CONTRACT

KNOW ALL MEN BY THESE PRESENTS:

This Agreement made and executed on this 15th day of January, 2019 at 85 Timog
Ave., Brgy. South Triangle, Quezon City by and between:

Metro Stonerich Corporation, a corporation duly organized and

existing under the laws of the Philippines, with address 85 Timog Ave. Brgy. South
Triangle, Quezon City, represented herein by its Senior Vice President – Operations,
FERNANDO F. VILLANUEVA JR., herein after referred to as the “CONTRACTOR”

--and—

Superior BT Inc., a corporation duly organized and

existing under the laws of the Philippines, with address Unit D, 5th Flr of Asian Star
Building, Asean Drive Corner Singapura Lane, Filinivest City, Alabang, Muntinlupa
City, represented herein by its Executive Vice President, JOHN CARTANO, herein
after referred to as the “SUB CONTRACTOR”

WITNESSETH:

WHEREAS, Metro Stonerich Corp., the CONTRACTOR is developing a project known

as Paddington Place, which is located at Shaw Boulevard, Mandaluyong City;

WHEREAS, the SUB CONTRACTOR represents that it has the experience, financial
capability, technical expertise, equipment and manpower necessary to complete the
construction of the GOVERNMENT HOUSING PROJECT and has proposed to the
CONTRACTOR to undertake the supply, installation, testing and commissioning of the
GOVERNMENT HOUSING PROJECT including electrical, sanitary and mechanical works and
all other necessary equipment for the entire GOVERNMENT HOUSING PROJECT as indicated
in the plans, specifications, equipment schedule, supplementary drawings and documents at
the Contract Price and within the Contract Time herein stipulated and in accordance with
the plans and specifications.
 WHEREAS, the CONTRACTOR has accepted the proposal of the SUB
CONTRACTOR under the terms and conditions herein set forth.

NOW, THEREFORE, for and in consideration of the foregoing premises and the
mutual covenants and stipulations hereinafter specified, the parties hereto agree as
follows:

CONTRACT DOCUMENTS AND SCOPE OF WORK

1.1 Contract Documents- The herein attached duly signed and approved budgetary cost
Estimates and other pertinent documents of the PADDINGTON PLACE PROJECT
mutually agreed upon by the parties are collectively referred to as the “CONTRACT
DOCUMENTS”, the same being interdependent, self-explanatory and readable, and
are made integral parts of this Agreement.

1.2 Scope of work- The scope of work for the MAIN CONTRACT WORKS – CIVIL,
STRUCTURAL & ARCHITECTURAL WORKS FOR PADDINGTON PLACE PROJECT under
this Agreement is included in Annex A to this contract and forms an integral part
hereof;

ARTICLE 2

CONTRACT PERIOD, CONTRACT PRICE & TERMS OF PAYMENT

2.1 Contract Period- The SUB CONTRACTOR shall complete the “MAIN
CONTRACT WORKS – CIVIL, STRUCTURAL & ARCHITECTURAL WORKS FOR
PADDINGTON PLACE PROJECT” within a period of SEVEN HUNDRED THIRTY
CALENDAR DAYS from the date of signing of this Agreement based on the
aforesaid scope of work and in accordance with the CONTRACT DOCUMENTS.
For this purpose, the SUB CONTRACTOR undertakes to fully and faithfully supply
all the materials, labor, equipments and tools necessary to complete the MAIN
CONTRACT WORKS – CIVIL, STRUCTURAL & ARCHITECTURAL WORKS FOR
PADDINGTON as specified in the said CONTRACT DOCUMENTS and immediately
start mobilization upon signing hereof.

2.2 Contract Price-under this instrument, the total contract price of the PROJECT
shall be PESOS: ONE BILLION PESOS ONLY (PHP 1,000,000,000.00) payable by
the CONTRACTOR to the SUB CONTRACTOR as stipulated herein below.

