Section 10
SEC. 10. As a condition of the granting of this permit, the grantee shall execute a bond in favor of the Government of the Philippines in the sum of fifty thousand pesos, in form and with sureties satisfactory to the Secretary of Public Works and Communications or other competent authority, conditioned upon the faithful performance of the grantee's obligations hereunder during the first three years of the life of this permit. If after three years from the date of the acceptance of this permit, the grantee shall have fulfilled the same, the bond aforesaid shall be cancelled by the Secretary of Public Works and Communications or other competent authority.