To address pending disputes pertaining to government contracts, the Union finance ministry has introduced the “Vivad se Vishwas” scheme. Contractors will have until October 31 to submit their claims.
According to reports, this scheme is applicable to all domestic contractual disputes involving the government of India or organizations under its authority. Under the plan, contractors can receive up to 85% of the net amount awarded by the court for court awards issued on or before April 30, 2023.
For arbitral awards passed on or before January 31, 2023, the settlement amount offered is up to 65% of the net amount awarded.
“The Department of Expenditure, Ministry of Finance, has launched the scheme ‘Vivad se Vishwas II – (Contractual Disputes)’ to effectively resolve pending contractual disputes involving the government and government undertakings,” stated the ministry.
The Government e-Marketplace (GeM) has developed a dedicated web page for the implementation of this scheme. Eligible claims will only be processed through GeM. Contractors dealing with non-GeM contracts of the Ministry of Railways can register their claims on the railway’s e-procurement system portal IREPS.
(With PTI inputs)
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
