Tag: Simplified
Simplified Procedure for confirmation of Bank Guarantees of Foreign Banks in Capital Acquisitions under Defence Acquisition Procedure (DAP)- 2020
The Acquisition wing of Ministry of Defence has promulgated a Standard Operating Procedure (SOP) to facilitate clarity in procedure to be followed by the Buyer in respect of Bank Guarantees (BGs) submitted by the bidders from international banks. This will facilitate timely conclusion of contracts in procurement cases involving BGs from foreign banks. For BGs from international banks, DAP provides right to the Buyer to seek confirmation of the BG from an Indian Bank, where required, at bidder’s cost. A SOP has been issued on the steps to be followed by the Buyer for seeking advice of SBI, Parliament Street ... Read more