Daewoo E&C Submits Completion Guarantee Letter for Gaepo Reconstruction Bid

Daewoo E&C announced on the 19th that it has submitted a completion guarantee letter regarding the Gaepo Woosung 7th Reconstruction Project, for which bidding is currently underway. The company explained that the letter stipulates that, except in cases of natural disasters or war, construction cannot be halted under any circumstances and the completion deadline will be met.

There have been cases where redevelopment projects could not proceed properly due to rising construction costs and other factors. To prevent such issues in advance, the company submitted this guarantee letter. The letter also states that if the terms are not fulfilled, Daewoo E&C will not only pay the delay penalties or damages stipulated in the contract, but will also compensate the association for any financial costs incurred by the contractor or financial institutions as a penalty for breach of contract.

A Daewoo E&C representative said, "Although the completion guarantee letter was an optional document at the time of bidding, we submitted it to demonstrate the company's commitment to keeping its promises no matter what."

Aerial view of Summit Pranity proposed by Daewoo E&C to the Gaepo Woosung 7th Reconstruction Association. Provided by Daewoo E&C

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