| Retention Guarantee The retention guarantee represents the funds retained and deducted from the amounts paid to the contractor | Please translate them both into English |
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| The purpose is to provide an additional guarantee to the project owner i |
where the contractor does not execute the project, the owner uses these funds for completing the work.
| 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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| It is not stipulated to be a certain percentage of the amount of a contract | This guarantee is released and handed over to the contractor at a time agreed upon which may be at the final acceptance or at the expiration of the guarantee period |
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