FinMin issues draft scheme for settling disputes related to govt contracts

For ongoing litigation where physical activity in the disputed contract is ongoing, the settlement amount would be 20 per cent of the net claim amount -- claims by the contractors minus counter-claim by the procuring entity. In cases where the total claim amount exceeds Rs 500 crore, the procuring entities will have an option not to accept the settlement request of the contractor, as per the draft scheme.

Disclaimer : Mytimesnow (MTN) lets you explore worldwide viral news just by analyzing social media trends. Tap read more at source for full news. The inclusion of any links does not necessarily imply any endorsement of the views expressed within them.