25439 of August 27, 1996, Regulation to Law 6758, Law for the Development and Execution of the Papagayo Gulf Tourist Project, so that it reads as follows:
"Article 16.—The awardees of concessions, whether by competition or by assignment of rights, except in the case of awardees resulting from a process of execution of a guarantee on a concession without interest in its development, shall provide in favor of the ICT a performance guarantee that supports 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 for them. The respective determination shall be made by the Executive Directorate once the project to be executed is approved.
By way of exception and with prior approval of the Board of Directors, it shall be possible to temporarily adjust the performance guarantee to 1%, when the execution of the project to which the concessionaire has contractually bound itself becomes materially impossible due to the occurrence of supervening circumstances not attributable to the concessionaire, which must be reliably demonstrated by the concessionaire and verified by the Executive Directorate, according to the procedure approved by the Governing Council of the Papagayo Gulf Tourist Project.
At the moment the supervening circumstance ceases, as timely communicated by the concessionaire or verified by the Executive Directorate, the performance guarantee must be adjusted to 5% within a period not exceeding 30 business days from the adjustment notification made by the Executive Directorate.
It is an obligation of the concessionaire to maintain the performance guarantee in force as long as they have not fulfilled all the development obligations that have been approved. Performance guarantees, when provided through instruments issued for that purpose, may have a validity period shorter than the term of the development stage being guaranteed, but they must be renewed in a timely manner before their expiration. If one business day before the expiration of the guarantee, the concessionaire has not extended its validity, the ICT may execute it on a preventive basis and keep the funds in an account under its custody, which shall serve as a compensatory means in the event of non-compliance.
Partial return of the performance guarantee may occur at the request of the concessionaire and by express approval of the Governing Council, after technical analysis by the Executive Directorate. The partial return may be granted only once after reaching at least 50% progress of the works of the stage being supported and shall be in proportion to the compliance with the executed works. For the partial return of the performance guarantee, the concessionaire must reliably demonstrate the progress of the works, which must coincide with the approved work schedule, providing a Work Progress Table that includes the investment made and its percentage, accompanied by a simple sworn statement affirming the veracity of the data recorded.
The final return of the performance guarantee shall be approved by the Governing Council, supported by the technical report of the Executive Directorate on the complete fulfillment of the guaranteed obligations, and shall not exceed a period of 60 calendar days, unless a technical or legal criterion justifies a delay in such return.
In the event of non-compliance attributable to the concessionaire, the ICT may initiate the procedure for executing said guarantee within the period of ten business days following the decision that firmly declares the non-compliance. The execution of the performance guarantee does not exempt the concessionaire from indemnifying the ICT for damages and losses not covered by that guarantee.
As performance guarantees, only those indicated in the Administrative Contracting Law, Law No. 7494 of May 2, 1995 and its Regulation shall be accepted."