2010-07-08
Current report no 26/ 2010 - Entering into a significant agreement concerning the construction of A-4 Tarnów-Rzeszów highway, Krzyż - Dębica Pustynia section
The Management Board of HYDROBUDOWA POLSKA SA informs that on 07 July 2010 the Companies syndicate ("Contractor”) consisting of:
1. SIAC Construction Ltd with its registered office in Ireland – Syndicate leader
2. PBG SA – Syndicate partner
3. APRIVIA SA – Syndicate partner
4. HYDROBUDOWA POLSKA SA – Syndicate partner
entered with the Generalna Dyrekcja Dróg Krajowych i Autostrad (GDDKiA), represented by Generalna Dyrekcja Dróg Krajowych i Autostrad Rzeszów Department (“Ordering Party”) into the contract concerning the construction of A-4 Tarnów – Rzeszów highway, section from Krzyż junction to Dębica Pustynia junction, km 502+797,96 to ca. 537+550.
Accepted net contract amount is PLN 1,434,761,287.80, i.e.gross amount isPLN 1,750,408,771.12.
The syndicate agreed to complete the Works specified in the contract within 24 moths from the commencement date.
There are the following contractual penalties stipulated in the contract:
The Contractor shall pay the Ordering Party the contractual penalties:
a) for exceeding the Time Limit for the Completion of Works in the amount of 0.01 % of the Accepted Contract Amount per each day of delay;
b) for withdrawing from the contract for the reasons on the part of the Contractor – in the amount od 10 % the Accepted Contract Amount
c) for the non-performance of the Required Minimum Performance Degree within the time limit stipulated in Appendix to the Offer – Contract Data, in the amount of 0,01 % of the Accepted Contract Amount, per each day of delay,
d) for any other breach of contractual obligations in the amount of 0,01 % of the Accepted Contract Amount for each such breach.
The Contractor shall also pay the contractual penalty if the Ordering Party does not incur a loss. The Contractor shall not be exempted from the obligation to complete the Works or fulfil any other contractual obligations by paying the contractual penalty. The Ordering Party shall be entitled to supplementary damages, whereby the amount of contractual penalty shall be balanced with the loss actually incurred.
The Ordering Party may deduct the payment due to the Contractor by the amount of penalty. The Contractor shall not be exempted from the obligation to complete the Works or fulfil any contractual obligations by paying by the Contractor or deducting by the Ordering Party the amount od penalty in case determined in subparagraph a).
The Parties agreed the following percentage division of the Works:
1) PBG SA, APRIVIA SA and HYDROBUDOWA POLSKA SA shall complete and be responsible for 50% of the Works connected with the task completion,
2) SIAC Construction Ltd shall complete and be responsible for 50% of the Works connected with the task completion,
HYDROBUDOWA POLSKA SA belongs to the PBG Capital Group.
The amount of equity of HYDROBUDOWA POLSKA SA is a criterion according to which this agreement is deemed significant.
Legal basis:
paragraph 5 subparagraph 1 item 3) of resolution dated 19 February 2009 on the current and periodical information submitted by the securities issuers and the terms and conditions whereby the information required by the regulations of a non-Member State are found equivalent.
