(1) In making procurement other than of low-value one, in accordance with this Act, the Public Entity shall have to conclude a procurement contract in accordance to this Section.
(2) The procurement contract under Sub-section (1) shall include the terms and conditions as referred to in the bidding documents, documents relating to proposal and documents relating to sealed quotation and such terms
and conditions may, according to the nature of the contract be the following:-
(a) Name and address, telephone, fax number of the parties to the procurement contract and their contact person for
implementation of the contract,
(b) Scope of the procurement contract,
(c) Details of the documents included in the procurement contract and their priority order,
(d) Work performance schedule,
(e) Supply time, performance time or whether time can be extended or not,
(f) Procurement contract amount or procedure of determining it,
(g) Terms and conditions for acceptance of goods, construction work or services,
(h) Terms and conditions and mode of payment including payment in advance, payment of foreign currency,
(i) Force majeure,
(j) If price adjustment can be made, provision thereof,
(k) If procurement contract can be amended and variation order
can be issued, provision thereof,
(l) If insurance is necessary, provision relating thereto,
(m) Security required,
(n) Liquidated damages for failure of performance within the
stipulated time,
(o) Provision concerning bonus to be given if work is completed
before the stipulated period,
(p) Conditions in which procurement contract may be terminated,
(q) Provision whether sub-contract can be concluded or not,
(r) Mechanism for settlement of disputes,
(s) Applicable law, and
(t) Other matters as prescribed.