The Contractor shall obtain a guarantee of a Bank or Insurance Company approved by the Employer in a sum equal to 5% of the Contract Price for the due performance of the Contract pursuant to these Conditions for the period from the date of the Instruction to Commence up to the date of Taking-Over of the Works.
The obtaining of such guarantee shall be at the expense in all respects of the Contractor.
The guarantee required from such Bank or Insurance Company shall be in the form set out in Part I of Appendix 1.