13.1 (a) The Contractor shall, on the date of the possession of site, provide a Performance Bond or Performance Guarantee Sum as the case may be substantially in the form as in Appendix issued by an approved licensed bank or financial institution incorporated in Malaysia in avour of the Government for a sum equivalaent to five percent (5%) of the total contract sum as specified in Appendix to secure the due performance of the obligations under this Contract by the Contractor. The Perforamcne Bond shall remain valid and effective until 12 months after the expiry of the Defect Liability Period of the issuance of the Certificate of Completion of Making Good Defects, whicever is the later.
explanation : Contactor to provide a performance Bond in the form identified by him in the Form of Tender / Conditions of Tendering by date of possession of Site. It shall remain valid until 12 months extended liability period after expiry of DLP or on issuance of CCMGD, whichever later plus 4 weeks.
b) If the Contractor fails to submit the said Performance Bond as specified in sub-clause (a) above on the date of possession of site, then the Contractor shall be deemed to have opted for Performance Bond in the form of Performance Guarantee Sum as provided for under clause 13.2 hereof.
explanation : If Contractor did not submit Performance Bond, he is deemed opted for Performance Gurantee Sum.
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