Withdrawal from the contract

The Management Board of Polimex-Mostostal S.A. (hereinafter referred to as “the Company”) informs that today, i.e. on 21.01.2013 the Company has withdrawn from the contract with Świecie Municipality (“the Ordering Party”) no. 272/2/2011/E11171 of 26.07.2011 for execution of construction and technical works inclusive of design for the assignment under the name: “Construction of Inter-Municipal Complex for municipal waste treatment for Świecki and Chełmiński poviats in Sulnówek”.

The value of the contract amounted to PLN 34 500 000.00 (in words: PLN thirty four million five hundred thousand 00/100) plus VAT in the amount of: PLN 7 935 000.00 (in words: PLN seven million nine hundred thirty five thousand 00/100), which in total constitutes the gross amount of PLN 42 435 000.00 (in words: PLN forty two millions four hundred thirty five thousand 00/100).

Withdrawal from the contract by the Company occurred pursuant to the Art. 6494 § 1 of the Civil Code in relation to failure to receive by the Ordering Party a payment guarantee, required by the Company, by the indicated period of 45 days, which expired on 12.01.2013. With reference to the content of Art. 6494 § 1 of the Civil Code, the withdrawal occurred by fault of the Ordering Party effective as of the day of withdrawal.