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Indian Overseas Bank
REQUEST FOR PROPOSAL
RFP FOR INSURANCE OF PROPERTY OF INDIAN OVERSEAS BANK FOR THE PERIOD
OF 1ST APRIL 2020 TO 31ST MARCH 2021
RFP REFERENCE NUMBER: GAD/ASSET INSURANCE/01/2019-20:
DATED: 09.03.2020
GENERAL ADMINISTRATION DEPARTMENT, CENTRAL OFFICE
INDIAN OVERSEAS BANK
763, ANNA SALAI ANNEXURE BUILDING
CHENNAI 600002
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Contents PART I-RFP TERMS & CONDITIONS .................................................................................... 3
1. INTRODUCTION ..................................................................................................... 3
2. DISCLAIMER ........................................................................................................... 3
3. SCHEDULE OF BIDDING PROCESS: .................................................................... 4
4. BID SUBMISSION AND QUERIES: ........................................................................ 5
5. ELIGIBILITY CRITERIA FOR BIDDERS: .................................................................. 6
6. RFP INSTRUCTIONS ............................................................................................... 8
7. SUBMISSION OF BIDS THROUGH E-TENDER: .................................................... 9
8. EVALUATON OF BIDS AND AWARDING THE CONTRACT ........................... 11
9. GENERAL TERMS AND CONDITIONS: ............................................................. 11
PART II- ANNEXURES.......................................................................................................... 16
ANNEXURE 1 TO TECHNICAL BID ............................................................................ 16
ANNEXURE II TO TECHNICAL BID ............................................................................ 17
ANNEXURE III TO FINANCIAL BID............................................................................ 21
ANNEXURE IV TO TECHNICAL BID .......................................................................... 24
ANNEXURE V-TECHNICAL BID ................................................................................. 40
ANNEXURE VI-PRE CONTRACT INTEGRITY PACT ................................................. 41
ANNEXURE VII-CLAIMS SUMMARY ........................................................................ 52
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PART I-RFP TERMS & CONDITIONS
1. INTRODUCTION
The Indian Overseas Bank (the Bank) is the Public sector bank with Central
Office at Chennai. It has number of Offices and residential quarters situated in
various cities across the country.
The Bank has appointed Marsh India Insurance Brokers as its Broker to solicit
proposals through a two stage bidding process (comprising of Technical and
Financial Bids) from IRDAI Licensed General Insurance companies operating in
India for Property Insurance to be availed by the Bank for the financial year
(2020-21). Bidders are invited to submit their proposal in accordance with this
Request for Proposal (RFP).
E-tenders are invited by the Indian Overseas Bank for Insurance cover of all the
Properties of the Bank, situated in various locations, for the financial year 2020-
21 (1st April 2020 to 31st March 2021).
Complete confidentiality should be maintained. Information provided here
should be used for its intended scope and purpose. Retention of this RFP
signifies your agreement to treat the information as confidential. You must
agree to bear all costs related to the preparation of your proposal.
2. DISCLAIMER
The information contained in this Limited Tender Enquiry (“RFP”) document or
information provided subsequently to bidders or applicants whether verbally or
in documentary form by or on behalf of Indian Overseas Bank (or Bank), is
provided to the bidder(s) on the terms and conditions set out in this RFP
document and all other terms and conditions subject to which such
information is provided.
This RFP document is not an agreement and is not an offer or invitation by the
Bank to any parties other than the applicants who are qualified to submit the
bids (hereinafter individually and collectively referred to as “Bidder” or
“Bidders” respectively). The purpose of this RFP is to provide the Bidders with
information to assist the formulation of their proposals.
This RFP does not claim to contain all the information where each Bidder
requires. Each Bidder may conduct its own independent investigations and
analysis and is free to check the accuracy, reliability and completeness of the
information in this RFP. The Bank makes no representation or warranty and shall
incur no liability under any law, statute, rules or regulations as to the accuracy,
reliability or completeness of this RFP. The information contained in the RFP
document is selective and is subject to updating, expansion, revision and
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amendment. It does not purport to contain all the information that a Bidder
require.
Bank in its absolute discretion, but without being under any obligation to do so,
can update, amend or supplement the information in this RFP. Such change
will be published on the Website (www.iobtenders.auctiontiger.net) and it
will become part of RFP. Indian Overseas Bank reserves the right to reject any
or all the proposals received in response to this RFP document at any stage
without assigning any reason whatsoever. The decision of the Bank shall be
final, conclusive and binding on all the parties. Bank reserves the right to
cancel the entire bid at any point of time, or disqualify any particular bidder, if
it finds that fair play is not maintained by the bidder.
3. SCHEDULE OF BIDDING PROCESS:
S.No Description of
Information /
Requirement
Information / Requirement
1. Tender Reference
Number
GAD/ASSET INSURANCE /01/2019-20
2. Request for proposal
Released
March 09, 2020
3. Last date to
Communicate intent to
Bid by email to MIIBPL
March 11, 2020 by 2.00 pm
4. Last date to send
Written questions
regarding RFP to MIIBPL
March 14, 2020 by 2.00 pm
5. Bid Submission Mode. https://iobtenders.auctiontiger.net/EPROC/
Through e-tendering portal (Class II or Class
III Digital Certificate with both Signing &
Encryption is required for tender
participation)
6. Last Date and Time for
submission of bids along
with supporting
documents through the
above e-tendering
portal.
20.03.2020 on or before 1200 hours. (End
time for submission will be as per e-
tendering service provider server time).
7. Date, time and venue
for opening the
Technical BID through
e-tendering portal.
20.03.2020 at 14:30 hours at the Bank’s
Information Technology Department,
Chennai.
8. Date, time and venue
for opening the Price
bid
Shall be intimated to the technically
qualified bidders in due course.
9. Policy Inception Date 1st April 2020 (00:00 Hours)
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4. BID SUBMISSION AND QUERIES:
Bid submission, queries and all other terms and conditions are detailed in the
following sections of this document. All communication with regard to this
proposal needs to be directed to MIIBPL only.
Your proposal must:
Consider April 1, 2020 as effective date for Policy inception and
administration
If you intend to respond to this RFP, please send a confirmation mail to MIIBPL
latest by 2:00 p.m. 14th March, 2020.
Your proposal must clearly indicate the name of the responding organization,
as well as the name, address and telephone number of the primary contact at
your organization for this proposal. Your proposal must include the contact
name for local service and account management team that IOB/ MIIBPL can
call directly.
Bids submitted in any other manner (For Example: Courier, E-Mail, Fax etc.,)
shall be considered as invalid and would disqualify the bidder.
No extension will be granted for submission.
In case of any difficulty, in bid submission you may contact any of the below
mentioned officers:
Shri. Bishwa Ranjan, Manager – IOB Tel. +91-44-28519630.
Nishtha Naithani-Sr Manager – MIIBPL Cell: +91 7824057627– email id:
[email protected]
Questions concerning the RFP or its attachments should be directed to Marsh
India Insurance brokers only.
No questions concerning the RFP are to be directed to IOB and no answers will
be provided over the phone. Please submit all questions in writing by email to
Marsh India Insurance Brokers by 2.00 PM on March 14, 2020. Marsh India
Insurance Brokers will send a written response by email to substantive questions
by 5:00 P.M. on 14th March 2020 on best effort basis.
10.
Support person and
phone number for e-
tender service provider
for any help in
accessing the website
and uploading the
tender documents.
e-Procurement Technologies Limited
Shivam Shewaramani: 079-68136824
[email protected]
Riddhi Panchal: 079-68136815
[email protected]
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IOB and Marsh India Insurance Brokers assume no responsibility or liability for
any costs you may incur in responding to this RFP, including attending
meetings, site visits.
5. ELIGIBILITY CRITERIA FOR BIDDERS:
In the first stage, only the ‘Technical Bids’ will be opened and Technical Bids in
respect of only those bidders who fulfill the eligibility criteria indicated below
will be considered.
Eligibility Criteria:
i. The insurance Company has to be registered with IRDAI.
ii. The Solvency Margin of minimum 1.5 as on 31/03/2019.
iii. The company should have at least ‘5 years’ experience in the field
of general insurance.
iv. The company should have Pan India presence as the offices of IOB
are spread across India.
