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RENOVATION CONTRACT

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT is made and executed into by and between:

MARINA MANSION DEVELOPMENT CORPORATION a juridical entity organized


and existing under Philippine laws, doing business under the name and style: xxxxxxxxxxx
with address at, represented herein by its President xxxxxxxxx, hereinafter referred to as
the OWNER.

and

WADV ADVERTISING, a single proprietorship existing under Philippine laws, with


postal address at xxxxxxxxxxx City, represented herein by xxxxxxxxxx, hereinafter
referred to as the CONTRACTOR.

WITNESSETH: That

WHEREAS, the OWNER has offered for renovation works of its business
establishment, specifically: second floor composed of xxxxxxxxxxxxxxxxxx, Manila
heretofore referred as “RENOVATION PROJECT”.

WHEREAS, the OWNER hereby engages the services of the CONTRACTOR to


undertake, perform, supervise, manage renovation works thereof while the contractor
accepts such engagement;

WHEREAS, the CONTRACTOR has represented and warranted itself as capable


and competent to render and complete the renovation works of the twenty three (23) rooms
found in the second floor of the building establishment of the OWNER in the manner and
in accordance with the provisions mentioned herein.

WHEREAS, the CONTRACTOR is capable of undertaking the renovation of the


thereof and has agreed to undertake the renovation based on the approved plans, scope of
works and costs.

NOW THEREFORE, in accordance of the foregoing premises and of the terms and
conditions as hereinafter set forth, the parties hereby agree as follows:

1. The CONTRACTOR shall undertake the RENOVATION PROJECT in accordance


with the agreed plans, scope of works, costs and specifications which are hereto
attached and made as integral parts hereof.

2. The CONTRACTOR shall provide for the plans, bill of quantities and specifications
as approved by the OWNER.

3. The OWNER shall secure necessary permits (renovation permits, occupancy permits
and other permits) including the documents required and fees in order for the
CONTRACTOR to carry out the implementation of the RENOVATION PROJECT.

4. The CONTRACTOR shall furnish all labor, tools, equipments, implements, items
and materials for the faithful completion of the RENOVATION PROJECT as per
approved plans and specifications.

5. The OWNER, however, reserves the right to provide or supply at his own expense,
necessary materials, as and by way of owner-supplied materials (OSM) scheme.

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6. The CONTRACTOR shall be responsible for any claims or damage to property which
may arise from the renovation work under the contract including claims for
damages arising to personal injury or death of its laborers or workers.

7. The CONTRACTOR shall not assign, transfer, pledge, sub-contract or make any
other disposition of the contract or any part of interest therein except with the prior
approval of the OWNER. Approved sub-contract shall not relieve the CONTRACTOR
from any liability or obligation under the contract nor shall create any contractual
relation between sub-contractor and the OWNER.

8. The CONTRACTOR shall finish and complete the Renovation Project referred to
herein within a maximum period of EIGHTY (80) calendar days commencing 20
May 2019.

CONTRACT PRICE:

For and in consideration of the faithful performance of the renovation project as


specified herein, the OWNER shall pay the CONTRACTOR the total sum of:

xxxxxxxxxxxxxxxxxxxxxxxxx

SCHEDULE OF PAYMENTS:

The OWNER shall advance to the CONTRACTOR the amount of ONE MILLION
xxxxxxxxxxxxxxxxxxx equivalent to FIFTY (50%) in equal installment of
xxxxxxxxxxxxxxxxxxxxxxxxxxxx payable on 08 MAY 2019 and 15 MAY 2015 as down-
payment or the mobilization fund for the renovation project. The said amount shall be paid
to the Contractor upon receipt of the NOTICE TO PROCEED.

The outstanding balance amounting to xxxxxxxxxxxxxxxxxxxxxxxxxxx shall be


paid by the OWNER to the CONTRACTOR through progress billings for works
accomplished based on the program of works and milestone chart attached to this
agreement.

A ten (10%) percent of the total contract amount shall serve as the retention money
and shall be released by the OWNER to the CONTRACTOR after the completion of works,
final inspection and final acceptance and rectifications of all repairs, defects or deficiencies
found in the punch list during the joint inspection to be conducted by both Parties.

PROGRESS BILLING PAYMENTS

Based upon the Program of Works and milestone chart provided and attached
hereof, a Progress Billing will be submitted to the OWNER by the CONTRACTOR, and the
OWNER shall make progress payments to the CONTRACTOR as provided below and
elsewhere in the Contract Documents.

Progress Billing shall be made per program of works and milestone chart annexed
in this agreement, and the same must be received by the Owner or his authorized
representative in person who then shall effect payment thereof no later than seven (7)
working days from receipt of the progress billing, provided that for each Progress Billing,
the Contractor shall submit pictures or evidence required by the Owner to substantiate
the actual progress of the Project.

LIQUIDATED DAMAGES:

The CONTRACTOR shall pay liquidated damages to the OWNER for each day that
the completion date is later than the intended completion date. The applicable liquidated

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damages is at least one-tenth (1/10) of a percent (1%) of the cost of the unperformed
portion for every day of delay per room. The total amount of liquidated damages shall not
exceed ten (10%) percent of the amount of the contract. The OWNER may deduct liquidated
damages from payments due to the CONTRACTOR.

DEVIATIONS AND CHANGE ORDERS:

Should the OWNER require deviation from the plans and specifications or
any additional works to be done, the CONTRACTOR shall carry such requirement and any
costs agreed upon for such additional works shall be added to the contract price and
contract time schedules.

OWNER-CONTRACTOR RELATIONSHIP:

It is understood and agreed upon that there is no employee-employer


relationship between the OWNER and CONTRACTOR, including its employees such that
the employees of the CONTRACTOR who may be assigned or detailed at the jobsite are
not employees of the OWNER. Accordingly, the CONTRACTOR shall be solely responsible
to its employees at the site under any pertinent labor laws.

AMENDMENTS:

Any amendments, addition, modifications or supplement to this Agreement


must be in writing and with the consent of the Parties.

ADOPTION/ADDENDUM:

This contract hereby adopts and incorporates all the provision and warranty
clauses executed by the contractors, such as CONTRACT/NOTICE TO PROCEED and
other instruments and writing duly signed and executed by the parties to which are hereby
annexed hereof.

IN WITNESS WHEREOF, the parties have hereunto set their hands this
______ day of May, 2019, in Makati City, Philippines.

xxxxxxxxxxxxxxxxxxxxxx WADV ADVERTISING


By: By:

xxxxxxxxxxxxxx xxxxxxxxxxxxxxxxx
OWNER CONTRACTOR

SIGNED IN THE PRESENCE OF:

_______________________________ ____________________________

Republic of the Philippines )


________________________________ ) SS.

ACKNOWLEDGEMENT

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BEFORE ME, a Notary Public for and in above jurisdiction on this ____ day of
______________________________, personally appeared, with their respective evidence of
identity, to wit:

NAME ID NO. DATE/PLACE ISSUED


xxxxxxxxxxxxxxxxxx _____________________ ______________________
xxxxxxxxxxxxxxxxxx _____________________
______________________

persons known to me and known to be the same persons who acknowledge that the
foregoing contract is their own free and voluntary act and deed and the voluntary act and
deed of the organizations they represent. This contract consists of four (4) pages including
this page on which the acknowledgement is written.

IN WITNESS WHEREOF, the parties have hereunto set their hands and seal on the date
and place mentioned above.

NOTARY PUBLIC
Doc. No. ____________
Page No. ____________
Book No. ____________
Series of 2016

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