79/2013 - Information on the conclusion of the material agreement
The Management Board of Trakcja S.A. ("Company") hereby informs that as of 22 July 2013, the Company and its subsidiaries have entered with PKP Polskie Linie Kolejowe S.A. into agreements of total value PLN 55,490,881.40 net (say: fifty-five million four hundred ninety thousand eight hundred eighty-one and 40/100 Polish zlotys). The agreement of the highest value is the agreement concluded on 31 July 2013 between PKP Polskie Linie Kolejowe S.A. ("Ordering Party") and the Company's subsidiary, i.e. Przedsiębiorstwo Robót Kolejowych i Inżynieryjnych S.A. ("PRKiI", "Contracting Party") ["Agreement"].
Value of the Agreement:
The total net value of the Agreement is: PLN 24,220,000.00 (say: twenty-four million two hundred twenty thousand Polish zlotys).
The total gross value of the Agreement is: PLN 29,790,600.00 PLN(say: twenty-nine million seven hundred ninety thousand six hundred Polish zlotys).
Object of the Agreement:
On the basis of the Agreement, PRKiI shall execute the works in compliance therewith, connected with revitalisation of railway line no. 144 on the section Fosowskie - Opole - re-electrification of line no. 144 on the section Fosowskie - Opole. The above-mentioned works constitute additional order.
Completion date:
The completion date of the works by 3 December 2013.
Liquidated damages:
The Contracting Party shall pay the Ordering Party liquidated damages in the following cases and in the following amounts:
1) 0.01% of the gross value of the Agreement for each day of default in delivery of the object of the Agreement in relation to the completion date;
2) 0.2% of the gross value of the Agreement for each day of default after the deadline for removing defects as established by the Ordering Party;
3) 0.1% of the gross remuneration for executing the object of the Agreement in case of any delays due to the Contracting Party's fault in presenting the person satisfying the requirements of the Ordering Party as regards professional experience and certification held;
4) 10% of the gross remuneration of the Agreement in case of withdrawal therefrom by the Contracting Party or Ordering Party due to the circumstances for which the Contracting Party is responsible;
5) 0.1% of the gross value of the Agreement for subcontracting work or works to subcontractors by the Contracting Party, without the required consent of the Ordering Party;
6) 0.1% of the gross remuneration of the Agreement for each day of default after the deadline for performing minor outstanding work and removing defects as mentioned in the Agreement as well as for each day of default due to the Contracting Party's fault in presenting the schedule of works and expenditures.
In the event when one Party fails to perform its contractual obligation within the stipulated deadline, the other Party shall establish additional deadline in writing. In case of failure to perform such obligation within the additional deadline, the amount of liquidated damages as mentioned above may be increased by 50%.
If the damage resulting from the failure to perform or improper performance of the Agreement exceeds the amount of the calculated liquidated damages, then the Ordering Party may demand compensation transferring the amount of the agreed liquidated damages as mentioned above.
The total amount of the aforesaid calculated liquidated damages may not exceed 30% of the gross remuneration value of the Agreement.
Other terms and conditions of the Agreement:
Other terms and conditions of the Agreement do not differ from commonly applied terms and conditions in case of similar types of agreements.
The basis for publication of this report shall be the fact that the total value of the agreements executed by the Company and its subsidiaries with PKP Polskie Linie Kolejowe S.A. exceeds 10% of the Company's equities.
Legal basis: § 5 sec. 1 point 3 of the 19 February 2009 Resolution of the Minister of Finance regarding current and periodic information published by issuers of securities and conditions for recognising as equivalent information required by the laws of a non-member state.
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