(1) When public bodies make purchases other than retail purchases in accordance with this Act, they shall enter into a purchase agreement in accordance with this section.
(2) The purchase agreement as per sub-section (1) shall include the conditions mentioned in the bid document, proposal document or sealed tender form and such conditions may be as follows according to the nature of the contract:-
(a) Names and addresses of the parties to the purchase agreement, telephone numbers, fax numbers and contact persons for the execution of the agreement,
(b) Scope of Purchase Agreement,
(c) Details and order of priority of the documents in the purchase agreement,
(d) Task Schedule,
(e) time of supply, time for performance or non-extendability,
(f) the amount of the purchase agreement or the manner of determining it,
(g) the conditions under which goods, works or services are accepted,
(h) ………….. terms and manner of payment including payment of foreign currency,
(j) Circumstances Beyond Control (Force Majeure),
(j) Arrangements for price adjustments, if any (k) Arrangements for the issuance of purchase agreement amendment and variation orders, if any (l) Arrangements regarding insurance if necessary,
(d) Security required,
(d) Pre-determined compensation (liquidated damages) if the work is not completed within the specified period,
(b) Arrangements regarding bonus to be given if the work is completed before the stipulated period,
(p) Provision for cancellation of purchase agreement,
(th) Arrangements for subcontracting or non-subcontracting,
(d) Dispute Resolution Mechanism,
(d) Applicable Law, and
(N) Other matters as specified.