What is the mode of payment for sub contractor?

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The mode of payment for sub contractors in a substation project can vary depending on the terms agreed upon by the parties involved.

The mode of payment can be a lump sum payment, where the sub contractor receives a fixed amount for their services.
It can also be a progress-based payment, where the sub contractor is paid in installments based on the completion of specific project milestones.
Another common mode of payment is a unit price payment, where the sub contractor is paid based on the quantity of work completed or materials supplied.
Some sub contractors may also negotiate for a cost-plus payment, where they are reimbursed for their actual costs incurred plus a predetermined profit margin.
The mode of payment is typically outlined in the sub contractor agreement or contract.
The payment terms may also include provisions for retention, where a certain percentage of the payment is withheld until the completion of the project or resolution of any outstanding issues.
The specific mode of payment for sub contractors in a substation project will depend on factors such as the nature of the work, the size of the project, and the preferences of the parties involved.

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