PARTICULAR CONDITIONS
A. PAYMENT TERMS
B. LATE PAYMENT
C. MEMO OF UNDERSTANDING
D. TAKING OVER CERTIFICATE
Timely payments shall be effected by the stipulations outlined in the Agreement. The Client shall pay the amounts due under the application of the Agreement on the due date mentioned on the invoice. The company certifies that such item(s), or the stage of the work for which payment is requested, have been properly provided and that the Company is currently entitled to payment therefore under the Agreement.
If we do not receive payment under the Agreement, we shall be entitled to receive financing charges compounded monthly on the amount unpaid during the period of delay. This period shall be deemed to commence on the date for payment specified in the Agreement.
Unless otherwise stated in the Agreement, these financing charges shall be calculated at the annual rate of three percentage points above the discount rate of the Central Bank of Indonesia of the currency of payment and shall be paid in such currency.
Our company shall be entitled to this payment without formal notice or certification, and prejudice to any other right or remedy.
A memorandum of understanding (MOU) is an agreement between the Client and Company outlined in a formal document and signals the willingness of the parties to move forward with a contract.
The MOU can be seen as the starting point for negotiations as it defines the scope and purpose of the project.
An MOU is a document that describes the broad outlines of an agreement that both parties have reached and is an expression of agreement to proceed. It indicates that the parties have reached an understanding and are moving forward. It is a serious declaration that the contract is imminent
An MOU clearly outlines specific points of understanding. It names the parties, describes the project on which they are agreeing, defines its scope, and details each party's roles and responsibilities. The MOU allows all parties to clearly state all of their objectives and goals. This makes for less uncertainty and prevents future unexpected disputes from occurring. Furthermore, by clearly laying out what each party expects of the other, an MOU provides a blueprint for any contract both parties may or may not wish to draw up in the future.
Taking-over certificate is the document that is issued by us to be signed by the client certifying the successful completion of the project. It is the final certification received by us as the record of completion of the project.
During the inspection done with the participation of the contractor, engineer, and employer, some rectifications may be identified. Those will be informed to the contractor and asked to rectify before the taking-over.
The supervisor of our company will attend the final project inspection (provided the person was assigned by the client), along with the client (if available), or his representative, and may accept the work, provided no rectifications are required.
After that, our company will hand over the project to the client using a taking-over certificate. The taking-over certificate is usually signed by our company director, the supervisor, and the client.