The Technical Bid will also be evaluated on the basis of the points to be
awarded as per following table: -
Table-I-Evaluation criteria for Technical Bids:
Sr.No Criterion Points Total
1 Number of Years completed Since License given
by IRDAI as on 31.12.2019
10
More than 5 and upto 6 years 6
>7 and upto 9 Years 8
Above 9 Years 10
2 Gross Total Premium underwritten within India
(Rs. in Crores in FY 2018-19
10
Upto Rs.1500 Crores 4
>Rs.1500 Crores - and Upto 3000 Crores 6
>Rs.3000 Crores –Upto Rs.5000 Crores 8
> Rs.5000 Crores 10
3 Property Premium underwritten within India (Rs. In
Crores) in FY 2018-19 (Including Fire &
Engineering)
10
Up to Rs.300 Crores 4
>Rs.300 Crores - Rs.600 Crores 6
>Rs.600 Crores - Rs.1000 Crores 8
> Rs.1000 Crores 10
4 Solvency Ratio as on 31.12.2019 10
1.5 -Less than 1.75 4
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1.75- Less than 2.00 5
2.00 -Less than 2.5 7
2.5 and above 10
5 No of Office in India as on 31.12.2019 10
1-50 l 4
51-100 6
101-150 8
Above 150 10
6 Number of Public Sector Undertakings being
serviced by you (On Any Lines) as on 31.12.2019
10
1-10 4
11-20 6
21-30 8
31-40 10
7 Property Insurance Claims Settlement Ratio for FY
2018-19 as per IRDAI published statistics
10
Upto 90% 4
More than 90% and Upto 95% 6
More than 95% and Upto 98% 8
More than 98% 10
8 Market Share as on 31/03/2019 (% As per IRDAI) 10
Upto 2 4
More than 2 and Upto 4 6
More than 4 and Upto 6 8
Above 6 10
9 Number of Clients being Serviced by you in
Financial Sector (BFSI) as on 31.12.2019
10
0-10 6
11-50 8
Above 50 10
10 Number of PSU Banks being Serviced by you as
on 31.12.2019
10
Upto 2 4
3 or 4 6
5 or 6 8
More than 6 10
Bidders meeting the basic criteria and scoring equal to or more than 50-marks
as per above evaluation in Technical Bid, will qualify for the further process of
bidding.
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Bidders are required to upload all the supporting documents to prove the
eligibility criteria along with the Annexure I.
In the second stage, the Financial Bids of only those bidders, who have
qualified through the above process on the basis of evaluation of their
Technical Bids, will be opened.
Indian Overseas Bank (IOB) reserves the right to:
Reject any or all responses received in response to the RFP without assigning
any reason whatsoever.
Cancel the RFP / Tender at any stage, without assigning any reason
whatsoever.
Waive or Change any formalities, irregularities, or inconsistencies in this
proposal (format and delivery). Such a change / waiver would be duly and
publicly notified in the Bank's website before the closure of the bid date.
Extend the time for submission of all proposals and such an extension would
be duly communicated by Marsh India Insurance Brokers to all the
insurance companies.
If, information and details furnished by applicants are found to be false at
any time in future or any information withheld, which comes to the notice
of the Bank at a later date, the pre-qualification of such applicant shall be
cancelled immediately.
Bank reserve the option to award the contract to the next lowest bidder at
L1 rate. In such a case, if the next lowest, say L2, is not agreeing to carry-out
the contract at L1 rate, the offer will be extended to L3 and so on (at L1
rate).
Bank reserve the right to amend modify the tender terms or issue any
corrigendum before bids are opened. However, the bidder shall be given
opportunity to modify his tender based on the revised terms.
Select the bidder even if a single bid is received as response. Share the
information / clarifications provided in response to RFP by any bidder, with
all other bidder(s) / others, in the same form as clarified to the bidder raising
the query.
6. RFP INSTRUCTIONS
6.1 Proposal Requirements
Bidder is expected to provide confirmation on the coverage details mentioned
in the Annexure II of the RFP.
Entire submission should be on the letter head of the Insurance Co and each
page should be stamped and signed by the authorized signatory. IOB reserves
the right to reject Bid submission which is incomplete in any respect and
disqualify the Bidder. No communication will be entertained in this regard.
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The Technical Bid shall NOT contain any pricing or commercial information at
all and if the Technical Bid contains any price related information, then that
Technical Bid would be disqualified and would NOT be processed further, and
the bidder would get disqualified.
All proposal responses will be opened in front of a committee constituted for
this purpose in IOB in the presence of representatives of Marsh India Insurance
Brokers and insurance companies if they choose to remain present.
6.2 Important Terms:
Quotes: The rates quoted must be final and considered firm regardless
of claims experience as on the policy effective date, 1st April 2020.
Terms: Your proposal must not include "Cancellation" and / or "Premium
/ Claims Review" clause.
Endorsements: Premium for endorsement (addition / deletion) should be
computed on daily pro-rata basis. Any refunds on account of deletions
should be refunded on pro-rata basis.
7. SUBMISSION OF BIDS THROUGH E-TENDER:
Bidders satisfying the terms and conditions and General terms specified in this
RFP and ready to provide the said Services, may submit their bid through Bank’s
e-tendering service provider website https://iobtenders.auctiontiger.net on or
before the time line stipulated vide clause 3 of the RFP.
Bank’s e-tendering website will not allow any bids to be submitted after the
deadline for submission of bids. In the event of the specified date and time for
the submission of bids, being declared a holiday for the Bank, e-tendering
website will receive the bids up to the appointed time on the next working day.
Extension / advancement of submission date and time will be at the sole
discretion of the Bank.
1. Bank has decided to determine L1 through bids submitted on bank’s E-
Tendering website https://iobtenders.auctiontiger.net. Bidders shall bear
the cost of registration on the Bank’s e-tendering portal. Rules for web
portal access are as follows:
2. Bidder should be in possession of CLASS II or CLASS III-Digital Certificate
in the name of company/bidder with capability of signing and
encryption for participating in the e-tender. Bidders are advised to verify
their digital certificates with the service provider at least two days before
due date of submission and confirm back to bank.
3. Bidders at their own responsibility are advised to conduct a mock drill by
coordinating with the e-tender service provider before the submission of
the technical bids.
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4. E-Tendering will be conducted on a specific web portal as detailed in 3
(schedule of bidding process) of this RFP meant for this purpose with the
help of the Service Provider identified by the Bank as detailed in 3
(schedule of bidding process) of this RFP.
5. Bidders will be participating in E-Tendering event from their own office /
place of their choice. Internet connectivity /browser settings and other
paraphernalia requirements shall have to be ensured by Bidder
themselves.
6. In the event of failure of their internet connectivity (due to any reason
whatsoever it may be) the service provider or bank is not responsible.
7. In order to ward-off such contingent situation, Bidders are advised to
make all the necessary arrangements / alternatives such as back –up
power supply, connectivity whatever required so that they are able to
circumvent such situation and still be able to participate in the E-
Tendering Auction successfully.
8. However, the vendors are requested to not to wait till the last moment
to quote their bids to avoid any such complex situations.
9. Failure of power at the premises of bidders during the E-Tendering
cannot be the cause for not participating in the E-Tendering.
10. On account of this the time for the E-Tendering cannot be extended
and BANK is not responsible for such eventualities.
11. Bank and / or Service Provider will not have any liability to Bidders for
any interruption or delay in access to site of E-Tendering irrespective of
the cause.
12. Bank’s e-tendering website will not allow any bids to be submitted after
the deadline for submission of bids. In the event of the specified date
and time for the submission of bids, being declared a holiday for the
Bank, e-tendering website will receive the bids up to the appointed time
on the next working day. Extension / advancement of submission date
and time will be at the sole discretion of the Bank.
13. During the submission of bid, if any bidder faces technical issues and was
unable to submit the bid, in such case the Bank reserves its right to grant
extension for bid submission by verifying the merits of the case and after
checking necessary details from Service provider.
14. Utmost care has been taken to reduce discrepancy between the
information contained in e-tendering portal and this tender document.
However, in event of any such discrepancy, the terms and conditions
contained in this tender document shall take precedence.
15. Bidders are suggested to attach all eligibility criteria documents with the
Annexes in the technical bid.
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8. EVALUATON OF BIDS AND AWARDING THE CONTRACT
Price should not be indicated at any place in the Technical Bid. If the price is
indicated in the technical bid, the entire bid will be summarily rejected.
The evaluation of Bids and awarding contract will be carried out as per the
following criteria:
a) Evaluation of Technical Bids:
The Bank’s evaluation of the technical bids will take into account the
following factors and based on such evaluation a list of technically qualified
bidders will be short-listed:
1. Compliance of terms and conditions stipulated in Table I of RFP duly
supported by documentary evidence called for therein.
