Puducherry government issued an office memorandum for the reduction in performance security

Jun 09, 2021 | by TeamLease RegTech Legal Research Team

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Finance & Taxation Complianceclass="MsoNormal" style="text-align: justify;">The Finance Department of Puducherry on June 04, 2021 has issued an office memorandum for the reduction in performance security from existing 5-10% to 3% of the value of the contract.

Further, no provisions shall be kept in the bid security. This is applicable for all the contracts till December 31, 2021.

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