Quality Guarantee Deposit. Within 14 days after the passing of the construction delivery inspection and issuance of the delivery inspection certificate, CR 11th Bureau shall pay a quality guarantee deposit to GNSR Company. The quality guarantee deposit may be made in the form of bank guarantee or by cash and shall represent 3% of the total contract amount. The quality guarantee deposit paid shall bear no interest. Provided that CR 11th Bureau has fulfilled its obligations during the defect responsibility period as set out below and the quality inspection has been passed after 2 years of trial operation of the reconstructed and expanded GNSR Expressway:
Appears in 1 contract
Sources: Construction Works Agreements
Quality Guarantee Deposit. Within 14 days after the passing of the construction delivery inspection and issuance of the delivery inspection certificate, CR 11th 25th Bureau shall pay a quality guarantee deposit to GNSR Company. The quality guarantee deposit may be made in the form of bank guarantee or by cash and shall represent 3% of the total contract amount. The quality guarantee deposit paid shall bear no interest. Provided that CR 11th 25th Bureau has fulfilled its obligations during the defect responsibility period as set out below and the quality inspection has been passed after 2 years of trial operation of the reconstructed and expanded GNSR Expressway:
Appears in 1 contract
Sources: Construction Works Agreements