25439 of 27 August 1996, the Regulation of the Law for the Development and Execution of the Golfo de Papagayo Tourist Project, is amended to read as follows:
"Article 16.—Awardees of concessions, whether by tender or by assignment of rights, except in the case of awardees resulting from a process of bond enforcement against a concession without interest in its development, must provide in favor of ICT a performance bond (garantía de cumplimiento) to secure the execution of their projects, of five percent (5%) of the estimated value of each stage of the project to be carried out that has been approved. The respective determination shall be made by the Executive Directorate once the project to be executed is approved.
It is an obligation of the concessionaire to maintain the performance bond (garantía de cumplimiento) in force as long as it has not fulfilled all the development obligations that have been approved. Performance bonds, when provided by means of instruments issued for that purpose, may have a term shorter than the term of the development stage being bonded, but they must be renewed in a timely manner before their expiration. If one business day before the expiration of the bond, the concessionaire has not extended its term, ICT may enforce it preventively and keep the money in an account under its custody, which will serve as a compensatory means in the event of non-compliance.
The partial return of the performance bond (garantía de cumplimiento) may occur upon request of the concessionaire and by express approval of the Board of Directors, after prior technical analysis by the Executive Directorate. The partial return may occur only once after reaching at least 50% progress on the works of the stage being secured and will be in proportion to the completion of the works executed. For the partial return of the performance bond, the concessionaire must reliably demonstrate the progress of the works, which must be consistent with the approved work schedule, by providing a Work Progress Table that includes the investment made and its percentage, accompanied by a simple sworn statement affirming the truthfulness of the data recorded.
The final return of the performance bond (garantía de cumplimiento) shall be approved by the Board of Directors with the support of the technical report from the Executive Directorate on the full compliance with the obligations secured and shall not exceed a period of 60 calendar days, unless technical or legal criteria are justified for a delay in such return.
In the event of non-compliance attributable to the concessionaire, ICT may initiate the procedure for enforcement of said bond within the period of ten business days following the resolution that declares the non-compliance final. The enforcement of the performance bond does not exempt the concessionaire from compensating ICT for damages and losses not covered by that bond.
As performance bonds, only those indicated in the Administrative Contracting Law, Law No. 7494 of 2 May 1995, and its Regulation, will be accepted."