Party A to Party B will advance 25% (twenty five percent) of the value of the contract within 10 days after the contract takes effect and provided Party B to Party A 01 a performance guarantee contracts (Theo specified form attached hereto) of a bank legally operating in Vietnam, the corresponding value of 10% of the contract value from the date of signing the contract until the end of days from the date 12.30.2016 of letters of guarantee, but no more than 7 days after the contract was signed, and 01 letters of guarantee advance payment corresponding to the value of 25% of the contract value, in effect until the end of the day 10/30/2016.
School where every time ensure that party B has not completed the contract obligations, not handed moves to warranty, the party B is obliged to extend until the work was completed and put into use use.
If the project (construction) halt construction 01 months through no fault of Party B, Party B is not guaranteed to extend the time limit for implementation of the contract.
If Party B does not renew contract performance security contracts (except paragraph 4.3 above), Party A will retain 10% of the contract to replace the guarantee that do not accept any explanation from Party B.
In case Party B refuses to perform the contract or inability to perform all obligations, not capable complete the works as specified in this Agreement profile, Party B does not receive the guaranteed performance of the contract, the amount to ensure implementation the contract will be transferred to the A beneficiary.
party A to party B refund guarantee performance of the contract when party B has completed the work, the two sides signed seriously and handover, while party B has moved to perform warranty obligations as prescribed.
When the contract notice is not completed before the expiration of the guarantee contract, Party A to Party B will require renewed submitted performance guarantee additional contracts sung until all work has been completed in the contract and move to acceptance warranty period.
the validity of the guarantee contract will automatically expire if Party B cases fulfilling the obligations of the contract or when two parties signed the minutes of the liquidation of the contract
advance amount will be recovered by party A reduction in the payment period from the time the first payment and recovered when the volume of work completed by party B reached 80% of the contract value. Advance recovery rate for payment in installments of 25% of the value of the completed volume of the payment period.
In case of advance has yet to be repaid before the end of the contract, then the entire advance amount not collected this would retire debt due and Party B shall be liable pay Party A after 07 days of a written request from Party A.
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