What is Rate contract tender?
Rate Contracts. —The Rate Contract is a contract under which, during the period of its currency, the contractor engages to supply materials on demand, irrespective of quantity, at fixed unit rates or prices, within a given period of the receipt of such demand. ” Fixed Quantity” Contract.
What is an item rate contract?
An item rate contract is the type of contract in which the contractor agrees to carry out the work as per drawings and specifications considering the payment made entirely on the basis of measurements taken as the work proceeds and at the unit price tendered by the contractor in the bill of quantities.
What is DGS&D rate contract?
DGS&D is the central purchase organization of the Indian government, functioning under the Ministry of Commerce & Industry. The DGS&D’s Rate Contracts provide government buyers with bulk rate pricing, saving them the hassle of frequent re-tendering and allowing them to buy at the same rate throughout the year.
What is the difference between Rate Contract and running contract?
—The Rate Contract is a contract under which, during the period of its currency, the contractor engages to supply materials on demand, irrespective of quantity, at fixed unit rates or prices, within a given period of the receipt of such demand. Running Contracts.
What is the advantage and disadvantage of item rate contract?
Answer: Advantages: –profit of contractor is linked with actual cost so economic completion of work. –Early completion. Disadvantage : profit is not assured & depends on economy achieved in construction.
What are the advantages of item rate contract?
Advantages:
Where is item rate contract used?
a. An item rate contract is one in which the contractor agrees to carry out the work as per the drawings, bills of quantities and specification in consideration of a payment to be made entirely on measurements taken as the work proceeds, and at the unit prices tendered by the contractor in the bill of quantities.
What is full form of DGS&D?
Directorate General of Supplies and Disposals (DGS&D) under Ministry of Commerce and Industry is a central purchase and quality assurance organisation.
What is a running contract?
Running Contracts. —This means a contract for a definite quantity of materials to be delivered in one or more instalments, delivery of each instalment being completed by a definite date.
What does a rolling contract mean?
rolling contracts. DEFINITIONS1. a contract that continues automatically unless someone decides to end it.