2. Submission of duly signed Annexure – I, II, IV, V, VI of the RFP.
3. All the supporting documents to prove the eligibility criteria requires to
be uploaded with the Annexure I.
4. Review of written reply, if any, submitted in response to the clarification
sought by the Bank, if any.
b) Evaluation of financial Bids:
Financial bids of the participating bidders will be opened and evaluated as per
the following:
1. Bidders meeting the basic criteria and scoring equal to or more than 50-
marks as per evaluation in Technical Bid, will qualify for the opening of
financial bid.
2. Submission of Financial Bid strictly in the format specified in Annexure III
of RFP.
c) Determination of Successful Bidders and Awarding of Contract:
Bank will determine the L1 bidder through the Financial bids submitted in bank’s
e-Tendering website.
1. The L1 bidder will be determined based on the lowest Total Price Quoted
for (Grand Total) under SL.NO. 7 (Table I) of ANNEXURE III).
2. The Bidder in their own interest should quote highly competitive pricing
and the same should be reasonable.
3. In case where there is a tie in the score of multiple bidders, contract will
be awarded to such bidder who has secured higher marks In the
Technical evaluation.
9. GENERAL TERMS AND CONDITIONS:
Following additional terms and conditions shall apply to the evaluation process:
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(a) Bidder warranties - By submitting a Response, Bidder represents and
warrants to IOB that, as at the date of submission:
i. the Bidder has fully disclosed to IOB in its Responses all information which
could reasonably be regarded as affecting in any way lOB's evaluation of the
Response;
ii. all information contained in the Bidder's Response is true, accurate and
complete and not misleading in any way;
iii. No litigation, arbitration or administrative proceeding is presently taking
place, pending or to the knowledge of the Bidder threatened against or
otherwise involving the Bidder which could have an adverse effect on its
business, assets or financial condition or upon lOB's reputation if the Response
is successful;
iv. the Bidder will immediately notify IOB of the occurrence of any event, fact
or circumstance which may cause a material adverse effect on the Bidder's
business, assets or financial condition, or IOB reputation or render the Bidder
unable to perform its obligations under the IOB agreement, if any or have a
material adverse effect on the evaluation of the responses by IOB; and
v. the Bidder has not and will not seek to influence any decisions of IOB during
the evaluation process or engage in any uncompetitive behavior or other
practice which may deny legitimate business opportunities to other Bidders.
(b) Confidentiality - Bidder must keep confidential any information received
from or about IOB as a result of or in connection with the submission of the
Response. All information contained in the Response, or in subsequent
communications shall be deemed confidential and may be used only in
connection with the preparation of Bidder's Response. Unless expressly agreed
in writing prior to submissions, Responses are not confidential and may be used
by IOB in whole or part. IOB however, will not disclose the information provided
by Bidder in a Response other than to its affiliates or to its professional advisors,
unless required otherwise by any provisions of law. Additionally, and at any
point of the evaluation and selection process, IOB may require the Bidder to
execute an NDA if the Bidder has not executed an NDA with IOB previously.
(c) Disclaimer- Whilst all reasonable care has been taken in compiling this
Response document, the figures, documents and details are presented in
good faith; and no warranty or guarantee (express or implied) is given by IOB
as to the completeness or accuracy of the Response or any information
provided in or in connection with it. To the maximum extent permitted by law:
RFP - Property and other assets 2020-21
a) IOB, its officers, employees and agents will not be liable in any way
whatsoever for any loss, damage, cost or expense (including without
limitation any liability arising from any fault or negligence on their part)
arising from the evaluation process; and each Bidder releases and
indemnifies IOB from all claims, suits, demands, proceedings, actions,
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liabilities, damages and costs which may arise under statute, law, equity
or otherwise arising form, whether directly or indirectly, or in connection
with the evaluation and selection process.
b) This RFP is not an offer to contract, nor should it be construed as such; it
is a definition of specific IOB requirements and an invitation to recipients
to submit a responsive proposal addressing such requirements. IOB
reserves the right to make no selection and enter into no agreement as
a result of this RFP. Only the execution of a written agreement between
IOB and a vendor will obligate IOB in accordance with the terms and
conditions contained in such agreement.
c) It should be understood that your response to this RFP constitutes an offer
to do business on the terms stated in your response and that, should a
contract be awarded to you, IOB may, at its option, incorporate all or
any part of your response to this RFP in the contract. IOB reserves the
right to accept your offer without further discussions and without any
additional opportunity for you to amend, supplement or revise your
submitted offer.
d) IOB's right to verify - IOB reserves the right to conduct a site survey or
obtain other evidence of facilities, resources, and managerial, financial
and Bidder performance abilities prior to announcing the successful
Bidder or awarding an agreement under this evaluation process.
e) Financial documents- IOB may request additional financial/business
information from the Bidder at its discretion.
f) Selection criteria- The selection criteria, inquiries, questions or
information put forth in the Response are meant to be provided on the
aforesaid and established through the details submitted by the bidder
in the Technical Bid. Financial bids of those companies which do not
meet the evaluation criteria will not be opened and processed further.
g) Termination/or suspension of evaluation process - IOB reserves the right
to suspend or terminate the Bidder evaluation process (in whole or in
part) at any time in its absolute discretion and without liability to the
Bidder or any third party. Bidders will be notified if any suspension or
termination occurs but IOB is not obliged to provide any reasons.
h) Other Rights - Without limiting its rights under any other clause of this
evaluation process or at law, and without liability to the Bidder or any
third party, IOB may at any stage of the evaluation process:
I. Require additional information from a Bidder;
II. Change the structure and timing of the evaluation process;
III. Terminate further participation in the evaluation process by a
Bidder;
IV. Negotiate with more than one Bidder;
V. Terminate negotiations being conducted with a Bidder;
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VI. Vary or extend the timetable and evaluation process,
VII. Accept any non-complying Response; or
VIII. Vary the terms and conditions of the evaluation process, the RFP
or specifications or requirements at any time.
i) Responsibility for Costs - Bidder is responsible for all costs, expenses or
liabilities incurred by them or on their behalf in relation to the evaluation
process (including in relation to providing IOB with the response, the
revised response or any additional information).
j) Non-Reliance by Bidder - Bidder, by submitting a Response,
acknowledges that:
I. it does not rely on any information, representation or warranty,
whether oral or in writing or arising from other conduct, other than
that specified in this RFP or otherwise provided by IOB in writing;
II. it has made its own inquiries as to regarding the risks, contingencies
and other circumstances that may have an effect on the Bidder's
Response as well as the accuracy, currency or completeness of such
information; and
III. Information provided in its Responses are based on historical trends
does not constitute a representation that such trends will continue
into the future or occur again and nothing contained in its Response
can be relied upon as a commitment guarantee or representation
regarding future events or performance.
IV. lOB's right to vary - IOB reserves the right to vary any aspect of this
valuation process, RFP without liability to Bidder. Where IOB varies
any aspect of this evaluation process or the agreement, IOB shall
notify the Bidder of that variation.
k) Incorporation of Responses into agreement - The Successful Bidder as
concluded by IOB shall sign an IOB agreement. IOB may, at its sole
discretion, incorporate any portion of any successful Response of a
successful Bidder in to the final IOB agreement. IOB may require a successful
Bidder to submit, before negotiation of the IOB agreement, details of issues
which may affect their ability to act as a Bidder.
l) Precedence of Documents - If there is any inconsistency between the terms
of this RFP and any of its appendices, schedules or attachments then, unless
the contrary is explicitly stated in this RFP, the terms of the RFP will prevail to
the extent of any inconsistency.
m) Governing Laws & Dispute Resolution-The RFP and selection process shall be
governed by and construed in accordance with the laws of India. Any
dispute arising out of the RFP process shall be referred to arbitration under
the Arbitration & Conciliation Act, 1996. The arbitral tribunal shall consist of
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three arbitrators - one each to be appointed by IOB and Bidder. Appointed
arbitrators then appointing an umpire. The venue of arbitration shall be
Chennai.
n) The evaluation process as communicated earlier shall continue without any
changes.
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PART II- ANNEXURES
ANNEXURE 1 TO TECHNICAL BID
On the letter-head of the bidder
Technical Bid for Policy Period 1st April 2020 to 31st March 2021
Sr.N
o.
