Sunday, July 18, 2010
KARACHI: The Trading Corporation of Pakistan (TCP) on Saturday decided to cancel the contract awarded to M/s. Yunnan Coal Chemical Industry Group Co, Ltd. for import of 100,000 metric tonnes (MT) of sugar.
The decision to this effect was made by the ECB in its special meeting, said a statement issued here.
It said the contract was awarded to the firm after exercising due diligence for their pre-qualification and strictly following the PPRA Rules to award contract to the lowest bidder.
The firm deposited performance guarantee valuing $976,000 and was required to make first shipment within three weeks of the opening of L/C.
The contract also stipulates that the seller can avail 10 days beyond three weeks on payment of penalty of US $ 0.10 per day per tonne.
The firm after availing this period, which expired on midnight of July 16 has failed to honour contract terms. staff report
The decision to this effect was made by the ECB in its special meeting, said a statement issued here.
It said the contract was awarded to the firm after exercising due diligence for their pre-qualification and strictly following the PPRA Rules to award contract to the lowest bidder.
The firm deposited performance guarantee valuing $976,000 and was required to make first shipment within three weeks of the opening of L/C.
The contract also stipulates that the seller can avail 10 days beyond three weeks on payment of penalty of US $ 0.10 per day per tonne.
The firm after availing this period, which expired on midnight of July 16 has failed to honour contract terms. staff report
-www.dailytimes.com.pk
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