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

The New India Assurance Co.Ltd.L-I within the sanctioned limit either by deleting execution of some items or by reducing thequantum of some items.Further, no other works should be included along with this tender except for those extra items.MODE OF PAYMENT :For all major works in absence of any specific terms & agreement , following will apply: -(1) First R-A Bill equivalent to 30% when 50% work had been executed.(2) Second R-A Bill equivalent to 30% when 80% work had been executed(3) Third R-A Bill equivalent to 30% when 100% work had been executed(4) Fourth R.A/Final Bill the balance less 5% after verification and Release of SecurityDeposit.(5) 5% retention money to be released after 3/6/9/12 months.Tenders should not be invited without obtaining administrative approval, financial sanction ofthe competent authority for the estimated cost.The estimated cost should include actual cost for the estimated quantum of items at the prevailingmarket/estimated rates with provision of 15% contingency and 6% towards professional charges.Thus, all sanctions will be about 21% more than the actual estimated cost. The cost put to tenderwill be the actual estimated cost.The tender should not be issued unless a competent professional in the field has technicallyapproved the proposal.In case the Company has on its own the competent professional in the field, he will approve thetender. In case they do not have such expertise, they should hire the services of a professional.Normal execution of major works is subject to obtaining approval of the local statutory authoritieslike the Municipal Corporation, Development Authorities etc.The details for obtaining such approvals will have to be submitted by licensed/registeredengineers/ cost has been certified as most realistic. For according approval for work with anydeviation so far as mode of payment is concerned G.M. shall be the Competent Authority.MANUAL ON ESTATE & ESTABLISHMENT117