Nirmala Sitharaman city New Delhi India county Centre covid-19 2020 pandemic Government Department Provident Enterprise Nirmala Sitharaman city New Delhi India county Centre

Penalty on small suppliers‘ failure to execute contracts during covid to be returned: Centre

Reading now: 371
www.livemint.com

NEW DELHI : In a major relief to small suppliers, the Centre on Monday asked various ministries to refund the performance security, bid security and liquidated damages forfeited or deducted during the COVID-19 pandemic.

The move gives effect to finance minister Nirmala Sitharaman’s announcement on 1 February in her budget speech that in cases of failure by micro, small and medium enterprises (MSMEs) to execute contracts during the Covid period, 95% of the forfeited amount relating to bid or performance security, will be returned to them by the government and state-owned companies.

The minister said in her speech that this would provide relief to MSMEs. “95% of the bid security (Earnest Money Deposit), if any, forfeited from MSME firms in tenders opened between 19 February 2020 and 31 March 2022 shall be refunded," the department of expenditure said in an order.

Also, 95% of the liquidated damages (LD) deducted from such firms shall also be refunded. LD so refunded shall not exceed 95% of the performance security stipulated in the contract.

Read more on livemint.com
The website covid-19.rehab is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

Vintage cookbooks may be worth thousands of dollars: Here's 6 reasons why - fox29.com - India - Australia - state Arizona - Mexico
fox29.com
79%
956
Vintage cookbooks may be worth thousands of dollars: Here's 6 reasons why
An old recipe atop a cookbook from 1894 dusted with flour with vintage sifter and measuring cup in background. via Getty Images Old cookbooks could be worth a small fortune.Listings on eBay — a popular multinational auction website — show that some vintage cookbooks have been priced at hundreds or thousands of dollars.The cookbook that’s currently commanding the highest price on eBay is a 142-page spiral cookbook that’s entitled, "Arizona Cook Book: Indian, Mexican, Western, Arizona Products, Backpacking-Camping, Patio Barbecue," which has been listed for sale at $6,850.20 (original listing price: $9,786).$2 BILLS FROM 1890 COULD BE WORTH OVER $4,500: REPORTThe book was written by Al Fischer and was published in 1983 by Golden West Publishers.Other sellers on eBay and similar e-commerce platforms, such as Amazon and Etsy, have listed the book for under $20.The seller who’s hoping to sell the 40-year-old cookbook on southwestern cuisine has noted that the book is in "very good" condition and doesn’t have any "known wear or writing."Three other cookbooks that have a four-figure price tag on eBay at the time of publication include "The Australian Women’s Weekly: Great Ways with Steaks & Chops" from 1974 ($1,010.85), "Betty Crocker’s Picture Cook Book" from 1950 ($1,000) and a first-edition "La Methode Jacques Pepin: An Illustrated Guide to The Fundamental Techniques of Cooking" from 1976 ($1,000).Betty Crocker old cookbooks.
Joe Raedle - Construction to begin on bullet train connecting SoCal to Las Vegas - fox29.com - Usa - Los Angeles - state California - state Florida - county Palm Beach - city Los Angeles - county Miami
fox29.com
37%
481
Construction to begin on bullet train connecting SoCal to Las Vegas
LOS ANGELES - A high-speed bullet train connecting Southern California to Las Vegas is one step closer to reality after a landmark deal was inked with several craft rail unions that will enable construction for the historic project to begin this year. Brightline, which is reportedly the only private rail company in the U.S., is on track to connect Las Vegas to Los Angeles with a new 218-mile rail system linking stations at the Las Vegas Strip, Apple Valley, Hesperia, and Rancho Cucamonga within the I-15 right-of-way with trains capable of speeds of 200 mph.The company recently announced the memorandum with the High Speed Rail Labor Coalition, which includes 13 rail unions representing more than 160,000 freight, regional, commuter and passenger railroad workers.Construction on a highly anticipated bullet train from LA to Las Vegas is slated to begin later this yearPREVIOUS COVERAGE: US infrastructure plan spurs talk of Vegas-LA rail service"The MOU demonstrates the support of union labor in the development of the Brightline West system and Brightline West’s commitment to providing the safest possible rail operations and high-quality working conditions for its employees," the company said in a statement.The Brightline train is seen at the new MiamiCentral terminal during the inaugural trip from Miami to West Palm Beach on May 11, 2018 in Miami, Florida. (Photo by Joe Raedle/Getty Images) According to Brightline, the expected travel time between Las Vegas and Los Angeles is approximately 2.5 hours.
DMCA