CONTRACT AND AGREEMENT

for the

CONSTRUCTION of the Ten-Storey Mixed Residential/Commercial

Building

KNOW ALL MEN BY THESE PRESENTS:

This CONTRACT AGREEMENT, made this 25th day of March, 2024

by and between:

Carl Vincent Mauricio, with residential address at Jaro, Iloilo City

hereinafter referred to as the OWNER;

-and-

Baby Boys Construction, a single-proprietorship construction enterprise

duly organized and existing under the laws of the Philippines,with business address
at Jaro, Iloilo City, duly represented by _Mark Anthony Diesto__, in his capacity as
Owner, hereinafter referred to as CONTRACTOR;

WITNESSETH:

WHEREAS, the OWNERS, Client Group, is desirous that the certain Ten-Storey
Mixed Residential/Commercial Building with Indoor gym and a Swimming pool
(70 m x 80 m)located at Jaro, Iloilo City should be executed by the
CONTRACTOR, the same to be funded by a construction/housing loan from a
reputable Bank;

WHEREAS, the CONTRACTOR presented and warranted to the OWNERS that

it is capable, competent, and a duly registered construction enterprise licensed and
authorized by law to construct and to complete the aforementioned Office Building
in accordance with the plans and specifications hereinafter referred to as Design
and Contract Documents;

WHEREAS, on the basis of the foregoing representation and warranty of the

CONTRACTOR, the OWNERS accepted the offer of the CONTRACTOR to
construct the above-mentioned Office Building.

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 NOW, THEREFORE, for and in consideration of the foregoing premises and the
covenants and undertakings hereinafter set forth, the parties hereto agree as follows:

ARTICLE 1. CONTRACT DOCUMENTS. - The following documents shall be

deemed to form and be interpreted and construed as part of this Agreements:

a. General and Special Conditions of Contract

b. Invitation to Bid
c. Bidding Documents
d. Addenda and/or Supplemental/Bid Bulletins, if any
e. Bid Form including all the documents/statements contained in the winning
bidder’s two bidding envelopes
f. Eligibility requirements, documents and/or statements
g. Performance Security
h. Credit Line issued by a licensed bank or NFCC duly notarized
i. Notice of Award of Contract and winning bidder’s “Conforme” thereto;
j. Duly approved Program of Works or Delivery Schedule and Cost Estimates
k. Certificate of Availability of Funds (C.A.F.)
l. Abstract of Bids
m. Resolution of the BAC recommending award of project of winning bidder
n. Approval of Award by appropriate government approving authority.

ARTICLE 2. SCOPE OF WORK. - The CONTRACTOR shall implement the

Proposed Construction at Lopez Jaena, St., Jaro, Iloilo City

The Items of Work Covered under this contract are shown below:

ITEM DESCRIPTION QUANTITY UNIT UNIT AMOUNT

PRICE (Php)

PART I: FACILITIES FOR THE ENGINEER

A.1.1(8) Provision of 18.00 mo. 108,003.53 1,944,063.54

Field Office for
the Engineer
(Rental Basis)

A.1.1(11) Provision of 1.00 I.s. 164,123.97 164,123.97

Furnitures/Fixtur
es, Equipment &
Appliances for
the Field Office
for the Engineer

2
 A.1.1(16) Operation & 18.00 mo. 100,597.07 1,810,747.26
Maintenance of
Field Office for
the Engineer

SUB - TOTAL 4,242,682.45

PART II: OTHER GENERAL REQUIREMENTS

B. 5 Project 2.0 each. 23,540.75 47,081.50

Billboard/Signboard

B.7(2) Occupational Safety 18.00 mo. 17,181.12 309,260.16

and Health

B.9 Mobilization/Demo 1.00 I.s 2,480,355.1 2,480,355.14

bilization 4

SUB - TOTAL 2,836,696.80

PART III: CIVIL,MECHANICAL,ELECTRICAL AND PLUMBING WORKS

PART A: EARTHWORKS

800(1) Clearing and 5,380.00 sq.m 19.39 104,318.20

Grubbing

800(3)a1 Individual Removal 4.00 each 999.18 3,996.72

of Trees,150-300
mm Dia , Small

3
800(3)a2 Individual Removal 8.00 each 1,886.39 15,091.12
of Trees, 301-500
mm Dia , Small

