Representative Image
Representative Image

Requirement of 'Performance Security' for 'Development Contracts' by DRDO, ATVP waived

ANI | Updated: Sep 24, 2020 17:02 IST


New Delhi [India], September 24 (ANI): As another measure to support industry, the requirement of "Performance Security" for "Development Contracts" by Defence Research and Development Organisation (DRDO) and Advanced Technology Vessel Project (ATVP) has been waived as per approval of Defence Minister, said Ministry of Defence.
The Ministry stated, this will apply to development contracts only, as defined in para 12.5 of DRDO Procurement Manual, PM 2016, as amended.
"However, Warranty Bond would continue to be obtained from successful development partner to cover DRDO/ ATVP interest during the warranty period," Defence Ministry stated.
"It'll be applicable for all RFPs issued in respect of development contracts after the date of issue of this amendment. Ongoing cases of development contracts in which RFP/contract already been issued may continue to be regulated as per provisions in issued RFP/contract," the Ministry added. (ANI)

Loading...
iocl
iocl