4.1. In consideration for the Job, rights, privileges and benefits granted hereunder, CHEIL agrees to provide consideration to the Vendor as shall be described and contained within each separate ‘Job (Project) contract’ made and signed between the Parties in connection with this Agreement.
4.2. If the Vendor fails to perform the Job in a satisfactory and timely manner, CHEIL may immediately refuse or limit approval of payment towards any invoice and may withhold payments to the Vendor until such time as that will be required for the Vendor to complete or remedy any errors, defects pertaining to the Job which arises out of the Vendor’s negligence, without having any penalty or interest levied from CHEIL to the extent allowed by applicable laws and regulations.
4.3. If the Vendor fails to complete the Job within the period specified under this Agreement or as specified in any other the Job related agreements signed in connection with this Agreement, the Vendor shall pay penalty to CHEIL in the sum of 10% of the contract price under the agreement to which the delay occurs for each week of delay irrespective of the Vendor’s liability to CHEIL under Clause 5 below, which shall not bar CHEIL from claiming any other damage incurred by CHEIL or the Principal.