Para 6.2 — CONSULT_MANUAL

6.3 Terms of Payment 1. The usual payment term is 100 (hundred) per cent on receipt and acceptance of deliverables by the procuring entity and on production of all required documents by the Consultant.

3. Modes of Payment: a) Procuring Entities should make payments through the Electronic Clearance System (ECS), e.g., Real-Time Gross Settlement systems (RTGS), National Electronic Funds Transfer (NEFT) or Electronic Payment Gateways. As per RBI guidelines, the ECS

2. It is, therefore, necessary that, to enable the bidders to frame their quotations properly in a meaningful manner, the tender documents should clearly specify the desired terms of delivery and also the duties and responsibilities to be performed by the consultant in addition to supply of services.

3. Elements of Price: Where the price has several components, bidders should be asked to furnish a cost break-up indicating the applicable prices and taxes for each of such components along with the overall price. The payment schedule and terms will be linked to this cost break-up; and

4. Currency: The tender documents are to specify the currency (currencies) in which the tenders are to be priced. As a general rule, domestic bidders are to quote and accept their payment in Indian currency; Indian agents of foreign consultants/ service providers are to receive their agency commission in Indian currency; costs of imported services , which are directly imported against the contract, may be quoted in foreign currency (currencies) and paid accordingly in that currency; and the portion of the services , which are to be undertaken in India, are to be quoted and paid in Indian currency.

2. Payment provisions, including amounts to be paid, schedule of payments, and payment procedures, shall be indicated in RfP and also in the contract. Payments may be made at regular intervals (as under time-based contracts) or for agreed outputs (as under lump sum contracts).

6.2 Payment Clause 1. The elements of price included in the quotation of a bidder depend on the nature of the consultancy services to be performed, location of the consultant, location of the user, terms of delivery, extant rules and regulations about taxes, duties, and so on, of the Consultant's country and the buyer's country.

6.4 Advance Payment

Chapter 6: Forms of Securities, Prices, Payment Terms and Price Variations mandate in RBI’s format may be obtained at the time of consultant registration and in the tender document. The Format is available with all Banks. b) However, if ECS payments are not feasible, payments may be made in exceptional circumstances by cheque/demand draft drawn on a Government treasury or branch of RBI or any Scheduled Bank authorised by RBI for transacting Government business. c) Trade Receivables Discounting System (TReDS) is an electronic platform for facilitating the financing / discounting of trade receivables of Micro, Small and Medium Enterprises (MSMEs) through multiple financiers. These receivables can be due from corporates and other buyers, including Government Departments and Public Sector Undertakings (PSUs). Payments can also be made through this platform to MSE suppliers/ consultants.