Proposed Renovation of Former Jacinto Building - Clark Freeport Zone

and/or intended purpose of the same, then the user concernedshall be held liable.12.5. The warranty against Structural Defects/Failures, except thoseoccasioned on force majeure, shall cover the period specified in theSCC reckoned from the date of issuance of the Certificate of FinalAcceptance by the Procuring Entity.12.6. The Contractor shall be required to put up a warranty security in theform of cash, bank guarantee, letter of credit, GSIS or surety bondcallable on demand, in accordance with the following schedule:Form of Warranty(a) Cash or letter of credit issued byUniversal or Commercial bank:provided, however, that the letterof credit shall be confirmed orauthenticated by a Universal orCommercial bank, if issued by aforeign bank(b) Bank guarantee confirmed byUniversal or Commercial bank:provided, however, that the letterof credit shall be confirmed orauthenticated by a Universal orCommercial bank, if issued by aforeign bank(c) Surety bond callable upon demandissued by GSIS or any surety orinsurance company duly certifiedby the Insurance CommissionMinimum Amount inPercentage (%) of TotalContract PriceFive Percent (5%)Ten Percent (10%)Thirty Percent (30%)12.7. The warranty security shall be stated in Philippine Pesos and shallremain effective for one year from the date of issuance of theCertificate of Final Acceptance by the Procuring Entity, and returnedonly after the lapse of said one year period.12.8. In case of structural defects/failure occurring during the applicablewarranty period provided in GCC Clause 12.5., the Procuring Entityshall undertake the necessary restoration or reconstruction works andshall be entitled to full reimbursement by the parties found to be liablefor expenses incurred therein upon demand, without prejudice to thefiling of appropriate administrative, civil, and/or criminal charges52Clark Development CorporationSection IV General Conditions of ContractProposed Renovation of Former Jacinto Building(Motorpool, Records, Warehouses and Maintenance Area)