on works currently in progress and for future contract commitments. (iii) The audited balance Must meet requirement N/A Must meet N/A sheets or, if not required requirement by the laws of the Applicant’s country, other financial statements acceptable to the Employer, for the last [insert number] years shall be submitted and must demonstrate the current soundness of the Applicant’s financial position and indicate its prospective long-term profitability. Time period usually specified is 5 years; it may be reduced to three years minimum (in agreement with the Bank) under special country circumstances, such as to provide opportunity for a newly privatized construction industry with limited period of existence, but with suitable experience, etc. Firms owned by individuals and partnerships may not be required to maintain audited balance sheets by the laws of their countries of origin; in such cases, the Employer may relax the audit requirement, but should request other acceptable financial statements. 3.2 Average Minimum average Must meet requirement Must meet Must meet Must meet Form FIN 3.2 – Annual annual construction requirement [insert [insert number] Construction turnover of US$ [insert number] %, %, [insert Turnover amount in US$ [insert percentage in equivalent in and percentage in words] of the figures], calculated as words] of the requirement total certified payments requirement received for contracts in progress or completed, within the last [insert years, number] [insert number in words] years
on works currently in progress and for future contract commitments. (iii) The audited balance sheets or, if not required by the laws of the Applicant’s country, other financial statements acceptable to the Employer, for the last [insert number] years shall be submitted and must demonstrate the current soundness of the Applicant’s financial position and indicate its prospective long-term profitability. Must meet requirement N/A Must meet requirement N/A Time period usually specified is 5 years; it may be reduced to three years minimum (in agreement with the Bank) under special country circumstances, such as to provide opportunity for a newly privatized construction industry with limited period of existence, but with suitable experience, etc. Firms owned by individuals and partnerships may not be required to maintain audited balance sheets by the laws of their countries of origin; in such cases, the Employer may relax the audit requirement, but should request other acceptable financial statements. 3.2 Average Annual Construction Turnover Minimum average annual construction turnover of US$ [insert amount in US$ equivalent in and figures], calculated as total certified payments received for contracts in progress or completed, within the last [insert number] years, [insert number in words] years Must meet requirement Must meet requirement Must meet [insert number] %, [insert percentage in words] of the requirement Must meet [insert number] %, [insert percentage in words] of the requirement Form FIN – 3.2