The following decisions were adopted in the extraordinary General Meeting of Shareholders of
- Regarding approval of
LITGRID AB Board’s decision No. 1 of3 November 2021 (minutes No. 26)
1. To approve the creation of non-current assets by entering into “New synchronous condensers instalment works in the Lithuanian electric power system” design, production and installation works contract with the Lithuanian branch of
2. To approve the essential terms and conditions of the Contract (according to the FédIC Internationale des Ingénieurs-Conceils, FIDIC) Terms and conditions of the construction and equipment contract (
2.1. Parties of the Contract –
• Siemens Energy Oy Lithuanian branch, legal entity code 305427888, with its registered office at J. Jasinskio str. 16C, 03163,
•
2.2. The object of the Contract The object of the Contract Design, production and installation of new synchronous condensers in the Lithuanian electric power system.
2.3. The term of the Contract is until the completion of the works or termination of the Contract;
Terms of work performance:
(a) Alytus TS – 22 months from the signing of the Contract;
(b) Telšiai TS – 22 months from the signing of the Contract;
(c) Neris TS – 2024-11-30.
(d) The Contract shall provide for the possibility of extending the time limits referred to in points (a), (b), (c) (12 months) if a full environmental impact assessment is required.
2.4. Contract price: SK installation contract -
• Contract pricing – fixed price with review.
• Payment procedure: the advance is paid within 30 days of receipt of the advance payment guarantee. Other payments are made within 30 days of a properly submitted invoice. Will be paid in stages. The amount of each installment will be determined as a percentage of the contract price. Payments are made only for the completed stages of work:
Eil. No. | Part of the payment | % of Contract amount accepted |
0 | Advances | 10 |
1 | Technical designs and construction permits obtained | 5 |
2 | Ordered synchronous condensers and power transformer for work groups 2.1-2.3: | |
2.1 | - Alytus TP | 10 |
2.2 | - Telšiai TP | 10 |
2.3 | - Neris TP | 10 |
3 | Brought and installed synchronous condensers and power transformers for work groups 3.1-3.3: | |
3.1 | - Alytus TS | 7 |
3.2 | - Telšiai TS | 7 |
3.3 | - Neris TS | 6 |
4 | Equipped with SK and power transformers for work groups 4.1-4.3 | |
4.1 | - Alytus TS | 7 |
4.2 | - Telšiai TS | 7 |
4.3 | - Neris TS | 6 |
5 | Completed Project working Group | |
5.1 | - Alytus TS | 9 |
5.2 | - Telšiai TS | 9 |
5.3 | - Neris TS | 7 |
• Reserve – not applicable;
• Pricing Rules Annex 2 to the SK Installation Contract: “are intended to calculate the price of Additional Works and waived works, to adjust the Contract Price accordingly after making the Amendment, as well as to recalculate the Contract Price in accordance with the Law Amendments (Clause 13.7 [Amendments and changes in the Contract Price (Clause 13.8 [Adjustments on Price Change] of the Contract Terms) ”;
2.5. Liabilities security – Execution of the Contract is secured by the Bank's acceptable first call, unconditional and irrevocable guarantees:
(a) an advance payment guarantee equal to the amount of the advance payment (10% of the contract price).
(b) Contract performance guarantee – 10% from the Contract price without VAT.
(c) guarantee period guarantee:
in the first year – 10% from the Contract price without VAT;
in the second and third years – 5% from the Contract price without VAT.
2.6. Penalties (interest and fines) and losses:
(a) Penalties for delays in remedying defects in the quality of work:
(b) Penalties for disconnection of electrical equipment or change of the planned time of disconnection due to the fault of the contractor: a fine of
(c) Maximum amount of the fine for non-compliance with the obligations regarding the availability of the system: 10% of the Contract amount (excluding VAT);
(d) Maximum amount of the penalty for non-compliance with the obligations for guaranteed system losses: 10% of the Contract amount (excluding VAT);
(e) Penalties for non-compliance with the obligation to hold teleconferences and live meetings: a fine of
(f) Penalties for non-compliance with road dust obligations: a fine of
(g) Penalties for non-submission and / or non-compliance with the progress report:
(h) Penalties for non-compliance with obligations relating to alcoholic beverages and drugs: a fine of
(i) Penalties for late submission of the program: a fine of
(j) Compensation for Delays: Penalties for missing the deadlines for the completion of the Works (Completion Time) at each substation – 0.04% of the price of the Works without VAT for each substation for each day; Penalties for failure to meet the deadlines for the performance of the Works (except for the deadlines for the completion of the final works) – 0.01% of the price of the Works without VAT for each substation for each day; the maximum amount of compensation for delay is 10% of the Contract price excluding VAT 10% of the Contract price (excluding VAT), calculated by summing up all compensation for delays;
(k) Penalties for delay in completing minor work in progress and / or rectifying defects:
(l) Penalties for delay in correcting defects within the time of Defect Notification:
(m) Interest on late payments: 0.04% of the amount due for each day of delay.
(n) Under the Contract, the Parties shall be liable only for direct losses incurred by the other Party and shall not be liable for indirect losses, including losses due to lost profits, lost profits or lost business opportunities, except as provided in the FIDIC Yellow Book.
(o) Limits on the parties' liability for direct damages under the Contract: the total liability of the Contractor will not exceed 100% of the Contract price; the total liability of the Customer will not exceed 100% of the Contract price.
3. Amounts of additional remuneration: upon proper performance of the Contractor and completion and transfer to the Customer in accordance with the Contract according to the Takeover Certificate of Alytus TP and Telšiai TP Group Works, as well as receipt of construction works of these two Groups time), the Client shall pay to the Contractor an additional remuneration of the amount specified in this paragraph for each full previous month of performance of the Works (from the date when the Contractor received both deeds of completion of the Works until the Contract performance deadline (Completion Time)): but not more than 4 months.
(a) after performing the Works 1 (one) month earlier –
(b) after performing the Works 2 (two) months earlier –
(c) after performing the Works 3 (three) months earlier –
(d) after performing the Works 4 (four) months earlier –
4. To authorize the General Director of
5. To oblige the General Director of
The individual authorized by
Jurga Eivaitė
Project manager
Communication Division
Phone: +370 613 19977
e-mail: jurga.eivaite@litgrid.eu
© OMX, source