Foundation Works definition
Examples of Foundation Works in a sentence
Both the remaining 5% of the Foundation Works Consideration as quality guarantee pursuant to the Foundation Works Contract and the Construction Works Consideration will be satisfied in cash through internal resources of the Group and bank loans.
Zhongbu Resins Indonesia, an indirect wholly-owned subsidiary of the Company, entered into the Foundation Works Contract and the Construction Works Contract with the Contractor, through tender processes, pursuant to which the Contractor was appointed and responsible for the Foundation Works and the Construction Works of a manufacturing plant of PT.
The Board considers that the Considerations and terms of the Foundation Works Contract and the Construction Works Contract are fair and reasonable and on normal commercial terms and are in the interests of the Company and the Shareholders as a whole.
Foundation Works period: The construction period is expected to be 150 days, which was expected to commence on 21 July 2023 and end on 22 December 2023.
Details of the Foundation Works Contract and Construction Works Contract are as follows: The principal terms of the Foundation Works Contract are set out below: Date: 11 July 2023 Parties: (i) PT.
Zhongbu Resins Indonesia in the Construction Area, at the Foundation Works Consideration and the Construction Works Consideration, respectively.
The Foundation Works Consideration was satisfied in cash through internal resources of the Group and bank loans, except for the remaining 5% of the Foundation Works Consideration as quality guarantee pursuant to the Foundation Works Contract which has not been paid as at the date of this announcement.
Based on the above, the Board considers that the transactions contemplated under the Foundation Works Contract and the Construction Works Contract are on normal commercial terms, the terms of the Foundation Works Contract and the Construction Works Contract are fair and reasonable, and the entering into the Foundation Works Contract and the Construction Works Contract is in the interests of the Company and its Shareholders as a whole.
After thorough evaluation of the bids and considering factors, including but not limited to, the experience and technical capability of the bidders, the expected scope and the complexity of the Foundation Works and the Construction Works, the Company considers that the Contractor is able to provide related foundation, construction and engineering services to the Group so as to satisfy the required specification of the Foundation Works and the Construction Works.
Foundation Works Consideration: The total consideration payable to the Contractor is Rp34,318,635,900 (equivalent to approximately HK$17,727,000), inclusive tax, pursuant to the Foundation Works Contract.