Property_Manu - Final - The New India Assurance Co. Ltd.
Property_Manu - Final - The New India Assurance Co. Ltd.
Property_Manu - Final - The New India Assurance Co. Ltd.
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<strong>The</strong> <strong>New</strong> <strong>India</strong> <strong>Assurance</strong> <strong>Co</strong>.<strong>Ltd</strong>.No.05-04-1-CTE-8Government of <strong>India</strong>Central Vigilance <strong>Co</strong>mmission(CTE’s Organization)Satarkta BhavanINA <strong>Co</strong>lony,<strong>New</strong> Delhi – 110023Dated : 8.6.2004OFF.ORD.NO.40/06/04OFFICE MEMORANDUMSub : Mobilization Advance.In order to address the problem of misuse of mobilization advance provision in the civil & otherworks, the <strong>Co</strong>mmission had issued an O. M. dated 8.12.97 for grant of interest bearing ‘MobilizationAdvance’ in selected works. In view of references from certain organizations on this issue, the<strong>Co</strong>mmission has reviewed the issue & it has been decided to modify & add the following provisionsin the existing O. M. This may be read as addendum to the <strong>Co</strong>mmission’s O. M. dated 8.12.97.· If the advance is to be given, it should be expressly stated in the NIT / Bid Documents,indicating the amount, rate of interest & submission of BG of equivalent amount.· <strong>The</strong> advance payment may be released in stages depending upon the progress of thework & mobilization of required equipments etc.· <strong>The</strong>re should be a provision in the contract for adjustment of advance progressively evenas the bills are cleared for payment.<strong>Co</strong>py to :-All CVO’s : Ministers/Departments/PSU/Banks/UTs( Gyneshwar Tyagi )Technical Examiner( Gyneshwar Tyagi )Technical Examiner70 MANUAL ON PROPERTY
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