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By submitting bids, the prospective bidders are considered to have become familiar, and are ready to comply with all existing laws, decrees, ordinances, acts and regulations of the Philippines that in any manner may affect or apply to the operations and activities of the Contractor or his Sub-Contractors under the Contract, or in connection therewith. However, in cases where the cost of the awarded contract is affected by any applicable new laws, decrees, ordinances, regulations and other acts of government promulgated after the date of the bidding, a contract price adjustment shall be made or appropriate relief shall be applied on a no loss - no gain basis provided such is not covered by the provisions on price escalation hereof. Contractor shall be the employer of the personnel which he will utilize for the performance of the Contract Work and he shall be obliged to comply with the labor laws of the Philippines.