Penalty on small suppliers‘ failure to execute contracts during covid to be returned: Centre1 min read . Updated: 06 Feb 2023, 09:21 PM IST
The move gives effect to Sitharaman’s announcement on 1 Feb in her budget speech that in cases of failure by 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 govt and state-owned companies
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.
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