Gwangsan-gu, Gwangju Metropolitan City announced on the 17th that as part of a comprehensive plan to revitalize public welfare, it will expedite the issuance of government-funded construction projects to prevent summer leakage damage in district office buildings and expand orders to local construction companies.
For district office buildings that are old or require repairs due to flooding damage in summer, waterproofing work will be promoted early before the summer season, including crack reinforcement and rooftop waterproofing to prevent leakage damage. The project scale is expected to be up to approximately 150 million KRW.
Along with early issuance, Gwangsan-gu has decided to expand orders to local companies to revitalize the stagnant local construction industry. It plans to alleviate liquidity crises for local companies and promote economic revitalization through proactive financial execution, such as expanding the advance payment range for ongoing government-funded construction projects to over 50%.
Additionally, Gwangsan-gu will ease the contract performance guarantee system to reduce the financial burden on local companies when signing contracts for construction, services, and supplies. Previously, a contract performance guarantee bond was required for contracts over 10 million KRW, but starting this month, the threshold has been raised to 22 million KRW.
Gwangsan-gu expects that the eased contract performance guarantee system will reduce the cost burden of issuing guarantee bonds for local companies.
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