Budimex.pl

Current report no 46 / 2017

Date: June 26, 2017 12:43 PM

Contract with LC Corp Invest XVII Sp. z o.o. Projekt 22 Sp.k.

The Budimex management board hereby informs that on 26 June 2017 a contract was signed with LC Corp Invest XVII Sp. z o.o. Projekt 22 concerning general contracting on the ‘Wola Retro’ project, which encompasses an office and retail building with elements of land development, located in Warsaw, at ul. Skierniewicka/ Siedmiogrodzka. The value of contracts signed with LC Corp SA subsidiaries since publication of report no 50 of 14 July 2016 is equal to PLN 186.7 million net and exceeds the threshold of PLN 111,446 thousand net.

 

The contract signed on 26 June this year was the greatest in value.

 

Contract value: remuneration of up to PLN 125,020,000 net (which includes a variable amount for execution of fit-out works with a maximum value of PLN 40,959,000 net). The Variable Amount may be paid to the Contractor as remuneration in full or in part, or completely left out, at the Client’s discretion. The Fixed Amount may not be reduced.

Works commencement date: the day following the formal hand-over of construction site and the documentation enabling the Contractor to commence works.

Works completion date: 24 months after hand-over of construction site, no later than 4 July 2017.

 

Guarantee period:

a) 60 months is the longest guarantee period for works and roads, including: lifts together with fittings and software as well as telecommunication low-voltage systems (BMS, PMS and related systems) together with fixtures, software and fittings.

b) 10 years for steel and reinforced concrete structures, tightness of the roof, insulation, façades, floors, etc., subject to normal wear and tear during operation;

c) for Devices and Equipment – corresponding to the periods of guarantee provided by manufacturers for new products, but no less than 36 months, excluding lifts together with fittings and software as well as telecommunication low-voltage systems (BMS, PMS and related systems) together with fixtures, software and fittings, for which the guarantee period is specified in item a) above.

d) 36 months for greenery.

e) for Fit-out Works – 36 months after these works are accepted by the Tenant or the Employer.

 

Advance payment: none

 

Payment term in days:

a) for the first invoice 90 days after its receipt by the Employer;

b) for the second invoice 60 days after its receipt by the Employer;

c) for the third and subsequent invoices 30 days after its receipt by the Employer.

 

Security:

Performance security: 5 blank promissory notes together with Promissory Note Agreement – for a total value equal to 10% of the Project net value. Defects liability security for the guarantee and statutory warranty period – in the form of 5 blank promissory notes together with Promissory Note Agreement for a total value equal to 5% of the Project net value.

 

Contractual penalties paid by the Contractor: 1. Total amount of penalties charged under the Contract for delay in performance of the General Contractor’s obligations may not exceed 10% of the fixed net remuneration; the parties may seek damages exceeding the contractual penalties.

- In the event of withdrawal from the Contract for reasons attributable to the Contractor - 10% of the net remuneration

 

Penalties payable by the Employer:

- 10% of net contract value for withdrawal from the contract for reasons attributable to the Employer.

The ordering party reserves the right to seek damages under general applicable rules if the amount of loss sustained exceeds the amount of the stipulated penalty.

 

Other contracts signed with subsidiaries of LC Corp SA after publication of report no 50 of 14 July 2016:

- Contract signed on 31 August 2016 with LC Corp Invest XV Sp. z o.o. Projekt 9 sp. k. for project ‘Residential Complex KORONA PRAGI – Building B and A’ with a total value of PLN 61,695,857 net (fixed sum: PLN 36,652,373, conditional sum: PLN 25,043,484); the fixed sum constitutes remuneration for completion of ‘Building B’, while the conditional sum is remuneration for the superstructure of ‘Building A’. Pursuant to the contract, the conditional sum would be in effect provided the employer issues a statement confirming that it orders completion of the superstructure of ‘Building A’ by 30 March 2017. The employer submitted the above mentioned statement on 22 March 2017; the condition was therefore fulfilled.

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