Terms and Condition of Work and Payment
The parties of this agreement agree to pay the money following to the terms and conditions and the payment schedule :( implement the construction work from PK +_30 to +_377.450km).
4.1: All construction work from I to III Party (A) and Party(B) agreed to pay each Fiften days for the main construction of National Road N0 5 by according to the actual scope of works which implemented by party(B).
4.2: Party (A) shall keep the amounts of 5%(five percentages) during 12 (Twelve) months to ensure the construction quality if Party (A) inspects that its construction does not droop or break in this period, Party (A) shall transfer and provide the amount 5%(five percentages) to Party (B) during 7(seven) days after the period of inspecting the construction as required.
4.3: The amount of 5%(five percentages) that Party(A) keeps shall open as Escrow Account between Party(A) and Party (B) and deposit this amount into the bank by taking the banks of Party (A) and Party(B) as the arbitrators to keep and secure this amount of money.
4.4: In the period of Guarantee on building 12 months if building have broken down Party (B) must pay own cash to rebuild, then can get the Guarantee amount of 5% (Five percent) as stated on Article 4 point 4.2.