You must provide security in the amount and form specified in the contract particulars schedule, which will either be:

• bank guarantee (unconditional and with no expiry date); or
• Manteena will withhold retention moneys (usually at a rate of 10% per payment) until the security amount is reached.

Security is usually 5% of the Contract Price (and may be increased if variations result in a substantial increase to the Contract Price

Release of security

Manteena will release security when the contract has satisfied its obligations in two stages being:

• 50% of the security Date of Practical Completion under the head contract; and
• balance of security with the Final Payment after Defects Liability Period has ended.