12  Method of Payment of Authority Contribution

12.1  This paragraph 12 shall apply where Capital Expenditure for an Approved Project is to be funded in whole or part by the Authority.

12.2  Sub-hubco shall invoice the Authority for Capital Expenditure incurred by Sub-hubco to implement a High Value Change that is to be borne by the Authority according to the payment schedule set out in the High Value Change Stage 2 Submission as referred to in paragraph 3.4.11 of this Section 4.

12.3  The Authority shall make a payment to Sub-hubco within fifteen (15) Business Days of receipt by the Authority of invoices presented to the Authority (complete in all material respects) in accordance with paragraph 12.2 of this Section 4, accompanied by the relevant evidence (where applicable) that the relevant part of the High Value Change has been carried out.