+
Govt allows E-bank guarantees for Highway, Ropeway contracts
ROADS & HIGHWAYS

Govt allows E-bank guarantees for Highway, Ropeway contracts

The government has made revisions to the contracts for the construction of highways and ropeways, allowing bidders to provide electronic bank guarantees and surety bonds. According to an order from the Ministry of Road Transport and Highways, amendments have been approved for various clauses in the model concession agreements for Engineering, Procurement, and Construction (EPC), Hybrid Annuity Mode (HAM), and Build Operate Transfer (BOT) contracts.

Furthermore, the order states that in the case of existing contracts, such as road development, toll contracts, and ropeways, the requirement for a Bank Guarantee (BG) can be replaced with an Insurance Surety Bond.

However, if a BG is necessary as bid security or performance security and it is not feasible to provide an e-bank guarantee, the physical BG will continue to be accepted.

Also Read
MMRDA to levy TOD charge on new buildings near Metro 7
Delhi Metro Constructs Longest Phase-IV Tunnel


The government has made revisions to the contracts for the construction of highways and ropeways, allowing bidders to provide electronic bank guarantees and surety bonds. According to an order from the Ministry of Road Transport and Highways, amendments have been approved for various clauses in the model concession agreements for Engineering, Procurement, and Construction (EPC), Hybrid Annuity Mode (HAM), and Build Operate Transfer (BOT) contracts. Furthermore, the order states that in the case of existing contracts, such as road development, toll contracts, and ropeways, the requirement for a Bank Guarantee (BG) can be replaced with an Insurance Surety Bond. However, if a BG is necessary as bid security or performance security and it is not feasible to provide an e-bank guarantee, the physical BG will continue to be accepted. Also Read MMRDA to levy TOD charge on new buildings near Metro 7Delhi Metro Constructs Longest Phase-IV Tunnel

Next Story
Infrastructure Energy

UERC Rejects Pleas Over Cancelled 200 MW Solar Awards

The Uttarakhand Electricity Regulatory Commission (UERC) has rejected review petitions filed by 12 solar developers against the cancellation of Letters of Award (LoAs) issued under the state’s 200 MW Solar Programme.The scheme, launched by the Uttarakhand Renewable Energy Development Agency (UREDA) under the 2013 solar policy, aimed to help Uttarakhand Power Corporation Ltd (UPCL) meet its renewable purchase obligations through tariff-based competitive bidding.The projects—classified under the Type I category—had original commissioning deadlines in 2019–2020, later extended multiple ti..

Next Story
Infrastructure Energy

Solarium Wins Rs 266 Million Rooftop Solar Orders

Solarium Green Energy has secured two significant work orders valued at a combined Rs 266 million for rooftop solar projects across various locations in the Northeastern States, under the Ministry of Home Affairs.The first order, worth approximately Rs 129.8 million, was awarded by NTPC Vidyut Vyapar Nigam Limited (NVVN) for the development of a 3,319 kW rooftop solar photovoltaic (PV) project. This was tendered under the NVVN’s “Selection and Discovery of L1 Rates for Rate Contract for EPC of Grid Connected Rooftop Solar PV Projects (51–200 kW) across India”. The project is scheduled ..

Next Story
Real Estate

Omaxe Secures Rs 5 Billion From Oaktree For Expansion

Omaxe Group has raised Rs 5 billion in funding from Oaktree Capital Management LP, a global investment firm specialising in alternative investments, to fuel the development of ongoing projects and support future growth plans.In a regulatory filing dated 28 July, the company confirmed that the funds will support construction and infrastructure development across key markets, including New Chandigarh, Lucknow, Ludhiana, and Faridabad. The capital will also be directed towards flagship projects such as Omaxe State in Dwarka, an upcoming integrated township in Amritsar, and a new township in Indor..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?