Security Deposit, Insurance and Performance Bond
You shall submit the following documents to the HRB within thirty (30) days from the date of this letter:
a. A policy of insurance in the joint name of the HRB and yourselves as the insured in respect of the insurance for the works.
b. A policy of insurance in respect of insurance for Work Injury Compensation. The insured shall be yourselves and all your subcontractors and the HRB.
c. A Performance Bond equivalent to 5% of the Total Contract Sum, and to be held by Client until the end of 12 months Defect Liability Period.