Parameters Responses
1 No of Completed Years since license given by
IRDAII as on 31/12/2019
2 Gross Total Premium underwritten within India
(Rs. in Crores) in FY 2018-19
3 Property Premium Underwritten within India
(Rs. In Crs) (incl. Fire & Engg) in FY 2018-19
4 Solvency Ration as on 31/03/2019
5 No. of offices in India as on 31/12/2019
6 No. of Public Sector Undertakings being
serviced by you (on any Lines) as on
31/12/2019
7 Property Insurance Claims Settlement Ratio for
FY 2018-19 as per IRDAI published
Statistics.
8 Market share as on 31/03/2019.(% as per IRDAI)
9 No of clients being serviced by you in Financial
Sector (BFSI) as on 31/12/2019
10 Number of PSU Banks being Serviced by you as
on 31.12.2019
We confirm that the above information is true and correct. We agree that
in case, any of the information is found to be incorrect then we may be
disqualified from the bidding process and we shall not raise any
objections to the same.
We hereby confirm that the supporting documents to substantiate the
above criteria has been uploaded along with Annexure 1.
For, ____________________
Authorized Signatory
Name of official:
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ANNEXURE II TO TECHNICAL BID
On the letter-head of the bidder
Coverage & other Confirmations
A. We hereby confirm that we meet all the criteria as mentioned under
"Eligibility Criteria" Section of the RFP.
B. We hereby further confirm that bid submitted by us is in compliance
with all Tariff and other regulations and will not prejudice the interest
of Insured and that all the claims shall be processed on the merits of
the case.
C. We further confirm that our quote is based on Policy Coverage are
as follow:
1. Fire (All properties including Buildings, content and plinth and
foundation)
Mandatory Add-ons:
Fire Add On clauses
Agreed Bank Clause
Designation Of Property Clause
Reinstatement Value Clause (Not Applicable for Stocks)
Local Authorities Clause
Civil Authority Clause
Architects, Surveyors And Consulting Engineer's Fees (Up to 3% Of The Claim
Amount)
Removal Of Debris Clause (Up to 1% Of The Claim Amount)
Goods Held in Trust Clause
Earthquake (Fire and Shock)
STFI
Terrorism Damage Inclusion on Floater Basis (Indicate premium)
72 Hours Clause
Architects, Surveyors and Consulting Engineers Fees (in excess of 3% claim amount)
INR 5 Cr
Removal of Debris (in excess of 1% claim amount) INR 5 Cr
Omission to insure additions, aRFPrations or extensions – 5%
Escalation Clause – 5%
Accidental Damage Cover upto 10 Cr on floater basis cover all locations
Impact Damage due to insured own vehicles 5cr.
Self-Survey for all claims upto 1Lac
Waiver of Underinsurance 15%.
Insurance of Additional Expenses of Rent For An ARFPrnative Accommodation - 6
Months – Aggregate Limit of INR 10 crores with no per incident limit
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2. Machinery Breakdown Policy
Machinery Breakdown Policy
As per Standard MBD Insurance
Policy is with asset register clause
No Depreciation applicable for all claims
Excess will be applied on the Sum Insured on the functional unit loss and not on
the overall Machine.
Consumables like, oil, ropes to be covered (Lubricant and refrigerant)
Self-Survey Limit for all claims upto 1Lac
3. Electronic Equipment Policy
EEI
No Depreciation for partial losses
Self-Survey Limit for all claims upto 1Lac
Functional Replacement value for All Electronic equipment’s upto 7 years
No Depreciation for All Claims
STFI,
Earthquake
Terrorism
Section 1)
As per Standard EEI Insurance
EQ
STFI
Terrorism
Policy is with asset register clause
Section 2)
Data cover – Restoration cost of Data 10 Cr
Section 3)
Increased cost of working 10 Cr
All Risk Policy: Portable Equipment
As per Standard All Risk Insurance including but not limited to Burglary, Theft,
Larceny, Housebreaking, Robbery, Infidelity, Fire and allied perils cover, Transit
cover, Electrical and mechanical breakdown, accidental damage cover &
Liquid damage Cover.
Removal of debris including foreign debris, cost of demolition, slush removal,
dewatering and other expenses – Aggregate limit of INR 5 crores and no per
incident limit
Loss Minimization expenses – INR 5 crore in aggregate.
Non Invalidation clause
Automatic covers for New Locations
Inadvertent omission from Insured
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World-wide Cover "
RSMD & SRCC
Terrorism damage cover
Claims settlement on RIV basis
Policy is with asset register clause
Claims Settlement on RIV basis for both partial and total losses.
Involuntary Betterment with an aggregate limit of INR 1 crore and no per claim limit.
Functional Replacement value for All equipment’s upto 7 years.
Self-Survey Limit for all claims upto 1Lac
5. Pedal Cycle
Pedal Cycle
As per Standard Pedal Cycle Insurance
6. Neon Sign
Neon Sign
As per Standard Neon Sign Insurance
We further confirm our acceptance to the following terms and conditions of
RFP:
I. Location-wise Sum Insured cannot be provided.
II. Location addresses of ATMs cannot be provided.
III. Waiver of F.I.R upto claims of Rs 2 lacs.
IV. Claims to be settled based on Police Dairy/Police complaint/missing or
lost certificate.
V. Agreed Panel of Surveyors as below:
Absolute Surveyors
V.Gopalakrishnan
VI. Mack Insurance Surveyors
Insured should not be prejudiced by an unintentional or inadvertent
error or omission resulting in incorrect description of the interest, risk or
property, provided that notice is given to the carrier as soon as
practicable, upon discovery
VII. New Location Clause:
Whereby the Insured having functioning business
operations in another location not yet declared under
the Policy, the Insurer hereby noted and agrees to hold
cover such location for 60 days with the same terms and
conditions of the respective policy and the limit of cover
is a maximum of INR 10 crores for each such location.
VIII. “Unnamed locations” coverage, a “location” owned by the insured
(acquired either before or after policy inception) that is neither
reported to the carrier during underwriting nor listed on a schedule of
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locations or values can be insured up to an agreed sublimit of INR 10
Crores in aggregate.
IX. On Account payment: An interim payment to be made for large
claims within 15 days of submitting a reasonable estimate to a claim
X. All assets have been considered. No serial numbers shall be provided.
D. We further confirm that we are agreeable to Execution of SLA as the format
provided in RFP prior to placement of the policy. (Draft SLA duly stamped and
initialed by us is attached).
For, ____________________________
Authorised Signatory.
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ANNEXURE III TO FINANCIAL BID
For Policy Period 1st April 2020 - 31st March 2021
TABLE I
Sr.No Policy Type Total Sum Insured Premium GST Total
1 Fire 18,209,920,540
2 EEI 9,361,574,061
3 MBD 1,346,944,577
4 All Risk 83,287,040
5 Neon Sign 398,441,440
6 Pedal Cycle 1,448,383
7 Grand Total
Fire Add On clauses Net Premium
Agreed Bank Clause
Designation Of Property Clause
Reinstatement Value Clause (Not Applicable for
Stocks)
Local Authorities Clause
Civil Authority Clause
Architects, Surveyors And Consulting Engineer's Fees
(Up to 3% Of The Claim Amount)
Removal Of Debris Clause (Up to 1% Of The Claim
Amount)
Goods Held in Trust Clause
Earthquake (Fire and Shock)
STFI
Terrorism Damage Inclusion on Floater Basis (Indicate
premium)
72 Hours Clause
Architects, Surveyors and Consulting Engineers Fees (in
excess of 3% claim amount) INR 5 Cr
Removal of Debris (in excess of 1% claim amount) INR
5 Cr
Omission to insure additions, aRFPrations or extensions
– 5%
Escalation Clause – 5%
Accidental Damage Cover upto 10 Cr on floater basis
cover all locations
Impact Damage due to insured own vehicles 5cr.
Self-Survey for all claims upto 1Lac
Waiver of Underinsurance 15%.
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Insurance of Additional Expenses of Rent For An
ARFPrnative Accommodation - 6 Months – Aggregate
Limit of INR 10 crores with no per incident limit
Removal of debris including foreign debris, cost of
demolition, slush removal, dewatering and other
expenses – Aggregate limit of INR 5 crores and no per
incident limit
Loss Minimization expenses – INR 5 crore in
aggregate.
Non Invalidation clause
Automatic covers for New Locations
Inadvertent omission from Insured
Deductible
Machinery Breakdown Policy Net Premium
As per Standard MBD Insurance
Policy is with asset register clause
No Depreciation applicable for all claims
Excess will be applied on the Sum Insured on the
functional unit loss and not on the overall Machine.
