Instruction on the calculation of contract bonus for bidding package for construction and installation of traffic projects in Vietnam

Instruction on the calculation of contract bonus for bidding package for construction and installation of traffic projects in Vietnam
Dương Châu Thanh

On April 25, 2023, the Government of Vietnam issued Decree 15/2023/ND-CP on pilot contract bonus for construction and installation bidding packages of traffic projects in the program of socio-economic recovery and development.

Instruction on the calculation of contract bonus for bidding package for construction and installation of traffic projects in Vietnam

Bonus amount (T) = TD x TG x K.

In there:

- TD is the balance after bidding = bid package price according to the approved estimate (excluding provisions) - Winning price (excluding provisions).

- TG is the rate of shortening time (%) = shortening time (days) / Contract performance time (days), in cases where TG > 20%, TG is taken as 20%.

Performance time under the contract is the time specified in the contract signed between the investor and the contractor, excluding interruption time due to subjective factors from the investor, objective factors for force majeure reasons agreed by both parties.

Shortened time = Contract execution time - Actual contract execution time.

- K is the Incentive Factor = 5.

Payment of bonuses for traffic construction and installation bidding packages in Vietnam

- Within 03 working days from the effective date of the Contract Bonus Decision, the Investor sends directly or via postal service to the State Treasury the payment request file, including:

+ Decide on the contract bonus;

+ Letter of request for capital payment for contract bonus;

+ Capital withdrawal.

- Based on the investor's payment request, the State Treasury shall control and pay the contract bonus within 03 working days from the date of receipt of the above-said dossier.

Principles of control and payment according to the Government's regulations on management, payment, and settlement of projects using public investment capital.

Adjustment and withdrawal of contract bonuses for traffic construction and installation bidding packages

- Adjustment and withdrawal of bonuses are made in cases of deviations due to bonus calculation or violation of bonus principles according to inspection and examination conclusions.

Within 30 days after the conclusion of the inspection and examination takes effect, the investor shall issue a decision to withdraw the bonus corresponding to the incorrect amount according to the inspection and examination conclusions and request the contractor to submit it to the State Treasury according to the contractor's written commitment in the contract awarding dossier.

- The content of the decision to withdraw the contract bonus includes: name of the contractor, name of the bidding package, reason for withdrawal, specific withdrawal amount, form of withdrawal, and time of withdrawal.

- The contractor is responsible for returning the withdrawn amount to the state budget within 30 days from the effective date of the decision on bonus withdrawal.

Past the above time, the contractor shall bear additional penalty interest at the interbank exchange rate at the time of refund.

Decree 15/2023/ND-CP takes effect from April 25, 2023.

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