800(3)a3 Individual Removal 2.00 each 9,362.69 18,125.38

of Trees, 501-750
mm. Dia.,Small

800(3)a4 Individual Removal 2.00 each 18,013.40 36,026.80

of Trees, 751-900
mm. Dia , Small

800(3) Individual Removal 1.00 each 22,484.26 22,484.26

of Trees, Above
900mm. Dia., Large

803(1)a Structure 3,685.79 cu.m 638.88 2,354,777.52

Excavation,
Common Soil

804(1)a Embankment, From 3,086.09 cu.m 558.77 1,724,414.51

Roadway/Structure
Excavation

804(4) Gravel Fill 104.27 cu.m 1,026.98 107,083.20

807(1) Site Development 1.00 I.s 3,296,327.64 3,296,327.64

SUB - TOTAL 7,682,645.35

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PART B: PLAIN AND REINFORCED CONCRETE WORKS

900(1)c1 Structural Concrete, 804.08 cu.m 8,707.98 7,001,912.56

Class A, 28 Days

900(1)c2 Structural Concrete 618.49 cu.m 6,827.42 4,222,691.00

(Footings and Slab
on Fill), 4000 psi,
28 Days

900(1)c4 Structural Concrete 680.72 cu.m 8,707.989 5,927,696.15

(Columns), 5000
psi, 28 Days

900(1)c5 Structural Concrete 856.52 cu.m 8,707.989 7,197,319.63

(Suspended Slab),
5000 psi, 28 Days

900(1)c6 Structural Concrete 1,218.35 cu.m 8,707.989 10,609,367.43

(Beams/Girders),
5000 psi, 28 Days

901(1) Lean Concrete 72.13 cu.m 5,308.55 382,905.71

902(1)a Reinforcing Steel 815,337.00 kgs. 47.85 39,013,875.45

(Deformed), Grade
40

902(1)b Reinforcing Steel 671,854.00 kgs 50.19 33,720,352.26

(Deformed), Grade
50

5
 SUB - TOTAL 108,076,120.19

PART C: FINISHING AND OTHER CIVIL WORKS

1000(1) Soil Poisoning 422.04 Itr. 395.77 167,030.77

1001(8) Sewer Line Works 1.00 I.s. 2,991,685.25 2,991,685.25

1001(9) Storm Drainage and 1.00 I.s. 1,649,197.50 1,649,197.50

Downspout

1001(11) Septic Vault, 1.00 I.s. 10,997,821.32 10,997,821.32

Concrete/CHB (STP)

1002(24) Cold Water Lines 1.00 I.s. 10,559,807.10 10,559,807.10

1002(26) Cistern 1.00 I.s. 382,861.63 382,861.63

1002(27) Plumbing Works 1.00 I.s. 4,029,740.52 4,029,740.52

1003(1)a1 Ceiling, 4.5mm, Metal 5,688.5 sq.m. 768.37 4,370,895.80

Frame, Fiber Cement 3
Board (CL-2)

1003(2)a1 Wall, 4.5mm, Metal 805.58 sq.m. 596.41 480,455.97

Frame, Fiber Cement
Board (WF-7)

1003(2)h Wall (WF-5) 1.00 I.s. 202,559.61 202,559.61

1003(14) Phenolic Board 251.97 sq.m. 466.56 117,559.12

1003(15)a Moulding, Wood 2,104.8 m. 434.37 914,270.66

2

1003(15)c Moulding, Precast 588.06 m. 15,819.39 9,302,750.48

(Column)

