CONTRACT PRICE AND CONSTRUCTION. 1.1 The contract price for the construction of a building as set out in paragraph 2 which contract price includes the cost for the preparation of the land for building is the amount of R (V.A.T. at 15% included) and payable by way of progress payment by the Employer as the work progresses, as set out hereinafter. If requested in writing, and if all the suspensive conditions have been fulfilled, the Employer must within 14 (fourteen) days furnish the Contractor or his Agent with a bank guarantee for the full building price to the satisfaction of the Contractor. Should the rate of the VAT at any stage during the construction period be increased by the appropriate authorities, having the affect that the Contractor is to pay the Receiver of Revenue a higher output rate, the balance outstanding to the Contractor under this contract shall be increased with the same percentage with which the VAT has been increased.
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