revised offset guidelines - Latest Indian Defence News, Indian Army News, Indian Navy News, Indian Air Force News

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Unlimited Penalty on Foreign Vendors Failing to Meet Offset Obligations

The Defence Ministry has decided to impose unlimited penalty will be imposed on vendors failing to fulfill offsets obligation within the prescribed time frame as part of the Defence Procurement Procedure. The decision on 'Revised Offset Guidelines' was taken last month during the meeting of Defence Acquisition Council (DAC) and it shall be applicable from August, Defence Ministry said in a release today. "The overall cap on penalty will be 20 per cent of the total offset obligations during the period of the main procurement contract," it said. "There will be no cap on penalty for failure to implement offset obligations during the period beyond the main procurement contract, which can extend to a maximum period of two years." Read More...

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