1003({15)c Moulding, Precast 362.18 m. 18,573.66 6,727,008.18

| (Cornice)

1006(2) Flush Door (D-12) 1.68 sq.m. 8,329.89 13,994.22

1006(2) Flush Door (D-14} 1.26 sq.m. 7,929.70 9,991.42

1006(5) Fire Rated Fire Exit 76,44 sq.m. 9,543.06 729,471.51

Steel Door (D-9)

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1006(5) Fire Rated Fire Exit 4.20 sq.m. 9,122.04 38,312.57
Steel Door (D-11_

1007(1)a Aluminum Framed 1.20 sq.m. 9,826.21 11,791.45

Glass Door, 1.20 sq.m.
(D-13)

1008(1)d Aluminum Glass 57.53 sq.m. 7,836.59 450,839.02

Windows, Fixed{W-1)

1008(1)d Aluminum Glass 755,70 sq.m. 6,530.50 4,935,098.85

Windows, Fixed (W-2)

1008(1)d Aluminum Glass 34.32 sq.m. 5,230.27 179,502.87

Windows, Fixed (W-3)

1008(1)}d Aluminum Glass 66.12 sq.m. 7,183.56 474,976.99

Windows, Fixed (W-4)

1010(2)b Doors, Wood Panel 53.46 sq.m. 4,401.18 235,287.08

(D-4)

1010(2)b Doors, Wood Panel 65.34 sq.m. 4,401.18 287,573.10

(D-5)

1010(2)b Doors, Wood Panel 51.04 sq.m. 4,401.18 224,636.23

(D-7)

1010(2)b Doors, Wood Panel 11.88 sq.m. 4,401.18 52,286.02

(D-7)

1010(2)b Doors, Wood Panel 39.69 sq.m. 5,501.47 218,353.34

(D-8)

1010(2)b Doors, Wood Panel 72.00 sq.m. 4,401.18 316,884.96

(D-10)

1012(3)b Tempered Glass Doors, 35,67 sq.m. 17,328.22 618,097.61

12mm thk. (D-1)

1042(3)b Tempered Glass Doors, 10,92 sq.m. 14,440.19 157,686.87

12mm thk. (D-2)

1012(3)b Tempered Glass Doors, 141.96 sq.m. 12,201.86 1,732,176.05

12mm thk. (D-3)

1012(3)b Tempered Glass Doors, 16.38 sq.m. 10,981.67 179,879.75

12mm thk. (D-3a)

1012(4)b Tempered Glass 3,20 sq.m. 6,866.64 21,973.25

Windows, 10mm thk
(W-5)

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1012(5)c Tempered Glass 636.23 sq.m. 9,440.02 6,006,023.92
Walls/Barriers, 10mm
(WF-6)

1014(1)b2 Prepainted Metal 828.00 sq.m. 571.07 472,845.96

Sheets, above
0.427mm, Rib Type,
Long Span

1016(1)b Waterproofing, Liquid 1,869.4 sq.m. 68.85 128,713.01

7

1018(2} Unglazed Tiles (FL-4} 382.51 sq.m. 1,289.10 493,093,64

1018(4) Synthetic Granite Tiles 1,539.1 sq.m. 1,976.22 3,041,718.78

(FL-1) 6

1018(5) Glazed Tiles (WF-3) 588.20 sq.m. 1,567.86 922,215.25

1018(5) Glazed Tiles (WF-4) 95.72 sq.m. 1,567.86 156,075.56

1018(7) Textured Unglazed 501.76 sq.m. 1,874.53 940,564.17

Tiles (FL-2)

1019(1)d Wood Tile, Laminated 809.30 sq.m. 2,143.73 1,734,920.69

(FL-7)

1020(1)a Vinyl Floor Tile (FL-3) 2,723.0 sq.m. 861.10 2,344,852.80

9

1021(1)a Cement Floor Finish, 219.72 sq.m. 238.02 $2,297.75

Plain (FL-6)