Consumables like, oil, ropes to be covered (Lubricant
and refrigerant)
Self-Survey Limit for all claims upto 1Lac
Deductible
EEI Net Premium
No Depreciation for partial losses
Self-Survey Limit for all claims upto 1Lac
Functional Replacement value for All
Electronic equipment’s upto 7 years
No Depreciation for All Claims
STFI,
Earthquake
Terrorism
Section 1)
As per Standard EEI Insurance
EQ
STFI
Terrorism
Policy is with asset register clause
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Section 2)
Data cover – Restoration cost of Data 10 Cr
Section 3)
Increased cost of working 10 Cr
Deductible
All Risk Policy Net Premium
World-wide Cover "
RSMD & SRCC
Terrorism damage cover
Claims settlement on RIV basis
Policy is with asset register clause
Claims Settlement on RIV basis for both partial
and total losses.
Involuntary Betterment with an aggregate
limit of INR 1 crore and no per claim limit.
Functional Replacement value for All
equipment’s upto 7 years.
Self Survey Limit for all claims upto 1Lac
Deductible
NOTE:
1. If the cost for any line item is indicated as zero, then it will be assumed by
the Bank that the said item is provided to the Bank without any cost.
2. The prices quoted above shall be considered for all the deliverables
stated in this RFP document. No extra costs other than those quoted
above shall accrue to the bank.
3. L1 will be determined based on the total cost of ownership (TCO) quoted
by any of the technically short-listed bidder, in the RFP, under Table I Serial
No. 7 (Grand Total).
We certify that the items quoted above meet all the requirements provided in
the RFP Ref GAD/ASSET INSURANCE/01/2019-20 and prices quoted are all in
compliance with the terms indicated in General conditions of the RFP Ref No.
GAD/ASSET INSURANCE/01/2019-20. We also confirm that we agree to all the
terms and conditions mentioned in this RFP Ref No. GAD/ASSET
INSURANCE/01/2019-20 dated 09.03.2020.
Authorized Signatory:
Name and Designation:
Office Seal with date
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ANNEXURE IV TO TECHNICAL BID
Tripartite Service Level Agreement
INDIAN OVERSEAS BANK, MARSH INDIA INSURANCE BROKERS PVT LTD
AND THE INSURER.
INSURANCE CLAIMS PROCEDURE
This SERVICE LEVEL AGREEMENT is made on this ……day in the month of
March in the year 2020 (“Effective Date”)
BETWEEN
Indian Overseas Bank, a body corporate constituted under Banking
Companies (Acquisition & Transfer of Undertakings) Act 1970 and having
its Corporate Office at No.762, Annasalai, Chennai - 600 002, Tamil Nadu,
India, hereinafter referred to as “Bank” which expression shall unless
repugnant to the context or meaning thereof, be deemed to mean and
include the successors and permitted assigns of the Bank, as well as
divisions, subsidiaries and affiliates of the Bank and their successors and
assigns) of the FIRST PART;
AND
M/s. MARSH INDIA INSURANCE BROKERS PRIVATE LIMITED, a Company
incorporated under the Companies Act, 1956 having its Corporate
Office at 1201-02, Tower 2, One Indiabulls Centre, Jupiter Mills
Compound, Senapati Bapat Marg, Elphinstone Road (W), Mumbai 400
013 ( hereinafter referred to as the “Insurance Broker”/” Service Provider/
MIIBPL” which expression shall, unless repugnant to the context or
meaning thereof, be deemed to mean and include its successors and
permitted assigns) of the SECOND PART;
AND
M/s ABC General Insurance Co Ltd, a Company incorporated under the
Companies Act, 1956 having its Corporate Office at
………………………………….. (Here in after referred to as the “Insurer”
which expression shall, unless repugnant to the context or meaning
thereof, be deemed to mean and include its successors and permitted
assigns) of the THIRD AND FINAL PART;
The parties to this Agreement are hereinafter individually referred to as
a “Party” and collectively as “Parties”.
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WHEREAS:
(A) Bank has invited Tenders/e-tenders [as the case may be] from
eligible …………………… through the process of an RFP for
………………………………….vide RFP No……………… dated
………..,M/S.MARSH INDIA INSURANCE BROKERS PRIVATE LIMITED, (Name
of the Insurance Broker/Service Provider) have been identified as the
successful Insurance Broker.
(B) Bank has agreed to avail of the services from the Service Provider
as referred to in the RFP and that the Service Provider has agreed to
provide the said services to the Bank. Details of the services have been
described in Annexure- I hereto, (the “Services”) at the place/s defined
by Bank on the terms and conditions set out hereunder.
(C) Accordingly, the terms of the agreement between the Parties
would be guided by the terms and conditions, representations,
warranties, covenants and principles set forth in this document.
NOW THEREFORE, in consideration of the foregoing and the mutual
covenants and promises contained herein and other good and valuable
consideration, the receipt and adequacy of which is hereby
acknowledged, the Parties intending to be bound legally, agree as
follows:
The following procedure is agreed upon and adopted to deal with all
the services arising under various insurance Policies issued by ABC
General Insurance Co Ltd (hereinafter referred to as “The Insurer”)
through Marsh India Insurance Brokers Private Limited (hereinafter
referred to as “MIIBPL”) to Indian Overseas Bank (hereinafter referred to
as “IOB”).
1. Policy Documents Servicing Process –
• All Policies/Endts will be issued in 7 Working Days
•Cash Deposit Account Statement shall be issued on 15th of every
succeeding month.
• Premium quote to be released within 3 days in case of any fresh policy
requirements from IOB. The premium rate to be maintained same as per
the existing policies issued to IOB.
2. Claims Servicing Process - Intimation of Loss:
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Every loss is to be immediately (not later than 7 days from the date of
loss) to be notified to The Insurer upon its occurrence or upon it coming
to the knowledge of IOB through MIIBPL. MIIBPL once informed by IOB
will immediately notify The Insurer about such an event/incident with a
copy to IOB;
3. Loss Minimization:
At all times IOB shall take all reasonable steps to minimize losses,
prevent aggravation of a loss and contain the loss effectively.
4. Survey:
4.1. Losses exceeding Rs. 100,000/-
Insurer to appoint a panel of surveyors shall be agreed upon as per
mutual consent between IOB and MIIBPL. The Insurer to appoint one of
the surveyors from the panel for survey and assessment of loss. The
composition of this panel of surveyors can be monitored and evaluated
on a quarterly basis by all Parties. In the event where empaneled
surveyor is not available, insurer has liberty to appoint surveyor as per
their liberty.
For losses below Rs. 100,000, Insurer shall waive off the survey from
Independent Surveyor in accordance with IRDAI
4.2. Turn Around Time for Survey and issuance of Survey Report:
The Insurer will appoint a surveyor from the panel of
surveyors mentioned in clause 3.2 above within 24 hours of
getting the claim intimation from MIIBPL or IOB as the case
maybe.
The appointed surveyor at all times will coordinate with both
‘MIIBPL and IOB’ teams and inspect the loss within 24 hours
of his appointment and within 48 hours in case of remote
locations.
The Surveyor must contact the local representative of IOB
before visiting the site location. For any reason if the local
representative of IOB is unavailable then the Surveyor must
contact the following officials of IOB:
First Contact Nishtha
Naithani
[email protected] 7825057627
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Second
Contact
Vibish C G [email protected]
8939861061
If the surveyor is not able to reach the loss site, within 24
hours/ 48 hours as the case may be (Claim more than 1
Lac), IOB may rectify the site/ATM machine as per its
customer SLAs, if the urgency of business so demands after
taking photographs of the loss. However, prior approval
needs to be obtained from Insurers for such exceptional
cases. IOB shall keep the damaged items at the site for the
surveyor to visit and inspect the same.
Surveyor to submit the report within seven working days of
the completion of inspection and receipt of all the required
documents & clarifications. On submission of a set of
documents/clarification if the same are found to be
incomplete /discrepant then the Surveyor shall advice
within 7 working days on additional document/clarification
that is required.
IOB will submit all relevant required documents and
clarifications at the earliest.
Surveyor shall submit one copy of Survey Report to MIIBPL.
In the event of a difference of opinion with the surveyor,
MIIBPL shall coordinate with the Insurer to jointly resolve such
issues with the Surveyors and present the same to IOB.
5. Standard Claims Documentation:
It is agreed and understood that documentation forms an important
component of a claim and The Insurer and the surveyors will keep the
operational reality in mind while asking for the same. At the same time,
IOB will strive to provide whatever documentation it may have in its
possession to establish the authenticity of the claim raised by it.
