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

The New India Assurance Co.Ltd.PROPERTY CELL/HO/2006/NKS/HO-2/2578 th August 2006.ALL RO’SKind Attn.: Deputy Gen. Mgr./ Chief Regional managerRe : Leasing of premises for our offices.After carefully reviewing the recent trend as regards payments being made by us under the headof rent advance / security deposit, for leasing of premises for our use as offices all over, theManagement has decided that in future no payment of rent advance / security deposit will bemade as has been the prevalent practice upto now. However where such advances have alreadybeen paid the existing arrangements may continue till the time of vacation.Please also note that in future this condition is to be incorporated in the advertisement itself, orwhere the exercise is on a “search & select basis”, it is to be made aware to the prospectivetenderers to ensure that all bidders / tenderers are aware of this clause while making their offer inwriting as part of the terms offered for their premises. In case any landlord wants any rent advancethat should be at the prevailing bank rate of interest.If however, due to certain specific circumstances / reasons the tenderer insist on rent advancewithout interest to be paid then the reason for such a deviation are to be recorded with therecommendations of the Regional In-charge for consideration of the Competent Authority at HeadOffice.Please note that the above guidelines come into force with immediate effect.Kindly ensure strict compliance.GENERAL MANAGER68 MANUAL ON PROPERTY