Common use of Procurement procedure Clause in Contracts

Procurement procedure. The Borrower shall, and shall ensure that the Promoter (i) purchase equipment, secure services and order works for the Project by acceptable procurement procedures complying, to the Bank's satisfaction, with the Bank’s Guide to Procurement. In particular, tender currencies will be the European Economic and Monetary Union Euro (EURO) and/or United States Dollar (USD) and/or Serbian Dinar (RSD). Payments under the contract shall be made to the account of the selected contractor in the currency or currencies in which their tender is expressed. Contractors who are residents of the Republic of Serbia and have bid in EUR or USD shall be paid in RSD – to the extent mandatory under local law – and according to the middle exchange rate of the National Bank of Serbia on the date of issuing the relevant invoice/proforma invoice; (ii) submit the detailed procurement plan for the whole operation before first disbursement and inform the Bank of any changes to the initial procurement plan; and (iii) consult with the Bank regarding the amendment of the contracts financed by the Bank and shall seek the Banks non-objection prior to entering into any material amendments to contracts financed by the Bank. The review procedures for remedies, as provided for in Serbian law, shall be available to any party having had an interest in obtaining a particular contract and who has been or risk being harmed by an alleged infringement.