CTR-2024-0131Page 1 of 4
Dammam Logistics Hub Construction Contract
Between Horizon Logistics Services Company ("First Party") and Nesma & Partners Contracting Company ("Second Party")
Made in Riyadh
1.Parties and definitions
This Agreement is made between the First Party and the Second Party, "Nesma & Partners Contracting Company", and its words and expressions carry the meanings set against them.2.Subject of the Agreement
Nesma & Partners is designing and building Horizon's Dammam logistics hub on a 62,000 m² plot for SAR 47,600,000 over 36 months, through monthly progress claims with 10% retention. A 10% performance bank guarantee applies, with delay penalties capped at 10% of value. High risk: 3 variation orders have raised the value by 7% and the project is 6 weeks behind schedule.3.Term
This Agreement runs from 1 June 2024 to 31 May 2027 and may be renewed by written agreement of both parties.4.Fees and payment
The First Party pays a total of SAR 47,600,000 exclusive of VAT; each amount falls due within 30 days of receipt of a valid e-invoice through the Fatoora platform.5.Confidentiality
Each party keeps confidential the information it receives for the term and for 5 years after it ends.6.Limitation of liability
Each party's aggregate liability shall not exceed the amounts paid in twelve (12) months; the cap does not apply to fraud or a breach of confidentiality.7.Termination
Either party may terminate on a written notice logged in the system of 45 days' written notice, or at once on a material breach by the other not remedied within thirty (30) days.8.Governing law
This Agreement is governed by the laws of the Kingdom of Saudi Arabia, with the Civil Transactions Law applying where it is silent; the courts of Riyadh have jurisdiction over any dispute.
First Party
Horizon Logistics Services Company
Signature and seal
Second Party
Nesma & Partners Contracting Company
Signature and seal