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The Philippine National Construction Corporation ( PNCC) is a government-owned and controlled corporation (GOCC) in the Philippines. It is the largest construction company in the Philippines and in Southeast Asia . It is usually tasked with major construction works, especially in the field of infrastructure. The PNCC has extensive operations in ...
Performance bond. A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money, intended to secure a futures contract, commonly known as margin .
Breach of contract is a legal cause of action and a type of civil wrong, in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance. Breach occurs when a party to a contract fails to fulfill its obligation (s), whether ...
A parent company guarantee ( PCG) is a guarantee by a parent company of a contractor ’s performance under its contract with its client, where the contractor is a subsidiary of the parent company. [1] It is mandatory for all the companies to mention about the guarantees granted as a note in their accounts because it is a risk for the company.
Warranty. In law, a warranty is an expressed or implied promise or assurance of some kind. The term's meaning varies across legal subjects. [1] In property law, it refers to a covenant by the grantor of a deed. [2] In insurance law, it refers to a promise by the purchaser of an insurance about the thing or person to be insured.
Overseas Filipino Worker ( OFW) is a term often used to refer to Filipino migrant workers, people with Filipino citizenship who reside in another country for a limited period of employment. [3] The number of these workers was roughly 1.77 million between April and September 2020. Of these, female workers comprised a larger portion, making up 59 ...
Hanjin Philippines. Hanjin Heavy Industries and Construction Philippines, also known as HHIC Phil, was a Philippines -based shipbuilding company established in February 2006 by Hanjin Heavy Industries and Construction of South Korea. In the same month, its first shipbuilding contract was signed for four container ships.
Managing a guarantee fund to protect new home buyers, out of which compensation for warranty claims is paid. Effective February 1, 2021, Tarion's previous licensing responsibilities have been transitioned to the Home Construction Regulatory Authority. The HCRA is now responsible for regulating new home builders and vendors in the province.