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We are a bank with interests in numerous countries, including India and are organized under the laws of Acmelandia.
On 1 September 2010 BETA and CONARTIST have entered into a contract whereby CONARTIST agreed to manufacturer and install at BETA’s facilities in Delhi a manufacturing line for spinning polyester yarn. The total price was Rs. 10,000,000. Payment was to be made in five installments: 20% with order; 20% on completion of tests at the CONARTIST works; 25% on delivery to site; 25% on completion of commissioning on site; the balance of 10% after three months satisfactory performance.As provided in the contract, BETA paid to CONARTIST 20% of the contract price (Rs. 2,000,000) on the signing of the contract on 1 September 2010, a further 20% (Rs. 2,000,000) on 6 January 2011 upon completion of tests of the equipment at the CONARTIST works and 25% of the contract price (Rs. 2,500,000) upon delivery of the equipment to BETA site on 20 February 2011. On 29 March 2011 CONARTIST assigned to ACME the right to receive the remaining two payments, of. Since that time no payment has been made by BETA to ACME. In the case of the payment due upon commissioning on site, BETA paid it to CONARTIST on 19 April 2011, i.e., nine days after having received notice of the assignment. BETA has claimed that the notice was defective in form. These objections are manifestly unfounded.
In the case of the payment due after three months satisfactory performance, BETA has refused to pay it at all. When ACME was assigned the right to payment under the contract between BETA and CONARTIST, it was necessarily assigned the right to enforce its rights in the same manner as the assignor, CONARTIST, would have had.
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