英语翻译Advance Payment and Security for ContractorAt the same t

英语翻译
Advance Payment and Security for Contractor
At the same time as the Advance Payment First Part is made to the Contractor
the Employer shall provide the Contractor with irrevocable,revolving
documentary credit(s) (the “Letter of Credit“) having the substance of and for the
amounts stated in Clause 2 of Schedule 2-2 (Terms of Payment) having total
value of 85%of the Contract Price.If the Contractor requires confirmation of the
Letter of Credit,this shall be at the expense of the Contractor.
The Advance Payments shall not be progressively repaid and the Contractor’s
liability to repay the Advance Payments shall be deemed discharged upon the
Contractor receiving its first payment under the Letter of Credit.If the Contractor
does not become entitled to receive the Second Advance Payment,the
Contractor shall be liable to repay to the Employer 100% of the First Advance
Payment.If the Contractor becomes entitled to receive the Second Advance
Payment but does not achieve the first payment under the Letter of Credit the
Contractor shall be liable to repay to the Employer such amount of the Advance
Payments that is not equal to the value of Works done (calculated at the rates in
Schedule 2-1(Prices and Weights) useful to and delivered to the Employer.
The above advance payment is an interest-free money which is deemed part of
the Contract Price,and not a loan as it is stated in the first paragraph of Sub-
Clause 14.2 of the General Conditions.