NOTICE OF DEMAND
To: | [THE PERFORMANCE SECURITY ISSUER] [Address] |
Attn: | [●] |
Re: | Surety Bond No. [●] |
The undersigned, the duly elected local chief executive of the Agency, a political subdivision of the Government of the Republic of the Philippines, with its principal office at [•], Philippines (together with its successors and assigns in such capacity, the "Agency") make reference to the [name of the Agency] Information and Communications Technology Modernization Agreement dated as of [•] between the Agency and [•], a corporation duly organized and existing under the laws of [•] having its principal office at [•], Philippines (the "Company") (the "Agreement").
THE Agency hereby demands payment under the Surety Bond in the amount of [•] (P[●]) Philippine Currency as penalty payment by [the Company] under the Agreement for one or more of the following reasons:
[specify breach by the Company]
The aggregate amount of this claim and the other previous claims paid under the Surety Bond do not exceed the amount of PHP[●].