SECTION 13.0

Commercial Terms & Payment Terms

Standard EPC commercial framework including payment milestones, bank guarantees, liquidated damages, warranties, and scope exclusions — with clear delineation between EPC Contractor and Technology Licensor responsibilities.

14.1 Payment Milestones

Payments are milestone-linked and progressive, ensuring cash flow alignment with project progress. All payments against certified invoices within 30 days of submission.

Cumulative Payment Profile

10%

15%

25%

10%

35%

10%

50%

15%

60%

10%

70%

10%

85%

15%

90%

95%

100%

#	Milestone	%	Description	Timing
1	Advance on Contract Award	10%	Against submission of Advance Bank Guarantee of equivalent amount	Within 15 days of LOA
2	Completion of Basic Engineering Package	5%	Upon receipt and acceptance of Licensor's Basic Engineering Package (BEP)	Month 2-3
3	Completion of 30% Detailed Engineering	10%	Submission of key deliverables — PFDs, P&IDs, equipment datasheets, plot plan	Month 4-5
4	Completion of 60% Detailed Engineering	10%	Submission of piping isometrics, civil drawings, E&I specifications, MTO	Month 7-8
5	Major Equipment Orders Placed	15%	Against proof of PO placement for converter, towers, WHB, blowers, acid coolers	Month 5-8
6	Equipment Delivery to Site (50%)	10%	Upon delivery of 50% of major equipment by weight to project site	Month 10-12
7	Equipment Delivery to Site (100%)	10%	Upon delivery of balance equipment and bulk materials to site	Month 14-16
8	Mechanical Completion	15%	Completion of erection, piping, E&I installation — ready for pre-commissioning	Month 18-20
9	Pre-commissioning & Commissioning	5%	Successful completion of loop checks, hydrotesting, catalyst loading, refractory drying	Month 21-22
10	Performance Guarantee Test Run	5%	Successful completion of 72-hour PG test run at rated capacity	Month 23-24
11	Final Payment (Retention Release)	5%	After defect liability period — against submission of final documentation and as-built drawings	Month 36 (12 months after PG)
Total		100%	Progressive billing over ~24 months

Payment Terms

All invoices to be certified by Owner's PMC within 15 days and payment released within 30 days of invoice submission. Interest at SBI PLR + 2% applicable on delayed payments beyond 45 days.

12.0Plant Layout

Supplier & Sourcing Map14.0