discusses the calculation of recoupment of advance payment for a construction project. It provides the contract sum, provisional sum, prime cost sum, and total work done on site. It then calculates the total advance payment entitled and recoupment amount based on a formula provided.

In accordance with the payment provision included in the Special Conditions of Contract, which amends Clause 10 of the General Conditions of Contract to provide for advance payment, [name and address of Supplier] (hereinafter called the “Supplier”) shall deposit with the PROCURING ENTITY a bank guarantee to guarantee its proper and faithful ...