Letter of Acceptance

To Penjor Construction

This is to notify you that your Bid dated 22/10/2010 for execution of the three 16 unit residential buildings including the site development works at NPPF Colony, Thimphu (NPPF/RE/TH-PR/2010-001), as given in the SCC for the Contract Price of the equivalent33 of Nu.79,018,639.11 (Ngultrum Seventy nine million eighteen thousand six hundred thirty nine and ch. eleven) only, as corrected and modified in accordance with the Instructions to Bidders is hereby accepted by our Agency.

The Contract in duplicate is attached hereto. You are hereby instructed to:

  (a) Confirm your acceptance of this Letter of Acceptance by signing and dating both copies of it, and returning one copy to us no later than 15 days from the date hereof;

  (b) Proceed with the execution of the said Works in accordance with the Contract;

  (c) Sign and date both copies of the attached Contract and return one copy to us within 15 days of the date hereof; and

  (d) Forward the Performance Security pursuant to ITB Sub-Clause 34.1, i.e., within 15 days after receipt of this Letter of Acceptance, and pursuant to GCC Sub-Clause 51.1.