The finance ministry on Wednesday circulated a draft scheme for settlement of pending disputes linked to authorities contracts. Below the ‘Vivad se Vishwas II’ (contractual disputes) scheme, contractors shall be offered settlement amounts relying on the plight of a dispute. In circumstances of disputes the build courtroom or arbitral narrate has been handed, the settlement amount shall be 80% or 60% of the amount awarded by the courtroom or the arbitral tribunal.
With admire to circumstances of ongoing litigation for disputes constructing out of contracts in which bodily project has been stopped or contracts terminated, the settlement amount would be 30% of the on-line claim amount.
For ongoing litigation the build bodily project within the disputed contract is ongoing, the settlement amount would be 20% of the on-line claim amount — claims by the contractors minus counter-claim by the procuring entity.
In circumstances the build the total claim amount exceeds ₹500 crore, the procuring entities will fill an option now to not gain the settlement set apart a query to of the contractor, as per the draft scheme.
On the replacement hand, the cause will must be recorded within the file by the procuring entities and must be licensed by the secretary of the spicy ministry/department or the CEO in case of a public sector project.
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