contract sum
contract sum
The price stated in the owner-contractor agreement, which is the total amount payable by the owner to the contractor for the performance of the work, 1 under the contract documents; can be adjusted only by a change order.
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Deposits and guarantees required: as described in the contract documents draft contract, the winning total supplier must provide a satisfactory bank or savings bank guarantee, guarantee insurance or parent company guarantee equivalent to 15% of the contract sum as collateral for the fulfillment of the contract.
It said the contract sum of the project also included a contingency/provisional sum of RM400 million, which, if not utilised would reduce the contract sum.
Shehu said FEC approved the augmentation of the contract sum for Mangu Dam, in Plateau State to the tune ofN7.66 billion from the original cost of N5.66 billion.
A contractor may not therefore arrogate upon himself such works because any sum included in the contract sum for general attendance would be deducted [6].
The one-page service contract set out the estimated contract sum of $200 and contained this clause: "The liability of MEI and the liability of its employees are limited to the contract sum."
There appears to be a one-off incident in which the WSDH inadvertently reported an incorrect contract sum with regard to the sustainability of homes in the Complex 58 (homes in the Schooten).
Deposits and Guarantees required: Contractor"s or Performance Bond or Deposit by Way of Security If the Contract Sum is 250 000 GBP or more, the Contractor shall, no later than the date of this Contract, procure the execution and delivery of a performance bond in favour of the Employer in the form included within the Employer s Requirements.
Deposits and Guarantees required: 5% of the contract sum to secure the contract.
Warranty claims from a contract sum of 150 000 EUR.
security for performance of the contract from a contract sum of 250 000 EUR.
The estimated contract sum is NOK 4 000 000 including VAT.
5% of the contract sum being replaced by performance guarantee amounting to 5% of the contract sum.
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