Documente Academic
Documente Profesional
Documente Cultură
QSM 560
MATRIC NO : 2012564521
CLASS : AP224 4B
PERFORMANCE BOND.
1. Works Procurement
period.
2. Supplies Procurement - Twelve (12) months after the last delivery or expiry date of
contract whichever is later.
3. Service Procurement
INSURANCE
Insurance is a form of risk management in which the insured transfers the cost of
potential loss to another entity in exchange for monetary compensation known as the premium.
Insurance allows individuals, businesses and other entities to protect themselves against
significant potential losses and financial hardship at a reasonably affordable rate. We say
"significant" because if the potential loss is small, then it doesn't make sense to pay a premium
to protect against the loss.
CIDB LEVY
The regulatory requirements for Contractors to notify CIDB and submit details of
construction works bearing a value of RM 500,000.00 per contract on which a levy is imposed at
0.125% of the contract sum.
The imposition of Levy forms part of a list of regulatory requirements that affect
Contractors who undertake construction projects / works bearing a value of RM 500,000.00 per
contract. A Levy is imposed on the Contractor at 0.125% of the contract sum. Failure to comply,
Contractors who fail to comply will have violated an offence under the law and may result in a
fine not exceeding RM 50,000.00 or disiplinary actions taken against the defaulting Contractor in
the form affecting their Registration with CIDB:
cancellation
suspension
revocation
1. Contractors who undertake Construction projects as Main Contractors are to ensure that
contract for which a levy has already been imposed shall not be subjected to the
imposition of additional Levy.