2.3 Terms of payment- The said contract price of (PHP 1,000,000,000.00) shall be
paid in the following manner.

2.3.1 Twenty percent (20 %) of the agreed contract price stipulated in the
aforementioned Section 2.2 or the amount of PESOS: TWO HUNDRED MILLION
ONLY (PHP 200,000,000.00) representing the down payment shall be paid upon
signing hereof. Said down payment shall be proportionately deducted from the
progress billing of the completed works every THIRTY (30) days during the
agreed contract period until fully amortized;

2.3.2 The SUB CONTRACTOR agrees that the Eighty Percent (80%)
balance of the aforementioned contract price shall be paid in monthly progress
billing.
 ARTICLE 3

OTHER GENERAL CONDITIONS

3.1 Liquidated Damages and Force Majeure-should the SUB CONTRACTOR,

through its own fault, fail to complete the works or any portion thereof within
the time prescribe herein, including any time extension that may be allowed, it
shall pay the CONTRACTOR, by way of liquidated damages for every day of delay
whether for the whole or any part of the work, an amount equivalent to one-
tenth of the one percent (1/10x1.0%) of the total remaining contract price, until
the contracted works are completed to the satisfaction or the CONTRACTOR.

However, no liquidated damages or any excess cost shall be charged when the
delay in the completion of the work is due to any cause directly attributable to
the CONTRACTOR or to FORCE MAJUERTE, herein defined as events attributable
to natural causes or phenomenon that make it impossible upon the SUB
CONTRACTOR to carry out, in whole or in part, its obligation under this
instruments.

3.2 Sub-Standard/Defective Works- the CONTRACTOR reserves the right to reject

any materials and work accomplishments that it may deem to be substandard
and/or defective. In such case, the contractor shall undertake to change the
materials and re-do the work at its own expense.

3.3 Additional Works- the CONTRACTOR shall be charged accordingly by the SUB
CONTRACTOR, subject to the approval of the former, of any additional works
that may be request or required during the construction period which are not
included in the scope of work marked as ANNEX “A” and more specifically,
included in the cost estimates hereof.

3.4 Insurance against Damages/Injuries- The CONTRACTOR shall not be liable for
or in respect of any damages or compensation payable by law in respect of or in
consequence of injury to any workman or other persons in the employ of the
SUB CONTRACTOR.

3.5 Representative/Warranties- The SUB CONTRACTOR hereby represents and

warrants that it is an independent SUB CONTRACTOR and is the employer of all
personnel it will bring to the project site and that is responsible for any injury
inflicted to any person or damage made on any property during or in connection
with the execution of the works under the agreement. Accordingly, the SUB
CONTRACTOR commits that it will save and keep the CONTRACTOR free and
harmless from any claims whatsoever that may be brought by the SUB
CONTRATOR’S personnel and other parties as aforementioned.

3.6 Certificate of Completion- When the Scope of work has been completed and
has satisfactorily met all the provisions and work specifications in accordance
with the CONTRACT DOCUMENTS referred to in Article 1.1., the SUB
CONTRACTOR may request in writing the CONTRACTOR to issue a Certificate of
Completion within fifteen (15) days after receipt of the request, except when the
CONTRACTOR files a statement of complaints or defect with the SUB
CONTRACTOR.

3.7 Project Documents- All papers, documents, permits and licenses being
required by the government for the Project shall be accomplished by the
CONTRACTOR, except those normally required of the SUB CONTRACTOR.
 3.8 Entirety of the Agreement- This Agreement constitutes the entire agreement
between the CONTRACTOR and the SUB CONTRACTOR and no verbal
commitments and/or other unwritten agreements and commitments shall be
binding upon the parties.

3.9 Dispute- In case of dispute, the parties hereto agrees to submit themselves
to the jurisdiction of the regular courts of the ______________.

3.10 Validity of the Instrument- In case any provision of this Agreement be

declared invalid by competent authority the other provisions hereof shall remain
binding, in force and effective.

IN WITNESS WHEREOF, the herein parties have signed this Agreement on the date and
place herein above first written.
SUPERIOR BT INC. METRO STONERICH CORP
BY: BY:

JOHN CARTANO FERNANDO F. VILLANUEVA JR.

Executive Vice President Senior Vice President – Operations

WITNESS:

__________________ ___________________

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)

QUEZON CITY )S.S.

BEFORE ME, a notary public for and in ___________ on this _____________

of __________, personally appeared the following:

NAME
JOHN CARTANO
In his Capacity as
Executive Vice President
SUPERIOR BT INC.

FERNANDO F. VILLANUEVA JR.

