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

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.

It added that in case any firm has been debarred only due to default in execution of such contracts, such debarment shall also be revoked, by issuing an appropriate order by the procuring entity. However, in case a firm has been ignored for placement of any contract due to debarment in the interim period (i.e. date of debarment and the date of revocation under this order), no claim shall be entertained.

covid-19 2020 pandemic Government Department Provident Enterprise

Nirmala Sitharaman

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Steven Spielberg - Steven Spielberg feared Covid was an 'extinction-level' event and was inspired to make The Fabelmans - dailymail.co.uk - Usa
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Steven Spielberg feared Covid was an 'extinction-level' event and was inspired to make The Fabelmans
Steven Spielberg shared that his fears over the Covid-19 pandemic inspired him to make his latest film, The Fabelmans, which is based on his life.'I was terrified this was an end-of-days, and epic-level event, I mean an extinction-level event, that was happening to the world,' the legendary movie director, 76 — who picked up a Best Director Golden Globe for the film last week — revealed in a new interview with the Daily Star.He said his fear made him decide which movie he truly needed to make, in case it would his last one: 'If I got the chance to make one more movie, it was going to be this story.'  Important to him: Steven Spielberg shared that his fears over the Covid-19 pandemic inspired him to make his latest film, The Fabelmans, which is based on his life; Pictured 2022The Jaws director said, 'By the time I had serious discussions about writing this, we'd lost 250,000 Americans to Covid.' The filmmaker explained that he told his family that if there was going to be 'one thing I was able to leave behind' it would be that movie. Spielberg added that like the rest of the world he was glued to watching different news outlets and following the trajectory of the pandemic. 'Terrified': 'I was terrified this was an end-of-days, and epic-level event, I mean an extinction-level event, that was happening to the world,' Spielberg, 76, said in an interview with Daily Star 'All the experts that were coming out and the denial from the White House that this wasn't so bad, it was just like a passing flu epidemic,' he remembered.'I really thought were were not heading in a good direction and this was not going to end well for many of us.

Coronavirus disease 2019 (COVID-19) is an infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The disease was first identified in 2019 in Wuhan, the capital of Hubei, China, and has since spread globally, resulting in the 2019–20 coronavirus pandemic. Common symptoms include fever, cough, and shortness of breath. Muscle pain, sputum production, diarrhea, and sore throat are less common.

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