CONSTRUCTION CASH BOND Sample Clauses

CONSTRUCTION CASH BOND. Prior to the commencement of any construction or renovation work on the Leased Premises, LESSEE shall submit to LESSOR a construction cash bond, in an amount equivalent to one (1) month rent for every floor leased or PHILIPPINE PESOS: ONE MILLION FIVE HUNDRED EIGHTY TWO THOUSAND SEVEN HUNDRED NINETY PESOS (P 1,582,790.00) to answer and stand as security for the immediate repair or reconstruction of any damage caused to the property of LESSOR, injury to any person and/or damage to any property. Any construction cash bond submitted pursuant to this Article net of any deductions (which deduction shall be subject to audit by LESSEE) shall, without need of any demand, be returned to LESSEE after completion of such construction or renovation works and upon compliance by LESSEE with the relevant certification and documentary requirements under the construction guidelines for the Building.