Advance price payable to tenderer

General197151 sections12 chapters

Chapter V MODE OF FIXING AND PAYMENT OF PRICE FOR COTTON TENDERED AT COLLECTION CENTRES

Statutory text

(1) Every tenderer of cotton at a collection centre shall in the first instance be entitled to receive eighty per cent. of the guaranteed price for the quantity of cotton tendered by him [which shall be payable to him] in lump sum or in such instalments, not exceeding two, as the State Government may, from time to time, having regard to the availability of the funds, by general or special order determine. The payment of eighty per cent. of the guaranteed price in this manner shall be the advance price payable to the tenderer.
(2) The difference between the guaranteed price and the advance price shall be payable to the tenderer [within a period of three months] after the close of every cotton season] : Provided that, where the payment of the advance price or any part thereof is deferred for any reason or the difference between the guaranteed price and the advance price is not paid immediately after the close of any cotton season, there shall be paid to the tenderer by or on behalf of the State Government interest on the amount which remains unpaid, from the date of tender of cotton by him or from the close of the cotton season, as the case may be, till the date of payment of such amount, at such rate not less than ten per cent. per annum, as the State Government may, from time to time, by general or special order, specify.]

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