Aktueller Bericht Nr. 74 / 2010

New contract of Budimex SA – Construction of the national road no. 78, the section of the northern ring road of Jędrzejów

The Management Board of Budimex SA announces that a contract for the construction of the national road no. 78 at the section of the northern ring road of Jędrzejów was concluded with the General Directorate for Domestic Roads and Motorways, Kielce Branch on 28 October 2010.

• Net contract value: PLN 152,319,805.61
• Commencement date: no later than 30 days after concluding the contract
• Completion date: 18 months after concluding the contract (excluding the period between 15th December and 15th March)
• Guarantee period: 60 months
• Financial conditions:
  • Advance payment: 10% of the gross contract value
  • Payment: 49 days after the Contracting Authority has received a VAT invoice
  • Bank performance bond – 5% of the approved gross contractual amount
• Contractual penalties paid by the Contractor:
  • For exceeding the deadline for the completion of works - 0.01% of the approved contractual amount per each day of delay;
  • For terminating the Contract for reasons attributable to the Contractor – 10% of the approved contractual amount;
  • For failure to perform the required minimum performance on the agreed date – 0.01% of the approved contractual amount per each day of delay.
• Penalties paid by the Contracting Authority:
  • For renouncing the Contract for reasons attributable to the Contracting Authority – 10% of the approved contractual amount. The penalty shall not be binding whenever the contract is renounced on grounds referred to in Sub-clause 15.2 FIDIC and in Article 145 of the Public Procurement Act.
• The Parties reserve the right to supplementary compensation, which carries the amount of contractual penalties equal to the amount of damage actually suffered.

The contract value exceeds 10% of the equity of Budimex SA.