where the contractor does not execute the project, the owner uses these funds for completing the work | Retention Guarantee The retention guarantee represents the funds retained and deducted from the amounts paid to the contractor |
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The purpose is to provide an additional guarantee to the project owner i | These are the standard forms approved by Saudi Arabian Monetary Agency and used by banks in Saudi Arabia |
Lesson 6 assignment consists of two parts: Bid Bond Form, and Performance Bond Form | |
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named place of destination " | It is not stipulated to be a certain percentage of the amount of a contract |