MEMORANDUM OF UNDERSTANDING

THIS CONTRACT AGREEMENT (hereinafter called the “Agreement”) made on the … day of May
2022 between EEPL (hereafter called the “Employer” of the one part and BANU MUKHTAR
CONTRACTING (PRIVATE) LIMITED of the second part.

WHEREAS the Employer is desirous that remaining works, under Contract Numbers (18-TECH-ISB-
GEN 019, 024, 038 & 039) shall be executed by the Contractor and has accepted the revisions of the
Conditions of Contract for proceeding with these remaining works and remedying of any defects therein.

NOW this Agreement is witnessed as follows:

Upon signing of this MOU the Contractor’s and Employer’s responsibilities will be as under;

a. CONTRACTOR’S RESPONSIBILITIES
i. Additional Resources: Contractor will immediately engage sufficient resources to execute
the remaining works as per the agreed schedule.
ii. Schedule of Works: A schedule of works will be prepared and submitted for progress follow
ups.
iii. Project Manager: Contractor will bring a qualified and authorized Project Manager.
iv. Construction Manager: Contractor will bring a qualified Construction Manager with
expertise in Finishing Works.
v. Guarantees: Contractor will submit the insurance guarantee immediately to replace all
expired guarantees.
vi. Security: Contractor will improve his security for storage and camping areas.

b. EMPLOYER’S RESPONSIBILITIES
i. PRA/GST: All works & material procured till IPC #3 of Dec, 2021 will be paid as per the
previous payment adjustment of PRA. Moving forward i.e., from Jan 2022 onwards, the
Employer will pay 12% of the remaining works value in place of PRA (without requirement
of submission of any evidences).
ii. Pavilions 02 & 03: The Contracts for Pavilion 02 & 03 (18-TECH-ISB-GEN- 019 & 039)
will remain freeze till the solution of under raft settlement is sufficiently achieved to resume
the works. The resumption of works will be formulized at that time on mutually agreed basis
and after looking into the market changes. The performance guarantees will be renewed upon
issuance of ‘Extension of Time’ by the Employer. Whereas, for renewal of advance
guarantees, new bills will be submitted by Contractor in light of today’s agreements and after
calculating the amounts of ‘adjusted advances’ and ‘retention monies’ from that bills,
Contractor will submit renewed guarantee/s for ‘unadjusted advance payments’.
iii. Water & Electricity Cost: Cost of source of water & electricity as incurred will be
reimbursed to the Contractor. All required calculations to be submitted by Contractor.
iv. EOTs: EOTs shall be granted for all contracts for a valid period of time as per updated
schedules. The contractor will not submit any additional cost as claim against EOTs till
submission of final bill, any claim in this regards shall be submitted and settled mutually at
stage of substantial completion.
v. Cluster E 46 Villas Finishing Works: The request as already substantiated for the change in
rates of few items for Zone 3A & 4 Villas as submitted will be evaluated and approved. Its
payment will be made as per already agreed terms. Contract for Cluster E Villas Grey Works
(18-TECH-ISB-GEN-024) will be concluded by omitting all remaining works (If any) from
the contract and adding it to Cluster E 46 Villas Finishing Works Contract (18-TECH-ISB-
GEN-038).
vi. Security: Security will be enhanced by the Employer to protect the already installed
equipment and supplies.
vii. Payments: All pending payments shall be released without further delay. Contractor will
submit his bills against all Contracts in light of today’s agreements and their payments will be
released to the Contractor at earliest.

IN WITNESS WHEREOF the parties hereto have caused this Contract Agreement to be executed on the
day, month and year first before written in accordance with their respective laws.

Signature of the Employer Signature of the Contractor

_______________________ ______________________

Signed, sealed and delivered in the presence of:

Witness: Witness:

_______________________ ______________________