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    OIKEA

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    cailinghoneygen
    This document is a warranty bond issued by Pacific Union Insurance Company for Oikea Builders. The bond guarantees the proposed construction of an integrated technology building at the University of Science and Technology of Southern Philippines for one year from project completion against structural defects or failures due to faulty construction or inferior materials. The bond amount is 1.47 million Philippine pesos and is callable on demand if the contractor fails to meet its obligations under the contract. The document provides signatures from representatives of both the principal contractor and surety insurance company to validate the agreement.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    OIKEA

    Uploaded by

    cailinghoneygen
    24 views1 page
    This document is a warranty bond issued by Pacific Union Insurance Company for Oikea Builders. The bond guarantees the proposed construction of an integrated technology building at the University of Science and Technology of Southern Philippines for one year from project completion against structural defects or failures due to faulty construction or inferior materials. The bond amount is 1.47 million Philippine pesos and is callable on demand if the contractor fails to meet its obligations under the contract. The document provides signatures from representatives of both the principal contractor and surety insurance company to validate the agreement.

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    OIKEA (2)

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    This document is a warranty bond issued by Pacific Union Insurance Company for Oikea Builders. The bond guarantees the proposed construction of an integrated technology building at the University of Science and Technology of Southern Philippines for one year from project completion against structural defects or failures due to faulty construction or inferior materials. The bond amount is 1.47 million Philippine pesos and is callable on demand if the contractor fails to meet its obligations under the contract. The document provides signatures from representatives of both the principal contractor and surety insurance company to validate the agreement.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    24 views1 page

    OIKEA

    Uploaded by

    cailinghoneygen
    This document is a warranty bond issued by Pacific Union Insurance Company for Oikea Builders. The bond guarantees the proposed construction of an integrated technology building at the University of Science and Technology of Southern Philippines for one year from project completion against structural defects or failures due to faulty construction or inferior materials. The bond amount is 1.47 million Philippine pesos and is callable on demand if the contractor fails to meet its obligations under the contract. The document provides signatures from representatives of both the principal contractor and surety insurance company to validate the agreement.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 1

    U2401 Antel Corporate Centre, 121 Valero St.

    Salcedo Village, Makati City City, PH 1227


    : +63 2 8845 1033 to 37
    :
    : admin@puicinsurance.com
    : www.puicinsurance.com
    VAT Reg. TIN : 000-484-676-000

    PREMIUM : Php 6,177.63


    DST :: 772.20 INTERIM No. :SU-FIIS-23-001298-DB-P
    VAT : 741.32
    LGT : 30.89
    Notarial Fee : 350.00
    Notarial Stamps : 150.00
    Miscellaneous : 1,360.00

    TOTAL : Php 9,582.04

    WARRANTY BOND
    (SURETY BOND)
    (Pursuant to Section 62 of the Implementing Rules
    and Regulation of R.A. No. 9184)

    KNOW ALL MEN BY THESE PRESENTS:

    That we, OIKEA BUILDERS of Guillermo-Chavez Streets Barangay 28 (Pob.) Cagayan de Oro, Misamis Oriental, as
    PRINCIPAL and PACIFIC UNION INSURANCE COMPANY, a corporation duly organized and existing under and by virtue
    of laws of the Philippines, as Surety, are held and firmly bound unto UNIVERSITY OF SCIENCE AND TECHNOLOGY
    OF SOUTHERN PHILIPPINES, as procuring/Obligee entity, in the sum of PESOS ***ONE MILLION FOUR HUNDRED
    SEVENTY THOUSAND TEN AND 17/100 ONLY*** (Php1,470,010.17), Philippine Currency, for the payment of which
    sum, well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and
    severally, firmly by these presents:

    To guarantee the defects liability for a period of one (1) year from project completion which attributed to
    faulty construction or use of inferiority materials or non-compliance of specification for the PROPOSED CONSTRUCTION
    OF INTEGRATED TECHNOLOGY BUILDING AT USTP- JASAAN CAMPUS, JASAAN, MISAMIS ORIENTAL.
    This is "CALLABLE ON DEMAND" and that the entire amount shall be forfeited in the event that the
    contractor fails to comply with its obligations under the terms and conditions in the contract.

    WHEREAS, this bond is conditioned to guarantee that the project undertaken by the Principal shall be free from
    structural defects or failures within the period of one (1) year from the date of the issuance of certificate of final acceptance by
    the Obligee pursuan to Section 62 of the Implementing Rules and Regulations of R.A No. 9184.

    WHEREAS, this bond is callable on demand. It is a condition for the liability of the Surety under this Bond that the
    structural defects/failure was discovered and a finding was made during the one (1) year period from the date of issuance of the
    certificate of final acceptance. The Surety is released from responsibility for any liability incurred or created after the
    above-mentioned period.

    IT IS UNDERSTOOD, however, that the liability of the surety company shall in no case exceed the sum of ***ONE
    MILLION FOUR HUNDRED SEVENTY THOUSAND TEN AND 17/100 ONLY*** (Php1,470,010.17) Philippines
    Currency.

    NOW THEREFORE, if the Principal shall well and truly perform and fullfill all the undertakings, covenants, terms and
    conditions, and agreements stipulated in the contract and prescribed under R.A. No. 9184 and its IRR, then the obligation shall be
    null and void; otherwise it shall remain in full force and effect.

    IN WITNESS WHEREOF, we have set our hands and signed our names on October 13, 2023 here at CAGAYAN DE
    T
    F
    A
    R
    D
    ORO CITY, Philippines.

    OIKEA BUILDERS

    By:
    MS MARGIE B. MALINAO MS. LOIDA T. SAARENAS
    Witness to Principal PROPRIETRESS

    MR. JUDE RENJE S. GALAGNARA


    Witness to Principal PACIFIC UNION INSURANCE COMPANY

    MAIZA KATE NICOLE M. BATALUNA


    BRANCH MANAGER

    Page 1 of 1

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