Assignment on NH-7 project reference no:NS2/BOT/AP-7
This project is between NHAI and M/s.Patel KNR Heavy Infrastructures Pvt. Ltd. on BOT annuity basis. SITE OF THE PROJECT:
The Govt, of India is contemplating to enhance the Traffic capacity and safety for efficient transportation of goods and services on the heavily trafficked National highway sections. The project under consideration aims at developing Islamnagar-Kadthal, section of NH-7 from 230 to 278 kms located in the Adilabad district, Andhra Pradesh by widening the existed 2 lanes to 4 lane divided carriageway facility, including strengthening of the existing 2-lanes on build, operate and transfer(annuity) basis.
PAYMENT OF ANNUITY:
NHAI shall as security of payment of annuity, provide to the KNR constructions a letter of credit from a schedule bank in India for a sum equal to 44.37 Crores. Such a letter of credit shall be established within 30 days from the expected date of COD as intimated by the KNR constructions.
The KNR constructions may either receive bonus for early completion of project or incur reduction in the annuity for the delayed completion of project. Here annuity period is deemed to be a period of 180 calendar days. PAYMENT MECHANISM:
The consigner shall at least one month prior to the relevant annuity payment date submit to NHAI, its invoice for payment of annuity duly adjust for non-availability. The independent consultant shall after verification and certification of the amount claimed in the invoice forward the invoice to NHAI with necessary recommendation for payment thereof so as to reach NHAI at least one week prior to the relevant to...