The Management Board of TORPOL S.A. (Issuer, Company), informs that on February 21, 2018, it concluded with PKP Telkol Sp. z o.o. (formerly: PKP Budownictwo sp. z o.o., and hereafter also as a Subcontractor) a subcontracting agreement for the performance of a part of construction works in the field of teletechnics and telecommunications comprising the Issuer's activities carried out on behalf of PKP PLK S.A. (Investor) construction works under tender No. 2 - Modernization of the Trzebinia - Krzeszowice section, therefore the total value of subcontracting contracts concluded with the Subcontractor amounted to approx. PLN 41 million net. Br> The aforementioned value consists of the remuneration payable to the Subcontractor for preparation of the subject a subcontracting contract in the amount of approx. PLN 14 million net, as well as a remuneration of approx. PLN 27 million net for the performance of a part of construction works in the field of teletechnics and telecommunications consisting of construction works carried out by the Issuer for the Investor as part of the task titled "Designing and execution of works under the project entitled" Works on the railway line No. 219 on the section Szczytno - Ełk ". Br> The deadline for the execution of works covered by the above-mentioned subcontracts has been agreed on the basis of the deadlines for individual works indicated in agreements concluded between the Issuer and the Investor and are generally convergent with them. The warranty period for quality and warranty for defects is br> 72 months. br> Agreements provide for the option of charging contractual penalties in the event of untimely performance of their subject, unsecured / improper security for proper performance of contracts, while the limit of contractual penalties has been limited to 30% of the total value of liabilities.The payment of the contractual penalty does not deprive the Investor of the right to claim damages exceeding the amount of the contractual penalty under general rules. br> Other terms of subcontracts concluded with Subcontractors, including in the scope of their securing and the option of withdrawing from or terminating them, do not differ from those commonly used for this type of contract. br>
Automatic translation of the announcements.