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Integrity Pact helps ONGC cut contractual complaints
Our Bureau
New Delhi
,
Nov. 16
Oil and Natural Gas Corporation Ltd (ONGC) has brought down the number of contractual complaints after it adopted the Integrity Pact last year to institutionalise transparency in its procurement practices.
Integrity Pact is a tool devised by Transparency International (TI) in the 1990s to fight corruption in public contracting. It contributes to improve the credibility of public procedures and administration. The Pact begins when a bidder submits an expression of interest or purchases the bid document (ONGC countersigns the integrity pact) and would end after the execution of the contract when all payments are made to the satisfaction of both the contacting parties.
According to a statement issued by the company, the Central Vigilance Commissioner, Mr Pratyush Sinha, during his visit to the ONGC office in Delhi on Wednesday, said, "Central Vigilance Commission is watching ONGC's experiment with Integrity Pact with great interest."
ONGC's Chairman and Managing Director, Mr R.S. Sharma, informed the Central Vigilance Commissioner that the company took cognisance of the vendors' suggestions through its Web site before the Integrity Pact was finalised for implementation.
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