- The Contractor shall furnish at his cost the Owner the Performance Security in the amount of five (5) percent of the agreed Contract Price. The Performance Security shall be in currencies of Indonesian currency for Local Currency Portion and in the currency of the Bidder’s country, subject to acceptance of the Owner, and/or in U.S. Dollar for the Foreign Currency Portion according to the Contract Price.
The Performance Security shall be in the form of an unconditional bank guarantee, or a bond or in some other form acceptable to the Owner issued by a financial institution acceptable to the Owner.
The Performance Security shall insure the due and proper performance of the Contract and the payment of any obligations, damages, liquidated damages or costs for which the Contractor may become liable to the Owner. Failure by the Contractor to provide or maintain the Performance Security as provided in this Clause shall be a material breach of the Contract. The Performance Security shall be adjusted every twelve (12) months reflecting the change in the Contract Price in accordance with the General Terms and Conditions.
- Failure of the successful Bidder to comply with the requirements of Clause 1.31. and Sub-Clause 1.32.1) shall constitute sufficient grounds for the annulment of the award and forfeiture of the bid security.
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