certified that all defects notified by the Engineer to the Contractor before the end of this

period have been corrected.

48.3. On completion of the whole works, the contractor may substitute retention money with an
"on demand" Bank guarantee.
49. Liquidated Damages
49.1.The Contractor shall pay liquidated damages to the Employer at the rate per day stated in
the Contract Data for each day that the Completion Date is later than the Intended
Completion Date (for the whole of the works or the milestone as stated in the contract
data). The total amount of liquidated damages shall not exceed the amount defined in the
Contract Data. The Employer may deduct liquidated damages from payments due to the
Contractor. Payment of liquidated damages does not affect Contractor's liabilities.
49.2. If the Intended Completion Date is extended after liquidated damages have been paid, the
Engineer shall correct any overpayment of liquidated damages by the Contractor by
adjusting the next payment certificate. The Contractor shall be paid interest on the over
payment calculated from the date of payment to the date of repayment at the rates
specified in Sub Clause 43.1.
49.3. If the contractor fails to comply with the time for completion as stipulated in the tender,
then the contractor shall pay to the employer the relevant sum stated in the Contract Data
as Liquidated damages for such default and not as penalty for everyday or part of day
which shall elapse between relevant time for completion and the date stated in the taking
over certificate of the whole of the works on the relevant section, subject to the limit
stated in the contract data.
The employer may, without prejudice to any other method of recovery deduct the amount of such
damages from any monies due or to become due to the contractor. The payment or
deduction of such damages shall not relieve the contractor from his obligation to
complete the works on from any other of his obligations and liabilities under the contract.
49.4. If, before the Time for Completion of the whole of the Works or, if applicable, any
Section, a Taking - Over Certificate has been issued for any part of the Works or of a
Section, the liquidated damages for delay in completion of the remainder of the Works or
of that Section shall, for any period of delay after the date stated in such Taking-Over
Certificate, and in the absence of alternative provisions in the Contract, be reduced in the
proportion which the value of the part so certified bears to the value of the whole of the
Works or Section, as applicable. The provisions of this Sub-Clause shall only apply to the
rate of liquidated damages and shall not affect the limit thereof.
50. Bonus

50.1. If the Contractor achieves completion of the whole of the works prior to the Intended
Completion Date prescribed in Contract Data the Employer shall pay to the contractor a
sum stated in the Contract Data as bonus for every completed month which shall elapse
between the date of completion of all items of works as stipulated in the contract,
including variations ordered by the Engineer and the time prescribed in Clause 17.

Contractor - 56 - Executive Engineer