Based on the information provided in the Application Form and Project Summary it appears the services to be provided under the supply agreement for which this Bid/Performance Bond is proposed are related to the design, development, implementation and/or maintenance of telecommunications related systems integration activities therefore such activities will be indemnified under the Group's various insurance programmes, subject always to all relevant prevailing terms and conditions of the insurance policy which includes a provision that any claim made in respect of the Bid/Performance bond will only be paid if such claim arises as a result of an insurable event (i.e.: if your company fails to perform for any reason other than, for example, a fire, flood or other natural disaster, then the insurance will not respond).   lease be aware that this indemnity will NOT apply to your company in the event they are negligent or otherwise default on the conditions of the Bid/Performance Bond without an insurable event having occurred.
In addition, you must remain aware that the deductible applied to the insurance policies is US$500,000 million each and every event and that therefore, even if a valid claim is made, we will only be able to recover the amount which exceeds this deductible.
For the purpose of this application for Bid and Performance Bonds, the full amount of liability appears to be maximum of ¥300,000 therefore you will not have any right to claim on the insurance policies should you breach or otherwise default on the Bid/Performance Bond but if you are awarded the project, you may have recourse for other liabilities. |