retention-ev1 (1).doc - The World Bank INTERNATIONAL BANK...

This preview shows page 1 out of 1 page.

The World Bank 1818 H Street N.W. (202) 477-1234 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Washington, D.C. 20433 Cable Address: INTBAFRAD INTERNATIONAL DEVELOPMENT ASSOCIATION U.S.A. Cable Address: INDEVAS Disbursement of Retention Money We are pleased to inform you that the Bank has streamlined procedures for disbursing against eligible expenditures for retention money. This change, which responds to borrower requests, is intended to facilitate smooth project implementation. Eligibility. Under the new procedures, retention money is an eligible expenditure if the contract for the works is completed, and the works are provisionally accepted, before the loan closing date, and if the contract provides for the option of replacing the retention money with an on-demand bank guarantee or other suitable performance security. New Procedures. To obtain disbursement against an expenditure for retention money, the borrower submits the withdrawal application to the Bank and (a) if full documentation is
Image of page 1
  • Winter '15

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern