Sentences with phrase «contract sum»
"contract sum" refers to the total amount of money agreed upon in a contract for goods or services. It is the agreed price that one party will pay to the other to fulfill the terms of the contract. Full definition
In addition, a further percentage (6 per cent of the whole contract sum) is held back from each payment actually made.
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Earlier, the Commissioner for Tertiary Education, Science and Technology, Dr Amina Ahmed said the project was awarded at an initial contract sum of N690, 977,860.52 but revised to N1, 052,712,252.49 due to the down turn of the national economy and the consequent hike in foreign exchange.
As for the District Hospitals, maintenance was part of the total contract sum.
I don't subscribe to the idea of inflating contracts sums but the way citi fm do reports their stories suggests they are in bed with the NPP.
When valuing a standard construction home loan contract the sums are easy.
For every contract awarded by Sokoto government, one percent of the total contract sum will be set aside to fund the state's Education Development Trust Fund,...
«I am not aware of any issue relating to a contract sum of N700 million.
She claimed she sought approval from the Public Procurement Authority but strangely enough, the contract sum is higher than approved level.»
According to the professor, he wasn't the board chair of SSNIT when the contract sum was approved hence can not be held be responsible for it.
His words: «During the rehabilitation of the terminal building, a contractor noticed some structural damages to the building itself and then increased the scope of what to be done to put it to use ad that necessitated the variation of contract sum.
A source in the EFCC said although the Nigerian Army deducted the money from the contract sum, there was no evidence that it was remitted to the Federal Inland Revenue Service.
When we took over at the ministry, we renegotiated with the CCECC and we succeeded in reducing the contract sum from $ 11.917 bn to $ 11.117 bn and we are able to save $ 800m after the renegotiation,» he had explained.
He said outrageous inflation of contract sums was undertaken in the erstwhile the government.
Since the contract was not executed the federal government should recover the contract sum of $ 470 million.
According to him, 60 percent of the contract sum, about N423 billion has already been released for the 427 projects in the region without corresponding physical delivery on site.
«A gift equivalent of 15 % of the contract sum of $ 650, 000 awarded to the contractor is something that can not be justified under any circumstance.
«There were no fictitious contracts; contract sums were not diverted and the relevant services in writing acknowledged delivery of equipment.
Obilor who is a prosecuting witness alleged that the agency awarded the contract to his three companies, namely, Seabulk Offshore Limited; Southern Offshore Limited; and Ace Prosthesis Limited, adding that the contract sum was fully paid.
The ex-President's cousin had, however, said the contract was transparent, adding that the Federal Government still owed him $ 4m as the balance of the contract sum for successfully securing oil pipelines which saw Nigeria reap billions of dollars from increased oil production.
Who approved this contract sum and why did it not go through due process such contracts had to go through?
According to the Olusola Oke Campaign Committee, the contract sum was perfected and released without going through due process and the money has now been earmarked as part of the war chest to be used by the APC to rig the election later this month.
The EC, at the time, did not appear to explain to the public how it ended up with GH cents 7.2 million as the contract sum, after Aerovote had quoted GH cents 8.9 million at the opening of the actual tender.
Mr. Rockson said most contractors tend to execute shoddy work when authorities that award them those projects demand ten percent of the contract sum as...
The Appellant executed the contract but the contract sum was not paid.
It is well - settled that when a contractual term provides for liquidated damages payable in the event of a breach, this term is enforceable only to the extent that the liquidated damages are a genuine pre-estimate of the loss flowing from that breach of contract.4 Where parties stipulate in a contract the sum to be paid in the event of a breach, the contract sum is enforceable if it is a genuine pre-estimate of loss but not if it constitutes a penalty.