In general, the following documents will be required for settlement of
claims:
1. Insurer’s Claim Form duly filled-in and signed.
2. Service Engineer’s report/ First Call Report issued by the repair
agency for Machinery \ Electronic Equipment breakdown losses
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3. FIR; FIR is mandatory in theft & burglary cases where the loss is more
than ____INR 2 lacs____.
4. Incident report along with photographs of the site/ATM w.r.t the
damage caused therein at the time of claim intimation.
5. Fire Brigade Report for a Fire loss. Metrological Department Report
for a Storm Loss. ()
6. Newspaper cutting on the incident, if any. (In case of Riot and
flood, inundation claims).
7. Police Final Report for Burglary \ Theft losses above amount
agreed by Insurer at the time of placement.
8. Repair \ replacement estimate
9. Claim Bill quantifying the loss claimed along with salvage offer, if
any.
10. Repair \ Replacement Invoice
11. Proof of payment to vendor against the repair \ replacement
invoice
12. Asset Register for the loss location
13. Quotations for Salvage of damaged items for its disposal
The above list is not exhaustive and additional documents may be
called for, depending upon nature of loss and will be provided by IOB,
if practically possible.
6. Assessment Principles:
All Parties will jointly work towards expeditious settlement of
claims.
IOB will render all possible help to the surveyor and MIIBPL to
help The Insurer in arriving at the quantification of the loss.
IOB on a best effort basis will provide all documents as
mentioned in under clause 4 above to substantiate and
assess the loss.
IOB shall strive to provide all documents asked by Surveyor,
but in no case, will affect the claim settlement process once
it has been established that a specific document is not
practically possible to provide.
For losses more than 10 lacs, Insurers agree to make an on
Account payment to the extent of 75% of the assessed
minimum liability, within 30 days of claim intimation by
………………..
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Claim settlement disputes, if any, will be resolved in a
professional manner between by all Parties in a consultative
manner.
Problems not resolved at the Operational Level will be
escalated as per escalation matrix.
A claim which is pending for certain statutory
documentation like the Police Final Investigation Report, the
issuance of which is beyond the control of IOB but all
Standard Claims Documentation has been submitted,
Insurer shall make on account payment of 75% and
balance amount to be settled on submission of such
document.
7. Settlement and Payment of Claims:
Turn Around Time:
All Losses Upto Rs. 100,000 shall be settled within 14 working days
of the receipt of the documents/clarifications.
All losses between Rs. 100,000/- and Rs. 10 Lacs shall be settled
within 14 working days of receipt of survey report and all
documents/clarifications.
Claims exceeding Rs. 10 Lacs settled within 30 working days of
receipt of survey report and all documents/clarifications.
Claim payments shall be done NEFT to IOB as per the bank
account details shared by IOB.
In case of payment by Cheque, same is to be sent to MIIBPL office
for onward submission to IOB.
8. Co-ordination:
Operational- MIIBPL
Ms._Nishtha Deepak Naithani is single point contact from MIIBPL
for all policy related matters and for claims Mr S. Dillibabu_____.
The escalation matrix for MIIBPL for all matters shall be as under.
Sr. No. NAME MAIL ID MOBILE NO
1 Nishtha Deepak
Naithani [email protected] 7824057627
2 CG Vibish [email protected] 8939861061
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3 S Dillibabu [email protected] 8939861755
Operational- ABC General Insurance Co. Ltd
Mr__________ is one-point contact for all matters.
The escalation matrix for The Insurer shall be as under.
Sr. No. NAME MAIL ID MOBILE NO
Mail Recipient
Type
1
2
There will be a joint quarterly meeting to review and resolve all
pending matters.
9. Termination:
The Bank reserves the right to cancel the entire Contract by giving 30
days’ prior written notice to the Service Provider to cure the default. After
30 days if the Bank is not satisfied with the response, it may terminate the
Contract in whole or in part: at any time in the event of one or more of
the following conditions:
Unsatisfactory performance of the Service Provider during the
currency of the Contract.
Breach in the terms and conditions of the Contract/ RFP.
The Service Provider or his contractors are found to be indulging in
unfair practices/committing frauds. However, the Bank would
provide the Service Provider with written records and proofs for
any allegation to this effect.
The Bank suffers a reputation loss on account of any activity of the
Service provider.
The Service Provider becomes bankrupt / insolvent. Provided that
such termination will not prejudice or affect any right of action or
remedy which has accrued or will accrue thereafter to the Bank.
In case of breach of contract on part of the Service Provider, the
Bank shall serve notice of breach on the Service Provider. The
Service Provider shall, within 30 days of service of such notice take
adequate steps to remedy the breach, failing which the Bank may
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enforce performance in accordance with applicable clauses of
the Agreement.
Upon breach of contract and after the expiry of the notice period,
if the Service Provider fails to improve the performance and/or,
does not take steps to remedy the breach, the Bank will
………………………………………
10.. Independent Service Provider:
This Agreement is on a principal-to-principal basis between the parties
hereto. Nothing contained in this Agreement shall be construed or
deemed to create any association, partnership or joint venture or
employer-employee relationship or principal-agent relationship in any
manner whatsoever between the parties. The Service Provider
acknowledges that its rendering of services, subject to the terms and
conditions agreed upon and agrees not to hold itself out to be an
employee, agent or servant of the Bank or any subsidiary or affiliate
thereof.
11. Sub-Contractors:
The Service Provider shall not assign or subcontract any of its
responsibilities contained in this Agreement to any agent, subagent or
subcontractor without prior written consent of the Bank. The Service
Provider shall provide existing list of sub – contractors to the Bank. The
Service Provider shall be fully responsible for all acts and omissions of its
contractors, sub-contractors or agents.
Nothing in this Agreement shall be construed as creation of any
contractual or other relationship between the Bank and any such
contractor / sub-contractor or agent, nor any obligation on the part of
the Bank to pay or see to the payment of any money due to any
contractor / sub-contractor / agent of the Service Provider.
12. Inspection and Right to Audit:
The Bank reserves the right to carry out inspection by a team of Bank
officials of the Service provider’s facilities. The Service provider shall
provide unrestricted access to its premises and records being
maintained with regard to the job being performed as per its contract
with the Bank, to the authorized personnel of the Bank / its auditors
(internal and external)/ any statutory / regulatory authority / authorized
personnel from RBI to carry out any kind of process of audit.
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The Service provider shall allow the Bank, its authorized personnel, its
auditors (internal and external), authorized personnel from RBI / other
regulatory & statutory authorities, and grant unrestricted right to inspect
and audit the operations and records directly related to the services.
The service provider must build adequate safeguards to ensure that the
information / documents / records / assets of the Bank are maintained
in a way that the same are safe and there is no co-mingling of similar
information with other organizations to which it may be providing
services.
The service provider shall ensure preservation of all documents / data in
accordance with all legal / regulatory obligations.
In case any part of the work / process is required to be out-sourced by
the service provider, the service provider shall get prior written permission
from the Bank accordingly.
Provided that (i) such audit shall be upon reasonable advance notice
to the Service Provider and during the Service Provider’s normal business
hours; (ii) the shall not be required to incur any costs or expenses in
respect of such audit; (iii) the conduct of the audit shall not materially
affect or inconvenience the operations or business of the Service
Provider, (iv) such audit shall be limited to books, records and personnel
of the Service Provider directly relating to the Services performed under
this Agreement; and (v) be subject to obligations of confidentiality as is
reasonable.
