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

The New India Assurance Co.Ltd.A nominal panel money deposit is a ‘must’. So long the contractor is on the panel, the deposit willremain with the company.The panel money deposit will be : Rs.10, 000/- for works upto Rs.15 lacs and Rs. 25,000/- forworks more than Rs. 15 lacs but less than Rs. 1 crore.Either on account of withdrawal by the contractor or on account of removal of the contractor fromthe panel, the deposit should be refunded.If the contractor has been removed from the panel on account of improper execution or extremelydelayed execution or misbehavior during the execution, such contractors will be blacklisted andwould not be entitled for any future empanelment and 50% of their deposit will be forfeited.However, before blacklisting such contractors should be given an opportunity to plead their case.For such disputes CRM/DGM/GM will be the final authority.Further, names of such blacklisted contractors shall be informed to all other regions for takingappropriate action.Public Tender: For all works costing more than Rs.15 lacs, public tender notice is a ‘must’. Thepublic tender could be a detailed notice displayed in the office with a brief publication in thenewspaper or detailed publication in the paper itself. Even if the notice is displayed on the website of the company, brief notification in the newspaper is a ‘must’.The brief notice must necessarily provide basic essential information about the work such asnature of work, cost of work, location of work, time limit for the work, date of issuing of tender, lastdate for receipt of tender and validity period of the rates quoted and the Company’s RIGHT toAccept/Reject any tender without assigning any Reason.The intending contractors should be guided, advised and permitted to inspect the site verythoroughly.Tenders notified must appear in the local newspapers covering jurisdiction of the region in English,in Hindi and in local/Regional language.The tender box must carry a label showing details: name of work, opening date, closing date/closing hours.Tender box must be closed/labeled/sealed immediately after the closing hours on the closingdate by the officer.Tenders should be opened preferably in the presence of bidders.110 MANUAL ON ESTATE & ESTABLISHMENT