PETALING JAYA: Cabnet Holdings Bhd’s (CHB) wholly-owned subsidiary Itwin Technology Sdn Bhd today accepted a RM7.8 million subcontract from Pembinaan Tuju Setia Sdn Bhd appointing Itwin as the subcontractor for the supply, installation, testing and commissioning of Information & Communication Technology (ICT) works for Kajang Hospital, Selangor.
The date of completion for the subcontract will be June 22, 2021. Itwin’s scope shall be for works to be undertaken for the hospital block, car park block and mechanical and electrical block of the Kajang Hospital.
The liquidated damages imposed by the employer to the contractor is RM56,340 per day. Should Itwin fail to complete the work by the date of completion or any extended date or dates as may be granted, the contractor will be entitled the right to deduct in full or apportion the liquidated damages from any payment certificate or against any payment and recover any loss and/or expense related from Itwin.
The defects liability period is 24 months commencing from the date of Certificate of Practical Completion (CPC) or upon receipt of the Certificate of Making Good Defects, whichever is later.
Itwin is required to submit a performance bond in the form of banker’s guarantee amounting to RM389,950 in favour of the contractor for the due performance and fulfilment of the subcontract. The performance bond shall be valid until six months after issuance of the CPC under the main contract.
The subcontract is expected to contribute positively to the group’s earnings and net assets per share for financial years ending Dec 31, 2021 assuming no material delay in the timing.
