Page 34 - issue 21

34 Technically Speaking

conditions in general. All parties should ensure that Construction - (variable) or (fixed) and/or a JBCC® Guarantee
the necessary agreements are in place and that the for Advance Payment at least twenty (20) working days
implications before such security
of payment reduction as a form of security are understood. is due to expire [11.1.2-4]
It is part of the business of MLC to ensure that the 11.2 The amount of the JBCC® Guarantee for Advance
necessary agreements are in place with-in construction Payment may be reduced by the amount repaid by the
projects. Feel free to contact us. We will add value to your contractor as certified by the principal agent in payment
construction project. certificates. If the advance payment is not repaid by the date Belief rises
a certificate of practical completion is issued or practical
Please refer to the below text for an extract from the JBCC completion is deemed achieved, or by the date of termination
Principal Building Agreement of the clauses discussed in by the employer due to contractor default [29.9], the entire
this writeup. outstanding amount shall immediately become due and
payable

11.0 SECURITY 11.3 Where the contractor fails to provide the security the above doubts
11.1 The contractor shall: employes- may:-
11.1.1 Provide to the employer a JBCC® Guarantee for 11.3.1 Hand over the site to the contractor and withhold in
Construction, where applicable [CD], within interim payment certificates to the contractor an amount
fifteen (15) working days of acceptance of the contractor’s equal to ten per cent (10%) of the contract sum. The amount
offer and choose: withheld shall be reduced at practical completion [19.0] to
11.1.2 A JBCC® Guarantee for Construction - (variable) [CD] two and one half per cent (2.5%) of the contract sum and
initially equal to ten per cent (10%) of the to zero per cent (0%) in the final payment certificate [25.6]
contract sum and keep such security valid and enforceable Or ...
until the final payment certificate has 11.3.2 Terminate this agreement [29.1.1]
been issued to the contractor [25.6]
Or ...
+267 395 1310 / +267 71 203 743
11.1.3 A JBCC® Guarantee for Construction - (fixed) set at five lholder@mlc-group.com
per cent (5%) of the contract sum [CD] www.mlcqs.com
and a payment reduction of 5% of the value of each payment
certificate up to a maximum of five per MLC Quantity Surveyors
cent (5%) of the contract sum [25.3.3], The contractor shall
keep such security valid and
enforceable until the only or last certificate of practical
completion has been issued

11.1.4 A JBCC® Guarantee for Advance Payment where an
advance payment is required equal in value to the aggregate
amount of all such advance payments [CD] The contractor
shall keep such
security valid and enforceable until the advance payment is
repaid [11.2]
11.1.5 Extend or provide a replacement JBCC® Guarantee for

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