Short note on Earnest Money

EARNEST MONEY

(I) It is a security against loss, in the event of contractor failing to under take the contract or to furnish the required security within the appointed time after the acceptance of his tender or until such time as the sums due to him form a sufficient guarantee.

(II) Amount of Earnest Money : The tender shall be required to deposit earnest money with the tender for the due performance with the stipulating to keep the offer open till such date as specified in the tender under the condition of tender. The earnest money shall be 2% of the estimated tender value as indicated in the tender notice. The earnest money shall be rounded to the nearest Rs. 10/-. This earnest money shall be applicable for all modes of tendering. The Earnest Money of the requisite amount is required to be deposit either in cash with the Chief Cashier or in any of the following form :-

Short note on BOT / BOOT Schemes

 BOT / BOOT Schemes - 

Build–operate–transfer (BOT) or build–own–operate–transfer (BOOT) is a form of project financing, wherein a private entity receives a concession from the private or public sector to finance, design, construct, and operate a facility stated in the concession contract. This enables the project proponent to recover its investment, operating and maintenance expenses in the project. 

Short Note on Security Deposit

SECURITY DEPOSITS

(I) Amount of Security deposits are to be paid by the contractor for the due fulfilment of contracts. The security deposit/rate of recovery/mode of recovery on acceptance of tender shall be as under :

a. These security deposit for each work will be 5% of the contract value.

b. The rate of recovery will be at the rate of 10% of the bill amount till the full security amount is recovered.

Short Note on Zonal Work Contracts

Zonal Work Contracts : 

These zonal work contracts mostly cover new works, ordinary repairs and maintenance works in particular zone/area costing over Rs. 100,000. The zonal contracts are generally for one year and are awarded for each sub-division headed by Asstt. Engineer or Division is headed by Senior Scale or Junior Administrative grade officer. These are based on % above/below schedule of Rates. These have been adopted on a lumpsum amount of estimated cost of works during the year and the overall value of works to be done is specified. A work order is to be issued for each item of work to entrusted to the contractor.

Short Note on Completion Report

Completion Report

The object of a completion Report is to compare the cost of work actually constructed with those provided in the last sanctioned estimate. The completion report of a project duly verified by the Accounts Officer should be submitted to the Railway Board within 18 months after the end of the financial half-year in which the completion estimate is submitted. It should state the expenditure in the same details as the abstract estimate sanctioned by the Railway Board and should indicate any material modifications thereto. In addition it may contain such other information as would in the opinion of the Railway Administration be of interest to the Railway Board. 

Short Note on Analysis of Rates

ANALYSIS OF RATES:- The determination of the rate of a particular item of work from the quantities of materials likely to be consumed and labours required and their cost at the prevailing market rates is known as analysis of rates. A profit of 15% for the contractor is also included in the analysis of rates. All expenditures likely to be incurred on the item of the work are taken in to account.

Generally, it comprises of the following:-