Legal Definitions Dictionary

Notice in writing 2

Notice in writing Or written notice shall mean a notice in written, typed or printed characters sent (unless delivered personally or otherwise proved to have been received) by registered post to the last known private or business address to have been received when in the ordinary course of post, it would have been delivered.

Class-I local supplier 1

Class-I local supplier means a supplier or service provider, whose goods, services or works offered for procurement, has local content equal to or more than 50%, as defined under said Order

Class-II local supplier 1

Class-II local supplier means a supplier or service provider, whose goods, services or works offered for procurement, has local content more than 20% but less than 50%, as defined under this Order.

Contractor 1

Contractor means ________________________________ (in the case of a Partnership) and trading in the name and style of_________________________________

Employer 1

Employer means the Reserve Bank of India and shall include its assigns and successors.

Fraudulent Practice 1

Fraudulent Practice means a misrepresentation of facts in order to influence a procurement processor the execution of a contract to the detriment of the Borrower, and includes collusive practice among Bidders (prior to or after bid submission) designed to establish bid prices at artificial non- competitive levels and to deprive the borrower of the benefits of free and open competition;. In the event the purchaser terminates the contract in whole or in part, the purchaser may procure, upon such terms and in such manner, as it deems appropriate, Goods or Services similar to those undelivered, and the supplier shall be liable to the purchaser for any excess costs for such similar Goods or Services. However, the supplier shall continue the performance of the contract to the extent not terminated.

L 1 1

L 1 means the lowest tender or lowest bid or the lowest quotation received in a tender, bidding process or other procurement solicitation as adjudged in the evaluation process as per the tender or other procurement solicitation

Local content 1

Local content means the amount of value added in India which shall, unless otherwise prescribed by the Nodal Ministry, be the total value of the item procured (excluding net domestic indirect taxes) minus the value of

Margin of purchase preference 1

Margin of purchase preference means the maximum extent to which the price quoted by a "(Class-I local) supplier" may be above the L 1 price for the purpose of purchase preference.

Non-Local supplier 1

Non-Local supplier means a supplier or service provider, whose goods, services or works offered for procurement, has local content less than or equal to 20%, as defined under this Order.

Procuring entity 1

Procuring entity means a Ministry or department or attached or subordinate office of, or autonomous body controlled by, the Government of India and includes Government companies as defined in the Companies Act.

Works 1

Works means all works as per Rule 130 of GFR- 2017, and will also include turnkey works '.