Upon OWNER’s notification that he has issued the PROVISIONAL ACCEPTANCE CERTIFICATE, CONTRACTOR shall provide to OWNER performance bonds in form of bank guarantees equivalent to 10% of the foreign currency fixed portion of the OVERALL CONTRACT PRICE in favour of OWNER. The bank guarantees will be issued by a first class international bank for the foreign currency portion. The performance bonds will come into force upon the PROVISIONAL ACCEPTANCE CERTIFICATE DATE. The wording of the bonds is laid down in Annexure E.