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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