CA. SHOMDIP GHOSH (Finance Specialist in Wat-San Project (E&PMC)) (33 Points)
01 November 2014Need detailed process of Invocation of BG of defaulting Contractor by a Govt. Utility Board set up under Act of a State Legislature. Does it need concurrence of Finance and Legal Dept of the State Govt. ?
CA Bipin Kumar
(Service)
(250 Points)
Replied 01 November 2014
CA. SHOMDIP GHOSH
(Finance Specialist in Wat-San Project (E&PMC))
(33 Points)
Replied 02 November 2014
Dear Bipin ji, Thank you for your reply...Though I am well aware of the process of invocation in totality, as such, however still I am a bit antsy about the necessity of such clearances from the concerned State Govt. Finance & Legal depts in the wake of the State Govt being a party to the loan borrowing from an international development agency funding construction that was contracted out to the Contractor in question....
I hope some member expert here who has had similar experience in any PMU / EPMC would elucidate and clarify.
Regards
CAclubindia
