New Delhi, Feb 19 (UNI) Air India today announced introduction of an 'integrity pact', which will make all its contracts worth Rs 10 crore and above transparent.
The announcement was made by National Aviation Company of India Ltd (NACIL) CMD V Thulasidas at a vendor meet here.
NACIL is implementing the pact in cooperation with the Central Vigilance Commission (CVC).
The pact involves a voluntary agreement between the bidder and AI for abstaining from bribery or engaging in any type of malpractices, including the formation of cartel.
It requires disclosure of any undue payment made for gaining the bid or executing the contract.
Any violation of the provisions of the pact will lead to disqualification of the tender or forfeiture of earnest money or debarment of the bidder up to five years.
As a part of the initiative, NACIL will, in consultation with the CVC, appoint external independent monitors who will help the principal and the vendor at the pre tender stage.
A pre-signed integrity pact by the principal would form part of the tender document.
The vendors would sign the pact and submit it alongwith the financial and technical bids.
Last week, the Airports Authority of India had signed the pact with the Transparency International (India).
UNI YJ MP BD1655