1021(1)c Cement Floor Finish, 453.76 sq.m. 680,01 308,561.34

with Floor Hardener
(FL-5)

1027(1) Cement Plaster Finish 10,153. sq.m. 115.92 1,177,035.45

86

1030(1) Acoustical Ceiling 50.40 sq.m. 637.56 32,133.02

Panel

1032(1)a Painting Works, 16,503. sq.m. 196.23 3,238,432.75

Masonry/Concrete 25

1032(1)b Painting Works, Wood 7.10 sq.m. 259.54 1,842.73

1032(1)c Painting Works, Steel 723,34 sq.m. 248.44 179,706.59

1046(2)a1 CHB Non Load 2,817.1 sq.m. 582.38 1,640,663.46

Bearing (including 7

8
 Reinforcing Steel),
100mm

1046(2)a2_ CHB Non Load 2,167.9 sq.m. 752.70 1,631,815.97

Bearing (including 5
Reinforcing Steel),
150mm

1047(2)a Structural Steel, 29,860. kgs. 99.11 2,959,424.60

Trusses 00

1047({2)b Structural Steel, Purlins 15,599. kgs. 99,12 1,546,043.65

27

1047(3)a Metal Structure 110.00 each 294.26 32,368.60

Accessories,(28mm
dia. X 400mm, A325)

1047(6) Metal Structure 1,712.0 kgs. 87.99 150,638.88

Accessories, Steel 0
Plates

1047(7)b Rods 198.87 kgs. 39.24 7,803.66

1051(6) Railing 1.00 I.s. 1,321,109.40 1,321,109.40

1053(1)a Carpet Floor Tiles 176.71 sq,m, 195.39 34,527.37

{FL-8)

SUB-TOTAL 94,331,886.07

PART D: ELECTRICAL WORKS

1100(10) Conduits, Boxes & 1.00 I.s. 2,272,469.25 2,272,469.25

Fittings (Conduit
Works/Conduit
RoughIn) (See
Breakdown E-1)

1101(33) Wires and Wiring 1.00 I.s. 6,558,508.70 6,558,508.70

Devices {See
Breakdown E-2)

1102(1) Panelboard with Main 1.00 I.s. 3,189,436.14 3,189,436.14

and Branch Breakers
(See Breakdown E-3)

1102(5} Manual Transfer 1.00 set 51,454.74 51,454.74

Switch, Breaker Type
(125AT, 225AF, 3P,
480V, 22kAIC}

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1102(5) Manual Transfer 1.00 set 51,454.74 51,454.74
Switch, Breaker Type
(70AT, 225AF, 3P,
480V, 22kAIC)

1102(5) Manual Transfer 2.00 set 14,362.66 28,725.32

Switch, Breaker Type
(SOAT, 100AF, 3P,
480V, 14kAIC)

1102(5) Manual Transfer 4.00 set 14,362.66 57,450.64

Switch, Breaker Type
(40AT, 100AF, 3P,
480V, 14kAIC)

1102(7) Automatic Transfer 2.00 set 147,036.64 3,658,373.99

Switch, Breaker Type
(600AT, GO0AF, 3P,
480V, 35kAIC)

1102(16)a1 Generator, Three 1.00 I.s. 3,387,984.92 3,387,984.92

Phase, Standby
(400kW/SO0kVA,
400/230V, 3Phase,
60H2z) Including 1600
Liters Day Tank

1103(1) Lighting Fixtures and 1.00 I.s. 4,707,884.27 4,707,884.27

Lamps (See
Breakdown E-5}

1104(1) Auxiliary System (See 1.00 I.s. 1,521,372.21 1,521,372.21

Breakdown E-6)

1106(4) CCTV System (See 1.00 I.s. 1,161,903.76 1,161,903.76

Breakdown E7)

