ARTICLE 5 PERFORMANCE SECURITY
As a guarantee for the due and proper fulfillment of this CONTRACT, CONTRACTOR shall submit to OWNER a performance security in the form of a cash deposit or an irrevocable bank guarantee according to the specimen form in Part 4.7 issued by a first class bank doing business in Thailand and acceptable to OWNER.
The performance security shall ensure payment of any obligations, damages, penalties, or expenses for which CONTRACTOR may become liable to OWNER.
The value of the performance security shall amount to ten percent (10%) of the total CONTRACT PRICE and shall be denominated in the currency of this CONTRACT.
On the date of completion of ACCEPTANCE TEST the amount of the performance security shall reduce to five percent (5%) of the total CONTRACT PRICE.
The performance security shall be submitted to OWNER prior to the execution date of this CONTRACT and shall remain valid and in full effect until all of its obligations have been fulfilled, in any case up to FINAL ACCEPTANCE.
If the CONTRACT PRICE increases against the original contract price set out in this CONTRACT, the CONTRACTOR shall, within thirty (30) DAYs of such increase and as a condition precedent to any further payments pursuant to Article 13, deliver a replacement bank guarantee or increase the value of the existing performance security such that the total value of the performance security provided by the CONTRACTOR shall amount to ten percent (10%) of the applicable CONTRACT PRICE. Any such replacement bank guarantee shall be issued by an entity meeting the requirements set out in this Article 5 and otherwise on the same terms as the replaced bank guarantee.
ARTICLE 6 GENERAL OBLIGATIONS OF CONTRACTOR
6.1 CONTRACTOR’s General Responsibilities and Liabilities
0.0.1 CONTRACTOR shall, subject to the provisions of this CONTRACT, and with due care and diligence, execute and maintain the WORK and provide all labor, including the supervision thereof, materials, CONSTRUCTIONAL PLANT and all other things, whether of a temporary or permanent nature, required in and for such execution and maintenance, in so far as the necessity for providing the same is specified in this CONTRACT. CONTRACTOR shall perform the WORK in accordance with the PROJECT SPECIFICATION, SPECIFICATIONS, DRAWINGs and other terms and conditions of this CONTRACT and within the time specified therein.
0.0.2 CONTRACTOR shall obtain all governmental permits and licenses to construct the WORK including, but not limited to, work permits, permits for roads, canals, foreign services, and railway.
0.0.3 CONTRACTOR shall take full responsibility for the adequacy, stability and safety of all SITE operations and methods of construction
0.0.4 The CONTRACT PRICE for CONTRACTOR undertaking the WORK shall cover all CONTRACTOR’s obligations and all matters and things