Bills payable

Procedure

In case of the running bills the works Account section links the bills submitted by
contractor duty certified by engineers in charge with the contract, acceptance letter, work
order etc, arranges payment after deducting income tax, balance security deposits and
other advances if any and training the prescribed percentage of the bill towards retention
money no deduction is made on this account.

Similarly the final bills are submitted by the contractor are checked and gross amount
payable is determined. The amount settled in the running bills, advances if any and
penalty in delay in completion of work, recovery toward consumption of material, TDS
etc. are deducted from the gross amount payable.

Material advances to the extent of 75% of the value of the materials brought by the
contractor and lying at the site are given on certification from the engineer in charge and
recovered from the running / final bills.

Payment of bills for services like electricity, water, telephone etc. received from plant
maintenance department / concerned user duly verified by them and approved by the
component authority are made. Payments in respect of other services received by the
competent authority are made. Payments in respect of other services received by the
company are made after the competent authority duly approves it.

In case of job contracts payments is made to casual employees other than the regular
employees of the company. Three categories are made and rate of these categories differ
from each other.

Category Rate (Rs.)/day

Skilled 156.56
Semi skilled 143.93
Unskilled 130.90

In case of services contracts like transport , AMC (Annual maintenance of computer} of

computer, photocopier etc. are not received in time LD charges are deducted from the
amount which lies between ½-5% per month as per rules of the company.