NOTICE OF DEMAND
To: | [PERFORMANCE SECURITY ISSUER] |
Attn: [●]
Re: Surety Bond No. [●]
The undersigned, a duly authorized officer of [Agency] ("Agency"), [description of Agency], with its principal office at [●], Philippines make reference to the Concession Agreement ("Agreement") dated as of [●] between Agency and [Company], a corporation duly organized and existing under and by virtue of the laws of the Republic of the Philippines with its office address at [●].
Agency hereby demands payment under the Surety Bond in the amount of [●] Pesos (PHP [●]) as penalty payment by [Company] under the Agreement for one or more of the following reasons:
[specify breach by Company and proof of consequent damages]
The aggregate amount of this claim and the other previous claims paid under the Surety Bond do not exceed the amount of [●] Pesos (PHP [●]).