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Central Government Amends GFRs Permitting Payment of 75% Arbitral Amount to Contractors - (10 Nov 2021)

ARBITRATION

Central Government has amended the General Financial Rules, 2017 (GFRs), followed by the government departments and agencies, to give effect to a Cabinet decision permitting these entities to pay 75% of arbitral amount to contractors in the construction sector against bank guarantees in cases where the entities have challenged the arbitration awards.

Tags : CENTRAL GOVERNMENT   PAYMENT OF ARBITRAL AWARD TO CONTRACTORS  

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