- Unless otherwise agreed and/or mentioned in the SCO, the payment shall be made by Contractor to the Subcontractor in the following manner:
* Down payment : maximum thirty (30) percent of subcontract price, shall be paid after received invoice from the Subcontractor.
* Monthly progress : sixty five (65) percent or more of the Subcontract price shall be paid monthly in partial payments after the submission of the monthly progress claim, and its invoice shall be submitted on or before the 10th of the month covering the work completed during the previous month to last day of the each month, shall be duly certified and/or accepted by the Contractor’s person in charge, and Contractor shall pay the invoice amount on the 25th day of the month.
* Retention : five (5) percent of the Subcontract Price shall be hold as retention by the Contractor, and shall be paid to the Subcontractor upon issuance of the Completion Certificate, which shall be issued after completion of Guarantee. This retention money may be substituted by a Bank Guarantee which shall be executed by the Subcontractor through a bank acceptable to the Contractor. (delete)