Transcription of TENDERS & CONTRACTS - Indian Railways
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TENDERS & CONTRACTS - Indian Railways
TENDERS & CONTRACTS Important Aspects in a Nutshell Introduction to CONTRACTS and Contract Documents Calling of TENDERS Dispensing with TENDERS : quotation system Classes of TENDERS Earnest money and security deposit for works contract Opening of TENDERS and scrutiny, briefing note, etc. Formation of tender committee Consideration of TENDERS , negotiations, etc. Acceptance of TENDERS Price variation clause Services/Revenue CONTRACTS IRITM, Lucknow Introduction to CONTRACTS Definition of Contract : When two or more persons have a common intention communicated to each other to create some obligation between them, there is said to be an agreement. " An agreement" which is enforceable by law is a contract. According to section 10 of the Indian Contract act 1972, only those agreements are enforceable by law which are made by the free consent of the parties, competent to contract for a lawful consideration and with a lawful object and are not expressly declared to be void.
TENDERS & CONTRACTS© Important Aspects in a Nutshell • Introduction to Contracts and Contract Documents • Calling of tenders • Dispensing with Tenders : quotation system • Classes of tenders • Earnest money and security deposit for works contract • Opening of tenders and scrutiny, briefing note, etc.
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