(i)Policies issued [for a period of more than one year] [ Substituted by G.S.R. 1051, dated 19.7.1971.] .-In the case of policies issued [for a period of more than one year] [Substituted by G.S.R. 1051, dated 19.7.1971. ], such contract Performance Bonds or Guarantees, Contractors' "All Risk" policies, Machinery Election policies and the like, the premium may be staggered as necessary according to custom, over the period of the cover, provided that the first equated instalment is higher than any other instalment by at least 5 per cent of the total premiums payable and each instalment is paid in advance. Where the premiums are payable by declarations, they may be paid within fifteen days from the dates of receipt of declaration.
