All 42 Articles
Click an Article to open its clauses · ★ marks clauses carrying a hard number or a deadline
How HAM pays
The mechanism that distinguishes Hybrid Annuity from EPC — 40% during construction, the balance as indexed annuities with interest
Construction Period — the ten Payment Milestones
Clause 23.4
Each instalment is 4% of the Bid Project Cost adjusted for the Price Index Multiple applicable on the Reference Index Date preceding the date of the Independent Engineer's report, and is disbursed within 15 days of that report. On a Change of Scope the Physical Progress is recalculated for the changed scope.
Operation Period — the 30 annuity instalments
Clause 23.6.3 — percentage of the Completion Cost remaining to be paid on COD
The thirty percentages total exactly 100%. Each instalment is paid with interest on the reducing balance of Completion Cost at the average one-year MCLR of the top 5 Scheduled Commercial Banks plus 1.25%, calculated on a simple basis with no compounding, by reference to the number of days each rate was applicable. The first instalment falls due within 15 days of the 180th day of COD, and the rest within 15 days of each successive six months.
Termination Payment by milestone
Clauses 31.3.2 and 28.9 — percentages are of the Bid Project Cost; the lower of the two bases applies
Where Termination falls between two Payment Milestones, only the milestone actually achieved counts. Each amount is reduced by the Insurance Cover; where insurance claims forming part of that cover are not admitted and paid, 80% of the unpaid claims is included in the computation of Debt Due. After COD the basis changes entirely: 65% of the unpaid annuities on a Concessionaire Default, 75% on a Non-Political Force Majeure Event.
Points to watch in the standard form
Internal inconsistencies and project-specific blanks worth knowing before you rely on a figure
Project lifecycle
What falls due at each stage, from signature to the Vesting Certificate
Key numbers
Every percentage, period and rate in the Agreement, grouped by what it governs
Who does what
Every clause sorted by the party that carries the primary obligation · click a row to open it
Schedules A to S
The 19 schedules that form part of the Agreement and the clauses that drive them
Defined terms
All 141 terms defined in Article 42 — every payment and obligation turns on these