terms, the payment is milestone payment, 10% as advance of the
contract amount, 60% against delivery of material at site, 10% against
installation of material ... payment terms of the contract between the parties is one of milestone
payment, the reasoning and decision of the learned sole Arbitrator directing
the appellant
PAYMENT : REFER DETAILS D. HOW THE PAYMENTS WERE EFFECTED : BELOW
SL DATE OF DETAILS OF AMOUT
NO. PAYMENT PAYMENT
1. 15.02.91 1ST MILESTONE ... Milestone
9.6 crores
31.3.92 IInd Milestone
4.8 crores
31.3.92 IIIrd Milestone
4.8 crores
23.3.94 IVth Milestone
6.4 crores
1.3.95 75% of Vth Milestone
4.8 crores
struggling with long
overdue payment of third milestone.
n) Despite the fact that the third milestone payment was not
being released, the Plaintiff continued with ... Live' event, the Plaintiff raised the last milestone Invoice for last
milestone payment. There was no complaint of whatsoever nature
in the entire
purpose of this Clause 23.4, the
Payment Milestone for the Milestone for release of
payment during Construction Period shall be as
under:
a) I (first ... Payment Milestone - On
achievement of 10% Physical Progress
b) II (second) Payment Milestone -
On achievement of 30% Physical
Progress
c) III (third) Payment Milestone
eight milestones for releasing payment
according to which only 50% payment was payable up to delivery stage, i.e.
Milestones ... achievement of milestones, fictitious query
No.59 was prepared and a clarification was sought as to how the milestone
payments against the surplus material handed
prescribe the construction schedule/project key dates. Annexure E
prescribe milestone payment formula. Annexure F is integrity pact
duly signed by consortium members (assessee ... which such payment is to be made and also the stage of
payment. He observed that as clarified by ONGC, these milestone
payments
that the assessee has been mainly
relying upon the schedule of milestone payments stipulated
in the agreement where value of each item of work ... equally
stipulated. Assessing Officer found that as clarified by
ONGC these milestone payments are in the nature of
'provisional progressive payments' pending completion
break-up of the cost but instead pertained to the
payment milestone and that the Arbitrator's interpretation is not a
plausible interpretation ... deal with break-up of cost but it deals with payment
milestone and that therefore, the Arbitrator's interpretation is not a
plausible interpretation
System.
102. The respondents also claimed that in any event, the final
payments could not be withheld on account of non-commissioning of
the Wireless ... repairs of the same but it could not
withhold the milestone payments. According to the respondents, the
contract in question was a lump sum contract
cumulative delay of more than 765 days in remitting 'Milestone Payments'.'Milestone ... Payments' means once the mutually agreed stage of construction is reached, a demand will be raised by the Builder seeking payment for the milestone
