【artismade】...AtthesametimeastheAdvancePaymentFirstPartismade....

英语翻译Advance Payment and Security for ContractorAt the same time as the Advance Payment First Part is made to the Contractorthe Employer shall provide the Contractor with irrevocable,revolvingdocumentary credit(s) (the “Letter of Credit“) having the substance of and for theamounts stated in Clause 2 of Schedule 2-2 (Terms of Payment) having totalvalue of 85%of the Contract Price.If the Contractor requires confirmation of theLetter of Credit,this shall be at the expense of the Contractor.The Advance Payments shall not be progressively repaid and the Contractor’sliability to repay the Advance Payments shall be deemed discharged upon theContractor receiving its first payment under the Letter of Credit.If the Contractordoes not bee entitled to receive the Second Advance Payment,theContractor shall be liable to repay to the Employer 100% of the First AdvancePayment.If the Contractor bees entitled to receive the Second AdvancePayment but does not achieve the first payment under the Letter of Credit theContractor shall be liable to repay to the Employer such amount of the AdvancePayments that is not equal to the value of Works done (calculated at the rates inSchedule 2-1(Prices and Weights) useful to and delivered to the Employer.The above advance payment is an interest-free money which is deemed part ofthe Contract Price,and not a loan as it is stated in the first paragraph of Sub-Clause 14.2 of the General Conditions. 英语