In his Capacity as
Senior Vice President – Operations
METRO STONERICH CORP.
 Known to me and to me known to be the same persons who executed
the foregoing instrument and they acknowledge to me that the same is their free
and voluntary act and deed OF THE SAME CORPORATION THEY RESPECTIVELY
REPRESENT, THEY BEING DULY AUTHORIZED FOR THE PURPOSE.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my

notarial seal in the date and place above written.

Doc. No.
Book No.
Page No.
Series of 2018

TO: FERNANDO F. VILLANUEVA JR.

Metro Stonerich Corp

RE: ACKNOWLEDGEMENT OF COMPLETION AND ACCEPTANCE

 This is to acknowledge that the construction works as specified below has
been completed in accordance with plans, specifications and programs of work:

PROJECT : EAST FORTUNE BLDG.

ACCOMPLISHMENT : 100% COMPLETED
PROJECT COS : PESOS: THREE HUNDRED FIFTY SEVEN
MILLION PESOS ONLY (PHP 357,000,000.00)
GENERAL CONTRATOR : SUPERIOR BT INC.
PROJECT START DATE : December 29, 2017
COMPLETION DATE : December 29, 2019
ACTUAL COMPLETION DATE : December 29, 2020

This is to further certify that I, JOHN CARTANO., representing SUPERIOR

BT INC.. has this day acknowledged and received custody of the abovementioned
project, that the same is satisfactorily completed in accordance with the plans,
specifications and program of work, that on the 29th day of December 2020
assume responsibility of the turned over “PROJECT” for proper maintenance.

SUPERIOR BT INC.

BY:

JOHN CARTANO
President
“ANNEX A”

DETAILED SCOPE OF WORKS OF MAIN CONTRACT WORKS – CIVIL, STRUCTURAL &

ARCHITECTURAL FOR EAST FORTUNE BLDG.

All items of the Proposal shall be performed by the CONTRACTOR and the scope
of works shall include as stated hereunder but not limited to the following:

1. Concrete supply and proper pouring of all structural and non-structural

components of the project but not limited to Foundation, Beams, Column and all
other structural component.

2. Structural concrete test must be provided for all structural components.

3. Metal framing supply, fabrication, and installation for all structural and non-
structural components

4. Reinforcement bars supply, fabrication, and installation.

5. Trenching and backfilling works. These shall include the necessary clearing,
grubbing and preparation of the site. Also, the handling, storage,
transportation, and disposal of all excavated material.

6. Supply and application of waterproofing and damp proofing. Testing must

also be provided upon completion.

7. Provide masonry walls with plastering for both faces or cladding if necessary
as per drawing.

8. Slab finishes including tile layout and resilient flooring layout

9. Supply and proper installation of ceiling frames, boards, and other ceiling
systems.

10. Doors and windows supply and installation.

11. Curtain wall and glazed assemblies supply and installation.

12. Painting works.

13. Supply and installation of membrane roofing.

14. Supply, fabricate, and installation of entrances and storefronts.

15. Provide toilet, bath, cubicles, compartments, and laundry including their
accessories.
 EQUIPMENTS USED BY CONTRACTOR
1 Equipment: Concrete Transit Mixer
Quantity: 3

2 Equipment: Pumpcrete
Quantity: 3

3 Equipment: Bagger Mixer

Quantity: 3

4 Equipment: Concrete Vibrator

Quantity: 4

5 Equipment: Concrete Bucket

Quantity: 3

6 Equipment: Tower Crane

Quantity: 1

7 Equipment: Crawler Type Backhoe

Quantity: 2

8 Equipment: Wheeled Type Backhoe

Quantity: 1

9 Equipment: Dump Truck

Quantity: 2

10 Equipment: Electric Bar Bender

Quantity: 2
WARRANTY AND GUARANTEE OF WORK.

Contractor guarantees that all materials used in the project is strictly in

accordance with the specifications of the project. All the civil works shall be
carried out in a workmanlike manner and in conformity with sound and current
engineering practices. Any defect from contractor’s non-compliance with its
obligations shall be made without any cost or expenses on the part of Developer.

Contractor shall provide a One (1) year warranty from date of completion and
work acceptance provided that all supplied material and works are used under
normal operation, and all design parameters shall be observed and conformed at
all times within the specified design.

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