Property_Manu - Final - The New India Assurance Co. Ltd.

The New India Assurance Co.Ltd.(xviii) Panel :List of selected agencies for execution of works, based on prequalificationcategorywise, fieldwise, locationwise, having paid one time deposit of Rs.5000/-.The deposit without earning any interest will remain with the company so long asthe agency is retained on the panel.The panel could be for:1. Execution of original works2. Execution of repairs/ replacements/ additions/ alternations works3. Maintenance and repairs works4. Disposal of surplus items-scrap dealers/ buyers5. Stationery suppliers6. Printers7. Any service provider8. Professional advisers / consultants9. ArchitectHigher category panel agencies can be utilized for execution of lower categoryworks.xix. Retention Money :5% of the final bill is retained by the Company for a period of 3/6/9/12 monthsdepending on the nature of work. The defect liability period is to be decided by thedepartment depending upon the nature of work executed.On completion of satisfactory performance period the retention money is released.xx. Time Limit :Time Limit is the period allowed to the agency for execution of work. Time limit isthe period between the issue of work order/lineout/handing over site and takingover the site on satisfactory execution of work.xxi.Tender Cost : Cost of blank tender set.MANUAL ON ESTATE & ESTABLISHMENT101