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ART.7 – CONSULTANT’S COMMISSION:
7.1 Consultant is entitled to remuneration in accordance with Clause 7.2 below on all Contracts which are entered into by Sinopec and paid for by the Client.
7.2 The remuneration payable to the Consultant will be linked to monthly invoices billed to the Client by Sinopec based on operation,standby,repair rate remedial rate and stack rate (with or without crew) as per awarded contract rate as well stacking,excluding Mob /De Mob etc.,and shall be :
1) _____% of monthly invoice for each Rig where Contracts are awarded for all 4 Rigs.
2) _____% of monthly invoice for each Rig where Contracts are awarded for 3 Rigs.
3) _____% of monthly invoice for each Rig where Contracts are awarded for 2 Rigs..
4) _____% of monthly invoice where Contract is awarded only for 1 Rig.
Payment to Consultant shall be made within 2 weeks of receipt of payment by Sinopec from the Client in respect of each respective Rig.All payments to Consultant shall be made in accordance with written instructions for payment received from Consultant.All payments will be made according to the actual payments received from the Client.
7.3 It is expressly agreed and understood that no payment shall be due to Consultant any payments received by Sinopec from Client under or pursuant to the Drilling Services Contracts by way of compensation or damages or reimbursements for loss or damage to its equipment etc and Consultant’s sole entitlement for remuneration shall be with respect to monthly invoices for services provided under the respective Drilling Services Contracts.It is further agreed that no remuneration shall be payable to Consultant on payments to Sinopec for extra services which may be hired by the Client outside the scope of the Drilling Services Contracts.
7.4 For the avoidance of doubt it is expressly stated that remuneration payable to Consultant in accordance with this Article 7 is inclusive of and covers any and all costs and expenses incurred by the Consultant in fulfilling its obligations under this Agreement (including but not limited to remuneration for personnel,telephone,telex,office,etc.) and no further payments shall be due from Sinopec to Consultant.
7.5 All payments to Consultant hereunder will be subject to With Holding Tax in accordance with applicable provisions of the income tax laws.
ART.7 – CONSULTANT’S COMMISSION:
7.1 Consultant is entitled to remuneration in accordance with Clause 7.2 below on all Contracts which are entered into by Sinopec and paid for by the Client.
7.2 The remuneration payable to the Consultant will be linked to monthly invoices billed to the Client by Sinopec based on operation,standby,repair rate remedial rate and stack rate (with or without crew) as per awarded contract rate as well stacking,excluding Mob /De Mob etc.,and shall be :
1) _____% of monthly invoice for each Rig where Contracts are awarded for all 4 Rigs.
2) _____% of monthly invoice for each Rig where Contracts are awarded for 3 Rigs.
3) _____% of monthly invoice for each Rig where Contracts are awarded for 2 Rigs..
4) _____% of monthly invoice where Contract is awarded only for 1 Rig.
Payment to Consultant shall be made within 2 weeks of receipt of payment by Sinopec from the Client in respect of each respective Rig.All payments to Consultant shall be made in accordance with written instructions for payment received from Consultant.All payments will be made according to the actual payments received from the Client.
7.3 It is expressly agreed and understood that no payment shall be due to Consultant any payments received by Sinopec from Client under or pursuant to the Drilling Services Contracts by way of compensation or damages or reimbursements for loss or damage to its equipment etc and Consultant’s sole entitlement for remuneration shall be with respect to monthly invoices for services provided under the respective Drilling Services Contracts.It is further agreed that no remuneration shall be payable to Consultant on payments to Sinopec for extra services which may be hired by the Client outside the scope of the Drilling Services Contracts.
7.4 For the avoidance of doubt it is expressly stated that remuneration payable to Consultant in accordance with this Article 7 is inclusive of and covers any and all costs and expenses incurred by the Consultant in fulfilling its obligations under this Agreement (including but not limited to remuneration for personnel,telephone,telex,office,etc.) and no further payments shall be due from Sinopec to Consultant.
7.5 All payments to Consultant hereunder will be subject to With Holding Tax in accordance with applicable provisions of the income tax laws.
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