1109(1) Grounding System (See 1.00 I.s. 630,848.54 630,848.54

Breakdown E-8)

1111(1) Reinforced Concrete 1.00 I.s. 89,925.67 89,925.67

Pedestal/Pole (See
Breakdown E-9)

1111(3) Concrete 1.00 I.s. 344,283.48 344,283.48

Envelop/Encasement

1111(4) Handhole 1.00 I.s. 61,205.96 61,205.96

SUB-TOTAL 28,067,355.61

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PART E: MECHANICAL WORKS

1200(5)a Exhaust Fan, Ceiling 17.00 set 11,440.80 194,493.60

Cassette (30 Watts)

1200(5)a Exhaust Fan, Ceiling 8.00 set 22,528.50 180,228.00

Cassette (80 Watts)

1200(5)a Exhaust Fan, Ceiling 14.00 set 23,658.45 331,218.30

Cassette (125 Watts)

1200(5)c Exhaust Fan, Ceiling 1.00 set 32,344.99 32,344.99

Cassette (1250 Watts
SISW Centrifugal Fan)

1200(6)a Exhaust Fan, Ceiling 1.00 set 26,886.28 26,886.28

Cassette (1000 Watts
SISW Centrifugal Fan)

1200(13)b Air-conditioning, 1.00 l.s. 31,059,491. 31,059,491.20

VRF/VRV 20

1200(14) Ventilation 1.00 l.s. 259,860.56 259,860.56

1201(8) Water Tank 1.00 set 210,148.43 210,148.43

(Underground}

1202(1) Automatic Fire 1.00 l.s. 13,861,199. 13,861,199.97

Sprinkler System 97

1202(2) Fire Pump Complete 1.00 set 5,932,269.3 5,932,269.31

with Control and 1|
Standard Accessories,
250-1000 gpm

1202(3) Jockey Pump Complete 1.00 set 155,368.96 155,368.96

with Control and
Standard Accessories

1202(4) Fire Hose Valve 1.00 set 14,124.45 14,124.45

Siamese 150 mm dia., x
2w x 65mm dia. With
Cap

1202(5) Fire Hose Cabinet 14.00 set 22,599.12 316,387.68

Assembly

1202(6)a1 | Fire Extinguisher, 10 14.00 set 10,169.60 142,374.40

lbs, ABC with Bracket

1202(7) Fire Department 3.00 set 21,186.68 63,560.04

Connections for Dry

11
 Type System

1203(i)c Electric Elevator, above 1.00 l.s. 9,421,008.6 9,421,008.64

1000 kgs 4

1208(1) Fire Alarm System 1.00 l.s. 1,074,519.7 1,074,519.79

94

SUB-TOTAL 63,275,484.60

PART I-C: DRAINAGE WORKS

1724(16) Pump House and 1.00 l.s. 731,887.85 731,887.85

Accessories

SUB-TOTAL 731,887.85

TOTAL CONTRACT AMOUNT 309,244,759.42

The CONTRACTOR shall:

(a) Furnish all labor, materials, tools and equipment, technical knowhow and
supervision therein; and

(b) Perform all the works stipulated and required under this Agreement.

The DESIGNER/CONTRACTOR shall secure the Permits and Licenses

(Building Permits, Occupancy Permits and other Incidental Permits) required
by the City Building Official and other concerned internal offices of the Local
Government of Iloilo City at the expense of the OWNERS and subject to the
right of the OWNERS to examine the expenses incurred for said purposes and
the documentary proofs thereof.

ARTICLE 3. TERMS OF PAYMENT. - Payment for this Contract shall be based

on the following:

(a) Down Payment - Thirty Percent (30%) of the Total Contract Price, the
same to be paid on instalment basis depending on the actual dates of the
releases of the construction/housing loan or instalments thereof by the lending
Bank;

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(b) Progress Billings - based on Actual Accomplishments, subject to
submission by the CONTRACTOR of the true and accurate Accomplishment
Reports and subject to confirmatory site inspection by the OWNERS; and

(c) Retention - Five Percent (5%) of the Total Contract Price to be released
upon Turn-Over to the OWNERS of the Finished Project and the Occupancy
of the Office Building by the OWNERS.

