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Contract Conditions

1.0 In general all the contracts entered into by ICF is governed by IRS Conditions of Contract and Special Conditions of contract wherever required.

2.0 The following conditions are generally stipulated in all the contracts entered into by ICF.

2.1 Description: The description quoted by the supplier should be will be clear and unambiguous.

2.2 Specification: The specification and drawing number will be clearly indicated by the supplier.

2.3 Quantity: The quantity required will be specific. In case of high value items a separate clause of variation in quantity on either side is provided.

2.4 Price: The supplier should quote firm price. Price Variation is permissible subject to reliable formula.

2.5 Taxes and Duties: The supplier should specify the rate of taxes and duties.

2.6 Modvat: The supplier should specify whether the Modvat benefit has been taken into account or not.

2.7 Delivery Period: A final delivery period will be stipulated.

2.8 Delivery Terms: The supplier should clearly indicate the terms of delivery such as Ex-Works, FOR/Station of Despatch, FOR/Destination.

2.9 Freight: Firm should indicate whether rate is inclusive of freight if not, the freight amount should be indicated.

2.10 Mode of Transport and Insurance: Should be borne by the firm.

2.11 Inspection: The mode of inspection and Inspection agency will be specified in the contract.

2.12 Payment Terms: Conditions for payment will be stipulated. In general 100% payment against receipt and acceptance is granted.

2.13 ITCC: Firms should produce current Income Tax Clearance Certificate while claiming payment.

2.14 Penalty Clause: In case of breach of contract by the supplier or failure to adhere to the delivery schedule the following penalties are levied for good and sufficient reasons.
General Damages, Potential Loss, Liquidated Damages, Risk Purchase losses are levied.

2.15 Force Majeure Clause: Generally all high value contracts are governed by Force Majeure Clause.

2.16 Arbitration Clause: Generally all high value contracts are governed by Arbitration Clause to dissolve the disputes arising between the supplier and the contractor.

Source : Integral Coach Factory CMS Team Last Reviewed on: 15-09-2017  

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