Payment Procedure

	In case of sale of Government-owned shares in limited companies, the bidder will have to pay 20% of the bid amount as earnest money. The successful bidder will have to pay the balance 80% of the bid amount within 60 days of issue of Letter of Intent.
	In case of sale of enterprise, the bidder will have to pay 2.5% of the bid amount as earnest money. The successful bidder will have to the pay in cash an additional amount of 22.5% of the bid amount as down payment within 30 days of the issue of Letter of Intent (i,e, 2.5%+22.5%=25%). The bidder will have to pay the balance 75% of the bid amount within 5 years at 6-monthly installment along with a compound interest rate of 9% annually and will also give irrevocable bank guarantee without recourse for the installment payment. A rebate of 15% will be allowed if the full payment is made within 30 days of issue of Letter of Intent.
	In case of sale of enterprise to association of workers,employees and officers, all claims and liabilities with the enterprise may be adjusted with the bid amount.
	The buyer will take over all long term loans and will have to negotiate repayment agreement with the lender institutions before transfer of the enterprise.

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