ARTICLE 4. EXCLUSIONS. - The OWNERS-supplied materials such as

Lighting Fixtures, Air Conditioning Units, Water Tank, Fence, WI-FI, CCTV, Cable
TV, Telephone, Furniture, and the like are excluded from the obligations of the
DESIGNER/CONTRACTOR under this Agreement.

All Items and/or Materials which are not indicated in the Design, Drawing Plans, or
Contract Documents and which are not discussed, approved and signed by the
parties to this Agreement shall be excluded from their respective obligations.

ARTICLE 5. CONTRACT AMOUNT. - The CONTRACT AMOUNT shall be

THREE HUNDRED NINE MILLION TWO HUNDRED FORTY-FOUR
THOUSAND SEVEN HUNDRED FIFTY-NINE AND FORTY-TWO
HUNDREDTHS (P 309, 244, 759.42).

The OWNERS shall pay the CONTRACTOR for the entire performance and supply
of the works, labor, services, materials, machinery and equipment stipulated in this
Agreement in accordance with the agreed schedule of payment stipulated in the
Article 3 of this Agreement.

The CONTRACTOR hereby guarantees and warrants the stability, strength and
structural integrity of the subject ten (10)-storey Mixed Residential/Commercial
Building within the period mandated by the Civil Code of the Philippines and other
applicable building laws, rules and regulations.

The OWNERS shall not incur any expenses above and beyond the aforementioned
agreed contract amount, except for the additional or extra works or changes that
may be required and authorised in writing by the OWNERS and consented to in
writing by the CONTRACTOR.

ARTICLE 6. DEFECTIVE WORKS AND MATERIALS. – All defective works

discovered by the OWNERS in the course of the construction until the date of
occupancy shall be promptly made good, repaired, remedied, restored, corrected and
rectified by the CONTRACTOR at its expense within seven days from such
discovery or within such reasonable period as may be mutually agreed upon by the
parties, at the option of the OWNERS.

13
All unsuitable, sub-standard, and poor-quality construction materials and works
shall be rejected by the OWNERS and the CONTRACTOR and shall be promptly
made good, remedied, corrected, rectified, and replaced by the CONTRACTOR at
its expense, notwithstanding that such works and materials were overlooked by
the OWNERS.

If the work or any part thereof shall be found to be not in conformity with the
agreed specifications, the CONTRACTOR shall forthwith remove and replace
such materials to comply with the agreed specifications.

All materials and workmanship are guaranteed by the CONTRACTOR for a

period of six (6) months from the date of the turn-over of the construction
project.

As stated in Article 6 of this Agreement, the CONTRACTOR hereby guarantees

and warrants the structural stability, strength and integrity of the subject ten
(10)-storey Mixed Residential/Commercial Building within the period mandated by
the Civil Code of the Philippines and other applicable building laws, rules and
regulations.

ARTICLE 7. THIRD PARTY LIABILITY; and CONSTRUCTION ALL

RISKS INSURANCE. - The OWNERS shall be held free and harmless from any
and all civil and criminal liabilities and from any and all legal, administrative,
judicial and extrajudicial claims, demands, suits or actions by the Construction
Workers, Staff, Personnel and Agents of the CONTRACTOR, by any and all Third
Parties and Entities, whether natural or juridical, and by any and all concerned Local
and National Government Agencies arising from, caused by, by reason of, or due to
the construction of the subject residential building, such as, but not limited to:

