COMELEC Press Releases

2010 NATIONAL AND LOCAL ELECTIONS

CONTRACT FOR THE PROVISION OF AN AUTOMATED ELECTION SYSTEM FOR THE MAY 10,2010 SYNCHRONIZED NATIONAL AND LOCAL ELECTIONS

Date: 14 July 2009

ARTICLE 24
JOINT AND SEVERAL LIABILITY


24.1 TIM and SMARTMATIC bind themselves jointly and severally for all the obligations and all liabilities that might arise out of this Contract, and so the PROVIDER, TIM and SMARTMATIC commit to be solidarily liable individually or in combination for the entire obligation.

The stockholders of the PROVIDER shall not, for the duration of the Project and until December 31, 2010, transfer their shares of stock in the PROVIDER to any third party without the express written consent of COMELEC, which consent shall not be unreasonably withheld.

TIM and SMARTMATIC guarantee to COMELEC that they shall not, for the duration of the Project and until December 31, 2010, transfer or issue shares or interests in their respective companies to any political party or candidate in the Philippines. Any transfer referred to in this paragraph shall be immediately disclosed to COMELEC.

IN WITNESS HEREOF, the parties, acting through their duly authorized representatives hereby sign this Contract this 10th day of July 2009 in the City of Manila, Philippines.

- Signature page follows -

COMMISSION ON ELECTIONS SMARTMATIC TIM CORPORATION
By: By:
Sgd. JOSE A. R. Melo Sgd. JUAN C. VILLA, Jr.
Chairman Chairman of the Board
   
With our approval and conformity With our approval and conformity
   
SMARTMATIC INTERNATIONAL CORPORATION TOTAL INFORMATION MANAGEMENT CORPORATION
   
By: By:
Sgd. ARMANDO R. YANES Sgd. SALVADOR P. AQUE
Chief Financial Officer Senior Vice President

 
Article 23 Table of Contents    

Updated:09.29.09 SMBR