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​Provisional Payment & Interest on Delay

  • To improve Cash Flow of Contractor provisional payment equal to 70% of the claim amount submitted by the contractor has been mandated to be paid without detailed scrutiny, within 10 days of IPC submission by the contractor.
  • If the payment against the IPC is not released within stipulated time after its submission, then interest at the rate of 7% per annum compounded monthly is payable to the contractor for delay in payment.

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