The following decision were adopted in the extraordinary General Meeting of Shareholders of
Regarding approval of
I. To approve the material conditions of the transaction of the Contract No 21VP-SUT-40 for the design and work of reconstruction of the 330 kV single-circuit overhead line Jurbarkas-Bitenai (LN 531) into a double-circuit overhead line, that was signed on
- General conditions: the Conditions of Contract for Plant and Design-Build for Electrical & Mechanical Plant, and for Building and Engineering designed by the contractor (
Yellow Book ), issued by theInternational Federation of Consulting Engineers (Fédération Internationale des Ingénieurs-Conceils, FIDIC), First Edition 1999 (second revised edition in Lithuanian, 2007). - Object of the Contract – design and construction work of reconstruction of the 330 kV single-circuit overhead line Jurbarkas-Bitenai (LN 531) into a double-circuit overhead line.
- Deadline for the completion of the work – the work must be fully performed and properly completed by
1 April 2023 . Stages of the work:
- Stage 1 (by
- Stage 2 (by
4. Term of the Contract – until the Parties will fulfil the contractual obligations or until the termination of the Contract.
5. The Contract price – the amount of
6. Contract pricing and payments. The rate with review pricing applies to the Contract. The price of each stage will be paid in instalments, the amount of which is agreed as percentage of the stage price. The payments will be linked to the intermediate results achieved.
7. Adjustments to the Contract price due to the changed prices of the costs: amounts payable to the Contractor for the Contract work can be recalculated only if the value of the monthly construction cost price index 'Engineering Structures' (Index) published by the
8. Adjustments to the Contract price due to the changes in the Laws: the Contract price will be recalculated if, after the entry into the Contract, the Laws or their construction will change, and, as a result, the Contractor expenses will increase or decrease (Contract performance costs). The contractor will not be entitled to a profit of the increased expenses. The Contract price will be recalculated taking into account increases or decreases in VAT due to the Laws related to VAT. Amendments to the legal acts, that govern taxes other than VAT, will not affect the Contract price;
9. Payment procedure: Payments to the Contractor will be made only after the Engineer (or Customer) will confirm that all the conditions, to which the ordinary contribution is linked, have been met. Only then the Contractor will acquire the right to issue a VAT invoice under the Contract for the relevant amount. The time limit for the payment is 30 days after the date on which the invoice of the Contractor has been submitted. All payments are made in euros.
10. Pre-payment (payment in advance): The Contractor will have the right to receive a pre-payment (payment in advance) – 5% of the Accepted Contract price (exclusive of VAT) of the Stage 2 works, provided that the Contractor will provide the Customer with a security of the Contract performance. The pre-payment (payment in advance) must be refunded by deducting 5% of each Payment Certificate and of the VAT invoice of the Contractor. Deductions must be made until the pre-payment will be refunded in full.
11. The percentage of withholding and the amount of the money withheld - 10% of the payable amount shall be withheld of each VAT invoice of the Contractor until the amount of the money withheld, which is equal to 10% of the accepted Contract amount (exclusive of VAT), will be reached. Refund of the money withheld shall be performed after the issue of a deed of the Construction completion, after completion by the Contractor of all unfinished works, that are specified in the Certificate of Takeover of the Work, and after the Engineer has confirmed a proper completion of such work.
12. Measures to secure the obligations:
12.1. Contract performance security (Performance guarantee) - the first demand, irrevocable and unconditional guarantee of the bank indicated in the Customer's list of the acceptable banks. The amount of the guarantee - 10% of the accepted Contract amount (exclusive of VAT) for the entire Project.
12.2. A guarantee of the Warranty period - the first demand, irrevocable and unconditional guarantee of the bank indicated in the Customer's list of the acceptable banks. The amount of the guarantee for the first year is 10% of the Contract price (exclusive of VAT), for the second and third year - 5% of the contract price (exclusive of VAT).
13. Liability:
13.1. Compensation for delay: For the Stage 1 delay - 0.04% of the accepted Contract price for Stage 1 for each day, to be paid in euros. For the Stage 2 delay - 0.04% of the accepted Contract price for Stage 2 for each day, to be paid in euros.
13.2. Penalties for delay in completing minor unfinished work and/or in rectifying defects -
13.3. Penalties for delay in rectifying defects within the time of the notification about defects -
13.4. Penalty for non-compliance with the obligation concerning the amount of remuneration –
13.5. Fine for the delay in providing a program – a fine of
13.6. The overall liability for delay in providing the updated program cannot exceed
13.7. Fine for failure to harmonize the technical project documentation with the Customer through the fault of the Contractor in 3 times -
13.8. Fine after it is found that the workers of the Contractor's personnel or of third parties, for whom the Contractor is responsible, who are in the object, are under the influence of alcohol, narcotic, toxic and/or psychotropic substances –
13.9. The following limits will apply to the liability of the Parties for direct losses under the Contract:
13.10. The overall liability of the Contractor will not exceed 100% of the Accepted Contract amount for the entire Project;
13.11. The Contractor’s liability for delay will not exceed 10% of the accepted Contract amount for the entire Project (exclusive of VAT);
13.12. The overall liability of the Contractor will not exceed 100% of the accepted Contract price for the entire Project.
II. To authorise the CEO of
III. To oblige the CEO of
The individual authorised by LITGRID AB to provide additional information:
Jurga Eivaitė
Communications project manager at Communication Division
phone. +370 613 19977
e-mail: jurga.eivaite@litgrid.eu
© OMX, source