Schedule of Progress Payment
The Purchaser hereby agrees with the Vendor that the Purchaser shall make payment of the Purchase Price Payable by the Purchaser to the Vendor in the following manner.
( Below amounts will be invoiced in Sri Lankan Rupeesat the exchange rate at date of each invoice.)
| No. | Payment Details (Three-Bedroom House) | Breakdown | Amount (Rs.) | Estimated Timeline |
|---|---|---|---|---|
| 1. | As Reservation Fee-Acceptance of the offer letter | 1.67% | $6,430(USD) | Day 1 |
| 2. | As First Installment-at signing of Sales & Purchase Agreement | 20% | $77,000(USD) | 6 to 8 weeks from reservation |
| 3. | As Second Installment-Commencement of work | 20% | $77,000(USD) | 3 months from S & P Agreement |
| 4. | As Third Installment-On completion of concrete casting of ground floor slab on buyer's particular building | 20% | $77,000(USD) | 6 months from S & P Agreement |
| 5. | As Fifth Installment-Basic roof structure is erected and water tight(This does not include decoration of underside) | 15% | $57,750(USD) | 8 months from S & P Agreement |
| 6. | As Sixth Installment-Interior and exterior plaster completed(Putty coats are applied to interior and exterior of buyer's particular building) | 15% | $57,750(USD) | 10 months from S & P Agreement |
| 7. | On Practical Completion of property. | 8.33% | $32,071(USD) | 15 months from S & P Agreement |
| Total | 100% | $385,000(USD) |