Terms of payment

In the CC document, the owner shall request the bidder to submit a payment schedule, clearly indicating the amount of the advance payment (if so requested by the bidder) and of the payments linked to the fulfilment of each milestone listed in the payment schedule. The owner may wish to specify in the BIS project milestones that should be complied with as a minimum to receive partial payment. Payment milestones should be linked to a representative delivery or measurable project progress, and should also ensure the owner that payments made are commensurate with actual project progress.

Payments to be made upon fulfilment of a milestone should be differenti­ated according to whether they are made in local or foreign currency.

Finally, the owner should establish in the DC document of the BIS all the detailed contractual conditions regarding payment, such as payment currency, advanced payment guarantee, criteria to be applied in case of delayed payment, failure to make a payment by the owner, disputes con­cerning payment, invoicing rules, form and place of payment after invoicing, and setting-off.