Annex Two of Purchase Order Number Commercial Terms

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ANNEX TWO OF PURCHASE ORDER NUMBER

COMMERCIAL TERMS

a. Project Name: Supply of Labor and Materials for the Installation of Fire Suppression System at LAMCO Mabalacat Warehouse (P.H. One and P.H. Two)

b. Contract Price - The Contract Price for the Scope of Work described in the Purchase Order is Eighteen Million Five Hundred Sixty-Five Thousand Two Hundred Fifty and ninety-seven hundredths Pesos (PHP eighteen million five hundred sixty-five thousand two hundred fifty and ninety-seven hundredths) VAT Inclusive.

c. Terms of Payment - The following is the agreed terms of payment:

c. one. Downpayment - to be released within seven days upon complete submission of billing invoice and:

c. one point one. Guarantee/Surety Bond equivalent to thirty percent of the Contract Amount (VAT Inclusive).

c. one point two. Signed/Accepted Purchase Order;

c. one point three. Work Methodology; and c. one point four. Signed Implementation Schedule.

c. two. Progress Billing - Payment of Monthly Progress Billing of the accomplished works including value of delivered materials (as per approved schedule of delivery) shall be released within twenty-one days after submission of complete billing documents to CONTRACTOR including Progress Report signed by CONTRACTOR's Project Manager and/or Project Engineer with the other standard requirements of CONTRACTOR as attachments.

c. three. Retention or Final Billing - Ten percent Retention or Final Billing shall be released two months after Issuance of Certificate of Completion and Final Acceptance Report corresponding to the Supply, and/or such other documents as may be required by CONTRACTOR to process and effect such payment; or immediately if a Retention Bond/Warranty Bond equivalent to ten percent of the Contract Price (VAT Inclusive) is provided together with the Certificate of Completion and Final Acceptance Report.

Three point two. Payment Related Terms

Three point two point one. Where an advance payment is agreed, these funds shall be for the exclusive use in connection with the Supply and release of such advance payment maybe staged to coincide with actual and substantiated mobilization or pre-payment needs of the SUBCONTRACTOR. Repayment of the advance payment shall be by means of deduction from progress payments.

Three point two point two. Any substantiated contra charges by the CONTRACTOR upon the SUBCONTRACTOR may be offset and deducted from the progress payment applications for the Supply or any other receivables of SUBCONTRACTOR from CONTRACTOR.

Three point two point three. All progress payments shall be accompanied by a statement under oath that all bills for labour, other than current wages and materials relative to the Works have been fully paid.

ANNEX TWO OF PURCHASE ORDER NUMBER

Overview

The document serves as a formal annex to a purchase order, specifying the contractual obligations and payment processes related to the installation of a fire suppression system at a specified location. It emphasizes the terms of payment, including down payments, progress billings, and retention conditions.

Key Points

1Contract price is specified as PHP eighteen million five hundred sixty-five thousand two hundred fifty and ninety-seven hundredths
2Payment terms include downpayment, progress billing, and final billing conditions
3Deductions for non-payment or incomplete works may be applied by the contractor
4Variations must be certified and approved by the contractor for payment
5Legal title to materials passes to the contractor upon payment.

Details

Category: Business and Finance

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