Interim EOT Determination
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I may be bit late to reply but, anyways.
Usually, the Performance Guarantee expiry may not necessarily on a specific date and may have been floating with the issuance of final taking over certificate plus the DLP. So, it may not need to be extended and eventually no extra cost for any extension. The wordings of the PG needs to be checked Carefully .
Same is not true with WC policy or any other insurance policies so, the question of extension is very much valid and cost of such extensions may be claimed in view of EoT.
Regards
Dear Francis,
The Performance Guarantee must be kept valid until the handing over of the works.
The cost of the extension can be decided based upon the EOT later on. The main idea is that the Contractor must keep it valid and then claim for the cost.
Kindly make sure that you read the conditions of contract carefully. If you are using a FIDIC contract, then PG is under clause (4/2).
With kind regards,
Samer