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New Delhi, Aug. 7 Steel Authority of India Ltd (SAIL) has decided to implement an integrated pact with bidders or vendors for all fresh purchases and contracts, which are valued at Rs 100 crore and above.

“The system will come into effect from 16th August and will ensure that both SAIL and bidders bear the onus of ensuring that tendering and award of contracts are done in a free and fair manner. The pact shall also be a contractual agreement between SAIL and vendors or purchasers committing both sides to adhere to certain prescribed ethical norms,” a release from the company said on Tuesday.

The release added that the pact also has provisions for payment of damages and other retributive actions in case any of the prescribed norms are proven to be violated.

More Stories on : Corporate Governance | Steel | Steel Authority of India Ltd

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