IDCOL FERRO CHROME & ALLOYS LIMITED - Tender

2730. Chapter V-A and V-B of the Industrial Disputes Act-1947 regulating lay-off andretrenchments shall apply to contractor’s establishment.31. In case the contractor intends to close down his establishment for any reasonwhatsoever, every workman who has been in continuous service for not lessthan one year immediately before such closure shall be entitled to notice inprescribed manner and a copy of such notice shall also be servedsimultaneously on the representative of the workmen and payment ofcompensation which shall be equivalent to fifteen days average wage for everycompleted year of continuous service or any part thereof in excess of sixmonths. Management under no circumstances whatsoever shall take anyfinancial liability on this head for payment of statutory dues to the workmen ofthe contractor. The contractor has to issue notice in the prescribed manner andshall be liable to pay compensation to all his eligible labourers as per theprovisions of the Contract Labour (Regulation & Abolition) Act-1970 andIndustrial Disputes Act-1947 and rules made there under.Signature of Tenderer