18.08.2010
Framework Agreement between Izostal SA and GAZ-SYSTEM SA
On 17 August 2010 subsidiary Izostal SA (contractor) entered into a Framework Agreement with GAZ-SYSTEM SA (purchaser) based in Warsaw.
On the basis of the contract is expected to provide the contractor by the contracting procurement of externally and internally insulated steel pipes wired media combustible.
Orders will be implemented on the basis of separate supply agreements (sub-contracts), concluded between the parties to each agreement, after acceptance of the bid to the contractor by the customer.
The total amount which the contracting authority intends to carry out the supply of insulated pipes not exceed the net amount of PLN 62,961,759.
The Framework Agreement was concluded for a period of 24 months from the date of its conclusion.
The agreement includes the following provisions on penalties for the contractor:
1) for the delay in the delivery of a batch delivery item, amounting to 0.1% of net income as defined in sub-contract, for each day of delay,
2) for the delay to the delivery item has been subject to repair - in the case of defects found upon receipt of the delivery item during the period of guarantee or warranty for defects of 0.5% of net income as defined in sub-contract - for each day of delay,
3) The waiver by the purchaser from the sub-contract for reasons attributable to the contractor 20% of net income as defined in sub-contract.
If the reserved contractual penalties do not cover the whole loss suffered by purchaser, purchaser shall be entitled to claim compensation transfer the amount of contractual penalties.
The company recognizes the agreement as significant, because its value exceeds 10% of the equity of the issuer.
Orders will be implemented on the basis of separate supply agreements (sub-contracts), concluded between the parties to each agreement, after acceptance of the bid to the contractor by the customer.
The total amount which the contracting authority intends to carry out the supply of insulated pipes not exceed the net amount of PLN 62,961,759.
The Framework Agreement was concluded for a period of 24 months from the date of its conclusion.
The agreement includes the following provisions on penalties for the contractor:
1) for the delay in the delivery of a batch delivery item, amounting to 0.1% of net income as defined in sub-contract, for each day of delay,
2) for the delay to the delivery item has been subject to repair - in the case of defects found upon receipt of the delivery item during the period of guarantee or warranty for defects of 0.5% of net income as defined in sub-contract - for each day of delay,
3) The waiver by the purchaser from the sub-contract for reasons attributable to the contractor 20% of net income as defined in sub-contract.
If the reserved contractual penalties do not cover the whole loss suffered by purchaser, purchaser shall be entitled to claim compensation transfer the amount of contractual penalties.
The company recognizes the agreement as significant, because its value exceeds 10% of the equity of the issuer.