(a) Salaries, Wages, Allowances and Workers Benefits, as required by

applicable labor laws,
(b) Overtime pays, as required by applicable labor laws,
(c) Holiday pays, as required by applicable labor laws,
(d) Service incentive leaves, as required by applicable labor laws,
(e) Any and all other mandatory and existing leaves mandated and required by
applicable labor laws, rules and regulations,
(f) Thirteenth month pays, as required by applicable labor laws,
(g) Compensations for Injury or Death of the Construction Workers, Staff,
Personnel and Agents of the CONTRACTOR, pursuant to applicable laws, rules and
regulations and/or by equity and natural justice,
(h) Compensations for any and all Injury or Death caused to and sustained by
any and all Third Parties or Entities, pursuant to applicable laws, rules and
regulations and/or by equity and natural justice,

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(i) Premiums for the coverage of the Construction Workers, Staff, Personnel
and Agents of the CONTRACTOR under the Social Security System (SSS),
PHILHEALTH, and PAG-IBIG, and other relevant labor legislations, payable by the
CONTRACTOR to the Government, pursuant to applicable laws, rules and
regulations and/or by equity and natural justice,
(j) Any and all Income and Other Kinds of Taxes of whatever nature and kind,
as well as any and all administrative and regulatory fees and charges of whatever
nature and kind, payable by the CONTRACTOR to the Local and/or National
Governments, pursuant to applicable laws, rules and regulations and/or by equity
and natural justice, and
(k) Any and all other legal or financial obligations of whatever nature and kind
not mentioned above which are payable by the CONTRACTOR to the Local and/or
National Governments pursuant to applicable laws, rules and regulations and/or by
equity and natural justice.

All of the aforecited items shall be for the sole account of and shall be the exclusive
duty, responsibility, liability and obligation of the CONTRACTOR.

The OWNERSs shall not be held liable for any and all of the aforecited obligations
or liabilities of the CONTRACTOR.

The OWNERS shall not be held liable for any and all liens and encumbrances
which the CONTRACTOR might incur from any and all third parties or entities
arising from the supply of materials, labor, or services rendered for the project.

The CONTRACTOR shall secure a CONSTRUCTION ALL RISKS

INSURANCE at its own expense for the benefit of and to secure, assure and
protect the OWNERS, as the assured party, from any and all claims, risks, suits,
actions and demands by any and all persons or entities arising from, by reason of,
caused by, and due to the subject construction activities.

The said CONSTRUCTION ALL RISKS INSURANCE shall be secured by the

CONTRACTOR prior to or at the latest within seven days from the date of the
execution of this Agreement.

The CONTRACTOR shall furnish the OWNERS the original copies or duplicate
original copies or certified true copies of the said CONSTRUCTION ALL RISKS
INSURANCE and any and all of its related documents, memoranda, records,
papers, instruments, vouchers, official receipts and other proofs of payment of the
premiums thereof, the proofs of the execution and perfection of the said Insurance
Contract, and the like, prior to or at the latest within seven days from the date of the
execution of this Agreement.

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ARTICLE 8. CHANGES AND ADDITIONS. - In the event additional or
revised works not shown or indicated in the approved Design and Contract
Documents are required or ordered by the OWNERS, such additional or revised
works required or ordered by the OWNERS shall be communicated in writing by
the OWNERS to the CONTRACTOR through written change orders or
memoranda for mutual discussion, approval and documentation and signing
thereof by the parties to this Agreement.

All mutually discussed, approved, documented and signed change orders or

memoranda, including any and all deletions and omissions, shall state the
AGREED COSTS of the additional, revised, deleted or omitted works.

Such agreed costs may or may not result in the upward or downward adjustments
of the agreed Contract Price stipulated in Article 5 of this Agreement.

The change orders or memoranda shall indicate any and all agreed TIME
EXTENSIONS that the additional or revised works would entail.

All agreed costs shall be based on the prevailing market prices at the time the
change orders or memoranda are mutually approved and signed by the parties to this
Agreement.

The specific amounts of the labor costs shall be indicated in the approved and
signed change orders or memoranda.

