Republic Acts1 min read
Section 9Sec./Art. 9
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Bond. If the grantee is not yet operational, the grantee shall file a bond issued in favor of the National Telecommunications Commission, which shall determine the amount, to guarantee the compliance with and fulfillment of the conditions under which this franchise is granted. If after five (5) years from the date of the approval of its permit by the Commission, the grantee shall have fulfilled the same, the bond shall be cancelled by the Commission. Otherwise the bond shall be forfeited in favor of the government and the franchise ipso facto revoked.
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