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Payment Procedures

General Terms and Definitions | Obligations of the Contractor | Service Rendering Procedure | Liabilities and Indemnities | Governing Law; Arbitration |


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2.1. The payment for the services of the Contractor is made every month by the Customer on the basis of the DAA for the reporting month signed by the authorized representatives of the Parties hereto.

 

In terms of the present Contract the calendar month is deemed reporting month.

 

2.2. The payment for the services of the Contractor is made during 10 banking days from the moment of signing by the Parties hereto of the DDA for the reporting period and signing of the invoice submitted by the Contractor.

 

2.3. For the purposes of compensation of inflation processes the Parties agree to apply payment indexation in accordance with the following equation starting from February 1999:

Rt = Ro x (1 + 0,5 x (Kt + Ko) / Ko), where

 

Rt – Cost of services rendered by the Contractor for the reporting period after indexation.

 

Ro – Agreed price for services rendered by the Contractor per month (1 Rubles).

Kt – monthly average Ruble/USD* conversion ratio for the month preceding the payment calculated on the basis of Ruble/USD exchange rate announced by the RF Central Bank.

 

* The average monthly Ruble/USD conversion ratio is calculated as the quotient of the sum of all the official rates announced by the Central Bank of the RF within the month and the number of days in the month on which the Central Bank announced an official Ruble/USD rate. In the event that the official Central Bank exchange rate does not correspond to the real US Dollar/Ruble exchange rate, then the Parties shall use an agreed real exchange rate for this calculation.

 

Ko – Ruble/USD conversion ratio announced by the Central Bank of the RF as of 01.31.xxxx.

Example:

Average USD/Ruble exchange rate (Kt) in February xxxx was n Rubles per 1 US Dollar

Average USD/Ruble exchange rate (Ko) of January 31, xxxx was n Rubles per 1 US Dollar

The cost of services provided by the Contractor in February xxxx taking into account indexation shall make:

 

Rt = 1.0 x (1 + 0,5 x (2x-2x)/22) = 1x rubles


Account Information.

 

3.1. All payments in cash hereunder due to the Contractor shall be made by wire transfer to the account of the Contractor as follows:

INN

N

Bank: Bank Corporation, Moscow

BIC

Settlement Account:

Corr. Accnt.

or any other account information delivered in advance by the Contractor to the Customer in the form of a letter to the address provided in Paragraph 15.1., “Attention: Mr. P; Mr. M.”

 

Customer: OPEN JOINT STOCK COMPANY “K”   ____________________________________________ By: Title: General Director   Contractor: CLOSED JOINT STOCK COMPANY “N" _____________________________________________ By: Title: Chief Engineer  

 

 


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