Principles of Payment for Purchase Contracts under CPTPP Package Tender

22:07, 10/07/2024

Recently, the Government of Vietnam has issued Decree 95/2020/ND-CP providing guidelines for the implementation of procurement bidding under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

Payment Principles for CPTPP Lump-sum Procurement Contracts, Decree 95/2020/ND-CP

Payment principles for CPTPP lump-sum procurement contracts (illustrative image)

According to Decree 95/2020/ND-CP on payment regulations for CPTPP lump-sum procurement contracts. Payment for lump-sum contracts is made multiple times upon acceptance of completed work volumes or once after the contractor has fulfilled their contractual responsibilities, with the amount equaling the contract value minus any advance payments (if applicable). If it is not possible to determine the detailed completion value for each work item or acceptance stage, payment may be based on a percentage (%) of the contract value.

The payment documents for lump-sum contracts include:

- Minutes of acceptance of completed volumes in the payment period, confirmed by representatives of the contractor, the investor, and the supervising consultant (if any). These acceptance minutes confirm the completion of the construction, construction items, and work of the project as per the design without needing to confirm detailed completed volumes;- For goods procurement: Depending on the nature of the goods, the payment documents may include invoices from the contractor, a packing list, transport documents, insurance certificates, quality certificates, goods acceptance minutes, certificates of origin, and other related documents and vouchers.

For detailed information, see Decree 95/2020/ND-CP, effective August 24, 2020.

Ty Na

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