IDCOL KALINGA IRON WORKS LIMITED (IKIWL) - Tender

( 6 )21. M/s. IKIWL shall not bear any transit risk.22. Arbitration : That in case of disputes between the parties, the matter shall bereferred to the arbitration of Chairman-cum-Managing Director of the IndustrialDevelopment Corporation of Orissa Limited, IDCOL House, Ashok Nagar,Bhubaneswar or to an arbitrator nominated by the Chairman-cum-Managing Directorof the I.D.C. of Orissa Limited in case the said Chairman-cum-Managing Director forany reason is not in a position to arbitrate. The award of the arbitrator shall be final,binding and conclusive.That, in all cases the arbitration proceedings shall be conducted atBhubaneswar or in the Factory Site at Barbil and at no other place.That, all legal proceedings in any manner arising out of or in relation to thecontract between the parties can only be initiated in a court of law situated within theterritorial jurisdiction of the State of Orissa and none of the parties shall have theliberty of initiating any legal proceedings any where beyond the territorial limits of theState of Orissa.23. Force Majeure : This is subject to force Majeure clauses and the performanceof the contract either wholly or in part will be governed by the standard force majeureclauses. Any failure of the contract due to strike, cyclones etc. and all other causesbeyond the control of the Company, IDCOL / IKIWL shall not be responsible for thesame in any manner whatsoever.24. Management reserves the right to accept / reject / cancel / defer any or allthe bids at any stage without assigning any reasons. No damage or compensationshall be payable to any bidder for the alleged loss suffered by them due to suchrejection.Sd/-CHAIRMAN-CUM-MANAGING DIRECTOR,IDCOL