Rule 226 — GFR

Rule 226 Management of Contracts.

(i) Implementation of the contract should be strictly monitored and notices issued promptly whenever a breach of provisions occurs.

(ii) Proper procedure for safe custody and monitoring of Bank Guarantees or other Instruments should be laid down. Monitoring should include a monthly review of all Bank Guarantees or other instruments expiring after three months, along with a review of the progress of supply or work. Extensions of Bank Guarantees or other instruments, where warranted, should be sought immediately.