13. Confidentiality and Secrecy:
The Service Provider recognizes that in the course of the transactions
envisaged under this Agreement, it may be privy to certain confidential
information (whether or not the information is marked or designated as
“confidential” or “propriety”) relating to the Bank and its business
including legal, financial, technical, commercial, marketing and
business related records, data, documents, reports, etc., client
information, the terms of this Agreement and the details of the
negotiations between the parties ( the “information”). The Service
Provider agrees that it shall:
a) Keep all information and other material passing from the Bank to
the Service Provider confidential and shall not, without the prior
written consent of the Bank, divulge such information to any other
person or use such information other than for the purpose of
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carrying out this Agreement. Despite any other term of this
Agreement, Service Provider may disclose the Confidential
Information to its affiliates, to insurers and reinsurers for the purpose
of providing underwriting information to insurers to obtain
quotations and, if instructed, arrange insurance and to provide its
services provided that, before making such disclosure, Service
Provider advises the recipient that the information is confidential
b) Take all steps as may be reasonably necessary to protect the
integrity of the information and to ensure against any
unauthorized disclosure thereof.
c) Immediately inform the Bank of any potential or accidental
disclosure of the information and take all steps, together with the
Bank, to retrieve and protect the said information.
d) Ensure that the personnel and all its employees and / or
representatives/sub-contractors/agents who are given access to
the information shall at all times be bound by legally valid and
written non-disclosure obligation under their employment
contracts.
e) Use the information only for the purpose for which it was provided
and not profit from the same in an unauthorized manner.
f) The Service Provider shall indemnify, protect and save the Bank
against all claims, losses, costs, damages, expenses, action suits
and other proceedings, resulting from any direct action of the
employees of Service Provider and any such claim, action, suit or
other proceedings shall be solely dealt / defended by the Service
Provider Only.
g) The Service Provider shall indemnify, protect and save the Bank
against all claims, losses, costs, damages, expenses, action suits
and other proceedings, resulting from infringement of any law
pertaining to patent, trademarks, copyrights etc. or such other
statutory infringements and any such claim, action, suit or other
proceedings shall be solely dealt / defended by the Service
Provider only.
h) In no event shall either Party be liable for any indirect, special,
incidental, consequential or punitive damages or for any lost
profits or other economic loss relating to, arising out of or in
connection with this Agreement
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i) The obligations contained in this section shall not apply to any part
of the Information in the case where that part of Information that
is or has become public (other than by breach of this Agreement)
or Independently developed by the Service Provider or directly
received from the third party and not detrimental to the interest of
the Bank and shall not restrict any disclosure required by law or
any governmental, official or any regulatory body which is lawfully
entitled to require any such disclosure, provided that so far as it is
lawful and practical to do so prior to such disclosure, the Service
Provider when subject to such disclosure shall promptly notify the
Bank of such requirement with a view to providing the opportunity
for the Bank to contest such disclosure or otherwise to agree the
timing and content of such disclosure.
j) The obligations contained in this section shall continue to apply
even after the termination of this Agreement without any time
limit so long as the information remains confidential.
k) The Service Provider shall, on written demand of the Bank
immediately return Information together with any copies in its
possession. Despite any other term of this Agreement, the Service
Provider may retain: (i) one copy of the Confidential Information
for the purposes of and for so long as required by any law, court
or regulatory agency or authority or its internal compliance
procedures; and (ii) electronic files containing Confidential
Information created pursuant to automatic archiving and back‐
up procedures. Any Confidential Information retained shall be
held subject to the obligations of confidentiality in this Agreement.
l) The Service Provider acknowledges that in the event of any
breach or threatened breach of this section by the Service
Provider/ its employees/ agents/ sub-contractors, monetary
damages may not be an adequate remedy, and therefore, the
Bank shall be entitled to injunctive relief to restrain the Service
Provider/ its employees / agents / sub-contractors from any such
breach or threatened breach. The maximum aggregate liability
of the Receiving Party under all circumstances and / or its
Affiliates, while acting as your consultant in terms of this
Agreement, shall be limited to the insurance cover under the
Professional Indemnity Insurance policy
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14. Publicity:
Neither party shall not use the name and / or trademark / logo of the
Bank, its group companies, subsidiaries, or associates in any states or
marketing publication or advertisements or in any other manner without
prior written consent of the Bank.
15. Successors:
This Agreement binds the successors-in-interest and permitted assigns of
the Service Provider with respect to all covenants herein. The term
“Service Provider” wherever used in this Agreement shall mean and
include its employees, agents, subcontractors and representatives and
the executors, administrators, successors and assigns of all such
employees, agents, subcontractors and representatives.
16. Non Exclusive Agreement:
This Agreement is on non-exclusive basis and the Service Provider shall
not have any exclusive right to provide the Services to the Bank. The
Bank shall be free to engage any other service provider/s or may entrust
services similar to the Services or any part thereof to any person/s.
17. Arbitration:
The Bank and the Service provider will make every effort to resolve all
disputes amicably through direct talks and negotiations. In case of
failure to resolve the disputes and differences amicably the matter may
be referred to a sole arbitrator mutually agreed upon after issue of at
least 30 days’ notice in writing to the other party clearly setting out there
in the specific disputes. In case the parties could not agree on a sole
arbitrator each party shall appoint one arbitrator and both the
arbitrators so appointed shall appoint a third arbitrator and the arbitral
tribunal so appointed shall decide the dispute. The arbitration
proceedings shall be governed by and conducted in accordance with
the provisions of Arbitration & Conciliation Act of 1996 and any
modification or reenactment thereof. The arbitrator shall be a qualified
professional having experience in the field with computer knowledge.
The arbitration proceedings will be in English and place of arbitration will
be at Chennai, Tamil Nadu. However, the provision for arbitration in this
agreement will not preclude either parties to approach any court of law
etc.
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18. Governing Law & Jurisdiction:
All disputes would be subject to Indian laws and jurisdiction of courts in
Chennai.
19. MISCELLANEOUS:
a) RELATIONSHIP OF THE PARTIES: This Agreement shall not constitute
the appointment of either Party as the legal representative or
agent of the other Party. No Party to this Agreement shall have
any right or authority to assume, create or incur any liability or any
obligation of any kind, express or implied, against or in the name
of or on behalf of the other Party to this Agreement except as may
be specifically provided in this Agreement, neither party shall
assume or be responsible for any liability or obligation, however
and whenever arising, that arises from any act or omission of the
other party.
b) NOTICES: (1) Notices or other communications required or
permitted to be given or made hereunder shall be in writing and
delivered personally, or by legible fax with the original fax being
sent the same day by courier addressed to the intended recipient
at its address set out below or to such other address or fax number
as any Party may from time to time notify to the other Party.
(1) Address of Bank: Attention: …………………..
(2) Address of the Insurance Broker/ Service Provider: Attention:
…………………..
(3) Address of the Insurer: Attention: …………………..
Any such notice, demand or communication shall be in English and
shall, unless the contrary is proved, be deemed to have been served, if
given or made by fax, together with the original fax
being sent by courier service as outlined above, on the following
business day. If personally delivered, any such notice, demand or
communication shall be deemed to have been served at the time
it is handed over to an employee or other officer at the recipient’s
address. In proving the above, it shall be sufficient to show that the
envelope containing the letter was correctly addressed and
handed over by courier service or personal delivery respectively.
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c) SEVERANCE: If any provision of this Agreement is rendered void,
illegal, or unenforceable in any respect under any law, the
validity, legality and enforceability of the remaining provisions shall
not in any way be affected or impaired thereby. Should any
provision of this Agreement be or become ineffective for reasons
beyond the control of the Parties, the Parties shall use reasonable
endeavors to agree upon a new provision on mutually agreed
terms.
d) NO WAIVER: No waiver of any provision of this Agreement or
consent to any departure from it by any party shall be effective
unless it is intimated to the other party in writing. A waiver or
consent shall be effective only for the purpose for which it is given.
No default or delay on the part of any Party in exercising any
rights, powers or privileges operates a waiver of any right, nor does
a single or partial exercise of a right preclude any exercise of other
rights, powers or privileges.
e) ENTIRE AGREEMENT: This Agreement constitutes the entire
agreement between the parties hereto with respect to the subject
matter of this Agreement and RFP No. …………….. Dated
…………., tender terms and conditions, corrigenda, subsequent
negotiations, minutes of meetings and Letter of Intent/Purchase
order dated ……………… etc., to the extent not covered, not
modified by the agreement shall form part and parcel of this
agreement.
f) AMENDMENTS: Modification, amendment, waiver, discharge or
termination of any of the provisions of this agreement shall be
effective only if made in writing specifically referring to this
Agreement and duly signed by authorized representatives of
each of the Parties.
g) NON-WAIVER AND OTHER REMEDIES: Failure or delays on the part
of any party in exercising any right, power or privilege under this
Agreement and no course of dealing between the Parties shall
operate as a waiver thereof; nor shall any single or partial exercise
of any right, power or privilege hereunder preclude any other or
further exercise thereof or the exercise of any other right, power
and privilege hereunder. The rights, powers and remedies herein
expressly provided are cumulative and not exclusive of any rights,
powers or remedies, which the parties would otherwise have. No
notice to or further notice or demand in similar or other
circumstances shall constitute a waiver of the rights of any of the
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other parties to any other or further action in any circumstances
without notice or demand.
h) ASSIGNMENT: The Service Provider shall not assign or otherwise
transfer, dispose or part with any of its rights or obligations
hereunder to any person (except to its Affiliates, sub-contractors)
without the prior written consent of the Bank and in that case
sufficient period notice shall be given by service provider to the
Bank. The Bank shall have the right, in its sole discretion to assign
this Agreement to any of its affiliates and group Companies after
giving notice of such assignment to the Service Provider.
i) FURTHER ASSURANCE: Each of the Parties hereto shall co-operate
with the others and execute and deliver to the other such
instruments and documents and take such other actions as may
be reasonably requested from time to time in order to carry out,
give effect to and confirm their rights and intended purpose of this
agreement.
j) COSTS: Each of the parties shall pay its own legal, accountancy
and other costs and expenses incurred in relation to the
negotiation, preparation and execution of this Agreement.
k) COUNTERPARTS: This Agreement will be executed in two sets, each
of which when so executed and delivered shall be an original, but
all of which shall together constitute one and the same instrument.
