Draft of contract agreement - SFCI

c. Certificate from the farm stating that equipments have been received in
good condition and has been commissioned at the farm and found in satisfactory
working condition during trial and testing.
d. Original inspection report.
e. Original copies of the above-mentioned documents should be sent to State Farms
Corporation of India Ltd., at New Delhi.
3. Balance l0% payments shall not be released unless the supplier furnishes the
bank guarantee for the fulfillment of the warranty regarding performance of the equipment.
On furnishing he said bank guarantee the balance l0% payment shall be released otherwise
payment will be made after completion of warranty period.
4. All supplies shall be according to the description and confirming to the
specifications of the approved offer and design. The decision of the corporation shall be
final as to the quantity of the supplies received and binding upon the supplier. In case any
other article is supplied which is no accordingly to the approved offer and design it shall be
liable for rejection.
5. If at any time during the terms of the contract the plan of the Corporation changes
for any reasons, the Corporation shall have the right to terminate or alter the contract by
sending l5 day’s notice to the supplier by registered letter.
xii.
SETTLEMENT OF DISPUTES:
1. Any difference or dispute arising out of or in connection with this contract shall be
decided by Arbitration. The Chairman-cum-Managing Director or the holder of the
highest office of the Corporation or their nominee shall be Sole Arbitrator and
Arbitrator’s decision shall be final and binding on both the parties. The supplier will
have no objection to such appointment on any ground whatsoever including that such
nominee in his official capacity dealt in the matter at any state. The venue of the
arbitration shall be at New Delhi.
2. The parties hereby agree that in the event of any dispute, no cause of action
shall arise in their favour to approach any court unless they have resorted to and
exhausted any remedy of arbitration as envisaged above.