Current report no 19 / 2010

Current report no 19 / 2010 - 9 March 2010 / 00:00

New contract for Budimex SA – Conference - Hotel Centrum

The Management Board of Budimex SA reports that on March 9, 2010 Budimex SA concluded a contract with a domestic private investor for constructing the Conference – Hotel Centre. The investor is not tied with Budimex Group. The investment will be executed in the territory of Poland.

  • Contract value: PLN 97,000,000 net
  • Commencement date: within 10 days from obtaining an enforceable decision on the building permit by the Investor.
  • Deadline: 18 months from the commencement date of construction works
  • Guarantee period: 36 months from the final acceptance date
  • Payment: 21 days from receiving the invoice by the Investor
  • Bank guarantee for successful execution: 5% of contract value
  • Contractual penalties: total limit of contractual penalties – maximum 10% of the remuneration
  • The parties are entitled to liability claims which exceed the amount of penalties with reference to the degree of the real damage suffered.

The contract value exceeds 10% of the equity of Budimex S.A.