PAYMENT

Currencies

All payment for local contracts shall be in Ringgit Malaysia (RM). Payment for international contracts shall be in RM, or in the currency of the country where the finished products or services are imported from, or in any other currency deemed appropriate by TNEC. Tenderers shall state clearly in their tender submission the currencies for their payments.

 

Terms

Payment shall be done upon complete acceptance of the goods, works or services, and made in accordance with the payment terms specified in PO/contract including FIDIC contract condition or TNEC Standard General Condition of Contract.

 

Process

Unless otherwise specified in the PO/contract, generally payment shall be made within 30 days from the date of original and final invoice accepted by TNEC.

In cases where Certified True Copy invoice is required, contractor/supplier shall specify the following details on the invoice:

1. Full Name and I/C No.

2. Designation

3. Official Company Stamp

4. Acknowledgement on non-receivable of payment for the same supply, works or services completed

 

Assignment of Payment

Assignment of payment is only allowed to licensed financial institution, upon prior approval by TNEC.

 

Retention Sum

Where applicable and stated in TNEC’s contract, the percentage of retention sum shall be 10% of the contract value. The retention sum amount of 5% of the contract value shall be paid to the contractor after the issuance of Taking Over Certification. The remainder 5% shall be paid after the expiry date of Defects Notification Period or after the remedying notified defects whichever is later.

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