The CONTRACTOR shall be entitled to an amount equivalent to fifteen percent (15

%) of the total of the agreed costs to cover his profit margin and overhead expenses.

No change orders or memoranda shall be implemented without the prior mutual

discussion, approval and signature by and between the parties.

ARTICLE 9. TIME OF COMPLETION. - The CONTRACTOR warrants that

the construction of the subject Project shall be completed within SEVEN
HUNDRED FIFTY (750) working days, excluding Sundays & Holidays,
counted (a) from the date of the issuance of the Building Permit and other
Related Licences by the City Building Official and other concerned internal offices
of the Local Government of Iloilo City or (b) from the date the Site is ready for
construction as mutually determined by the parties -- whichever comes later.

ARTICLE 10. SAFEGUARDS. - The CONTRACTOR shall provide safeguards,

facilities, equipment and personnel for the full protection and safety of the
construction site and its entire premises and the safety and protection of the general
public, pursuant to the standard and/or acceptable norms and practices in the

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Construction Industry and/or as may be mandated by applicable laws, rules and
regulations.

The CONTRACTOR shall be solely responsible for and shall forever hold the
OWNERS free and harmless from and against any and all obligations, liabilities,
damages, losses, expenses, judgments, court costs or costs of suit, attorney's fees,
litigation expenses, demands, payments, suits, actions recoveries, decrees,
executions and claims of whatever nature, kind and description brought,
commenced, instituted and/or recovered against the CONTRACTOR and/or jointly
against the OWNERS as the co-defendants of the CONTRACTOR (a) by any and
all builders, agents, servants, laborers, employees or representatives of the
CONTRACTOR and/or (b) by any and all injured or aggrieved persons, parties
and/or entities arising from, by reason of, due to, and/or caused by the construction
of the subject residential building.

The CONTRACTOR shall be solely responsible for and shall exclusively bear any
and all costs and expenses caused by any and all losses, damages, accidents, torts,
wrongful acts, crimes or felonies, deaths, injuries, and fire sustained by his laborers
or workers, staff, personnel, representatives and agents and/or by any and all Third
Parties and Entities arising from or in connection with the execution of the works
and services stipulated in this Agreement.

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ARTICLE 11. ESCALATION CLAUSE NOT APPLICABLE. - It is agreed that
the Contract Price stated in Article 5 of this Agreement is final and fixed.

It is not subject to escalations or increases in the amounts, rates and valuations of

any and all taxes, licenses, permits, materials, inflation, deflation, and/or
devaluation of the Philippine Currency.

However, in the event of new government-mandated increases in the minimum

wages of laborers issued subsequent to the date of the execution of this Agreement,
the necessary adjustments shall be made by the parties to comply therewith.

The said adjustments shall be subject to the mutual discussion, agreement, consent
and written approval by the parties prior to the implementation thereof.

Carl Vincent Mauricio, Mark Anthony Diesto.

Carl Vincent Mauricio BABY BOYS CONSTRUCTION

Owner Designer/Contractor

By:

Mark Anthony Diesto

Manager

WITNESSES:

_Carl Vincent Mauricio________ ___Mark Anthony Diesto____

(OWNER) (CONTRACTOR)

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 ACKNOWLEDGMENT

BEFORE ME in Jaro, Iloilo, Philippines on this 25th day of March 2024 personally
appeared:

Janiel Cantel;
Jeff Española;
Kean Palermo; and
Vince Naorbe

who are known to me and to me known to be the same persons who executed the
foregoing Construction Agreement consisting of nineteen (19) pages, including the
page on which this Acknowledgment is written, which Construction Agreement is
signed by the above named parties on the margin of each page thereof, and who
acknowledged to me that the same is their free and voluntary act and deed.

WITNESS MY HAND AND SEAL on the date and place first above written.

Notary Public

Doc. No. _____

Page No. _____
Book No. _____
Series of 2024.

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