Kamis, 01 Agustus 2013

Premium Adjustment Clause


The Premium having been calculated on information provided by or on behalf of the ASSURED, the Principal Assured shall notify the Insurers of :

the final contract value of the Project upon termination or within 6 months of termination or initial/provisional acceptance
the dates upon which construction period shall have been terminated or shall have been completed.

Upon declaration by the ASSURED as above, the earned premium shall be calculated and the ASSURED shall pay such additional premium or receive such refund premium as may be due within 60 days after the premium adjustment agreed by Lead Insurers and ASSURED.
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