{"id":249731,"date":"2021-06-14T09:06:35","date_gmt":"2021-06-14T03:36:35","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=249731"},"modified":"2021-06-14T09:06:35","modified_gmt":"2021-06-14T03:36:35","slug":"puducherry-notifies-reduction-in-contractual-security-in-light-of-the-pandemic-till-31-12-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/14\/puducherry-notifies-reduction-in-contractual-security-in-light-of-the-pandemic-till-31-12-2021\/","title":{"rendered":"Puducherry notifies reduction in contractual security in light of the pandemic till 31.12.2021"},"content":{"rendered":"<p style=\"text-align: justify;\">The Finance Department of the Government of Puducherry has notified reduction in performance security and other provisions vide Office Memorandum dated June 04, 2021. The following guidelines have been released:<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"text-align: justify;\"><strong>Performance Security: <\/strong>The performance security has been reduced from 5-10% to 3% of the value of contract. This shall be applicable for all existing contracts (except contracts under arbitration\/court proceedings) and all tenders\/contracts issued\/concluded till 31.12.2021.<\/li>\n<li style=\"text-align: justify;\"><strong>Bid Security\/Earnest Money Deposit: <\/strong>No provisions regarding Bid Security should be kept-in the Bid Documents in future and only provisions for Bid Security Declaration should be kept in the Bid Documents. This shall be Applicable for all contracts issued till 31.12.2021.<\/li>\n<li style=\"text-align: justify;\"><strong>Additional Performance Security in case of Abnormally Low Bids (ALBs)<\/strong>: No provision should be kept in the Bid Documents regarding Additional Security Deposit\/ Bank Guarantee (BG) in case of abnormally low bids.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><span style=\"color: #000080;\">*Tanvi Singh, Editorial Assistant has put this story together.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Finance Department of the Government of Puducherry has notified reduction in performance security and other provisions vide Office Memorandum dated June <\/p>\n","protected":false},"author":121,"featured_media":249732,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-249731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Puducherry notifies reduction in contractual security in light of the pandemic till 31.12.2021 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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The informants sought investigation\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Competition-Commission.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Competition-Commission.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Competition-Commission.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Competition-Commission.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/10\/Competition-Commission.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":259523,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/05\/transitional-provisions-of-sea-cargo-manifest-and-transhipment-regulations-2018-extended-till-june-30-2022\/","url_meta":{"origin":249731,"position":1},"title":"Transitional provisions of Sea Cargo Manifest and Transhipment Regulations, 2018 extended till June 30, 2022","author":"Prachi Bhardwaj","date":"January 5, 2022","format":false,"excerpt":"The Central Board of Indirect Taxes and Customs has amended the Sea Cargo Manifest and Transhipment Regulations, 2018 and notified Sea Cargo Manifest and Transhipment (Ninth Amendment) Regulations, 2021 vide notification dated 31.12.2021. 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Delhi HC directs tendering authorities and GeM Portal to address bidders\u2019 query","author":"Editor","date":"June 19, 2024","format":false,"excerpt":"\u201cThe petitioner having participated in the impugned tender process is entitled to know the reasons for the disqualification of its bid and not providing these answers is contrary to the requirement of transparency.\u201d","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Delhi High Court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Delhi-High-Court.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Delhi-High-Court.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Delhi-High-Court.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Delhi-High-Court.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":341542,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/02\/15\/securities-contracts-regulation-stock-exchange-and-clearing-corporations-amendment-regulations\/","url_meta":{"origin":249731,"position":4},"title":"SEBI introduces the concept of AI vide its amendment in Securities Contracts Regulations relating to Stock Exchanges and Clearing Corporations","author":"Kriti","date":"February 15, 2025","format":false,"excerpt":"AI has to be used keeping in mind privacy, security and integrity of investors and stakeholders.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Securities and Exchange Board of India","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":259589,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/06\/irdai-issues-guidelines-to-surety-insurance-contracts\/","url_meta":{"origin":249731,"position":5},"title":"IRDAI issues guidelines to Surety Insurance Contracts","author":"Prachi Bhardwaj","date":"January 6, 2022","format":false,"excerpt":"The Insurance Regulatory and Development Authority of India has published the IRDAI (Surety Insurance Contracts) Guidelines, 2022 on January 3, 2022, which shall come into force on April 1, 2022. 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