The English language text of this Agreement shall prevail over any
translation thereof.
l) SURVIVAL: Any provision or covenant of this Agreement, which
expressly, or by its nature, imposes obligations beyond the expiry
or Termination of this Agreement, shall survive such expiry or
Termination.
m) PERIOD OF CONTRACT: The contract shall be deemed to be
effective from the Effective Date and be valid upto the Policy
Period expiry date
n) ACKNOWLEDGEMENT: It is agreed and acknowledged by all the
Parties that the services to be performed by the Service Provider
under this Agreement are subject to and dependent on the
services performed by the Insurer. In accordance to the above
understanding, the Bank shall assess and review the performance
of services by the Service Provider in light of the services
performed by the Insurer. The Service Provider shall not be liable
for any services it has not been able to perform or not been able
to complete, due to the fault of the Insurer
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o) MALPRACTICES: Any graft, commission, gift or advance given,
promised or offered by or on behalf of the service provider or his
partner, agent, officers, director, employee or servant or any one
on his or their behalf in relation to the obtaining or to the execution
of this or any other contract with Bank, shall, in addition to any
criminal liability which may it incur, subject the service provider to
the cancellation of this and all other contracts.
IN WITNESS WHEREOF the parties hereto have hereunto set and
subscribe their respective hands and seal at the day, month year first
herein above written.
SIGNED, SEALED AND DELIVERED
SIGNATURE SIGNATURE SIGNATURE
For and on Behalf of For and on Behalf of For and on Behalf of
Indian Overseas M/s Marsh Insurance Insurance company
Bank Broker Pvt Ltd
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ANNEXURE V-TECHNICAL BID
On the letter-head of the bidder
LETTER OF UNDERTAKING
The General Manager
General Administration Department.
Indian Overseas Bank
Central Office
763 Anna Salai
Chennai- 600 002
Dear Sir,
1. We hereby confirm that we agree to all the RFP terms and conditions of the
GAD/ASSET INSURANCE/01/2019-20 dated 09.03.2020, its Annexes,
amendments made to the RFP without any pre-conditions. Any presumptions,
assumptions, deviations given or attached as part of technical document
(technical bid) be treated as null and void.
2. We confirm that the undersigned is authorized to sign on behalf of the
company and the necessary support document delegating this authority is
enclosed to this letter.
3. We also agree that you are not bound to accept the lowest or any bid
received and you may reject all or any bid without assigning any reason or
giving any explanation whatsoever.
Dated at__________ this ______________ day of __________________2020.
Yours faithfully,
For ____________________
Signature: _______________
Name: __________________
Authorized Signatory Name and Designation Office
Seal
Place:
Date:
Note :
(Signed RFP document to be appended while uploading this Annexure in e-
tendering portal)
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ANNEXURE VI-PRE CONTRACT INTEGRITY PACT
(To be executed in a non-judicial stamp paper of Rs.100/=)
Preamble
This pre-bid pre-contract Agreement (hereinafter called the Integrity Pact) is
made on this the day of (month) 2020, between, on one hand,
Indian Overseas Bank acting through Shri …………………, Chief Manager of
Indian Overseas Bank, a nationalized Bank and an undertaking of the
Government of India constituted under the Banking Companies (Acquisition
and Transfer of Undertakings) Act, -1970 hereinafter called the "BUYER", which
expression shall mean and include, unless the context otherwise requires, his
successors and permitted assigns) of the First Part and M/s ,
a Company incorporated under the Companies Act, or a Partnership Firm
registered under the Indian Partnership Act, 1932 or the Limited Liability
Partnership Act, 2008 represented by Shri. , Chief Executive
Officer/ all the Partners including the Managing Partner (hereinafter called the"
BIDDER/Seller" which expression shall mean and include, unless the context
otherwise requires, his successors and permitted assigns) of the Second Part.
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WHEREAS the BUYER proposes to procure (Name of the Stores/Equipment /
Services) and the BIDDER/Seller is desirous of offering / has offered the
stores/Equipment / Services and
WHEREAS the BIDDER is a private company/public company / Government
undertaking / partnership / LLP / registered export agency and is the original
manufacturer / lntegrator / authorized / Government sponsored export entity
of the stores / equipment / item or Service Provider in respect of services
constituted in accordance with the relevant law in the matter end the buyer is
a Nationalized Bank and a Government Undertaking as such.
WHEREAS the BUYER has floated a tender (Tender No.: ) hereinafter
referred to as “Tender / RFP" and intends to award, under laid down
organizational procedures, contract/s purchase order / work order for (name
of contract/order) or items covered under the tender hereinafter referred to as
the "Contract".
AND WHEREAS the BUYER values full compliance with all relevant laws of the
land, rules, bye-laws, regulations, economic use of resources and of
fairness/transparency in its relation with its Bidder(s) and Contractor(s).
AND WHEREAS, in order to achieve these goals, the BUYER has appointed
Independent External Monitors (lEM), to monitor the tender process and the -
execution of the Contract for compliance with the Principles as laid down in
this Agreement.
AND WHEREAS to meet the purpose aforesaid both the parties have agreed to
enter into this Integrity Pact or "Pact", the terms and conditions of which shall
also be read as Integral part and parcel of the Tender documents and
Contract between the parties.
NOW, THEREFORE in, consideration of mutual covenants contained in this Pact,
to avoid all forms of corruption by following a system that is fair, transparent
and free from any influence/prejudiced dealings, the parties hereby agree as
follows and this Pact witnesseth as under:
The contract is to be entered into with a view to:-
Enabling the BUYER to procure the desired said
stores/equipment/item/Services at a competitive price in conformity with the
defined specifications by avoiding the high cost and the distortionary impact
of corruption on public procurement and
Enabling BIDDERs to abstain from bribing or indulging in any corrupt prac1ice
in order to secure the contract by providing assurance to them that their
competitors will also abstain from bribing and other corrupt practices and the
BUYER will commit to prevent corruption, in any and all forms, by its officials by
following transparent procedures.
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The parties hereby agree hereto to enter into this Integrity Pact and agree as
follows:
Article 1: Commitments of the BUYER
1.1 The BUYER undertakes that no official/ employee of the BUYER, connected
directly or indirectly with the contract, will demand, take a promise for or
accept, directly or through intermediaries, any bribe, consideration, gift,
reward, favour or any material or immaterial benefit or any other advantage
from the BIDDER, either for themselves or for any person, organization or third
party whether or not related to the contract in exchange for an advantage in
the bidding process, bid evaluation, contracting or implementation process
related
to the contract.
1.2 The BUYER will, during the pre-contract stage, treat all BIDDERs alike, and will
provide to all BIDDERs the same- information and will not provide any such
information to any particular BIDDER which could afford an undue and unfair
advantage to that particular BIDDER in comparison to other BIDDERs. The BUYER
will ensure to provide level playing field to all BIDDERS alike.
1.3 All the officials of the BUYER will report to the appropriate Government office
any attempted breach(es) or breaches per se of the above commitments as
well as any substantial suspicion of such a breach.
1.4. In case any such preceding misconduct on the part of such official(s) is
reported by the BIDDER to the BUYER with full and verifiable facts and the same
is prima facie found to be correct by the BUYER, necessary disciplinary
proceedings, or any other action as deemed fit, including criminal
proceedings may be initiated by the BUYER and such a person shall be
debarred from further dealings related to the contract process. In such a case
while an enquiry is being conducted by the BUYER, the proceedings under the
contract would not be stalled.
Article 2: Commitments of BIDDERs
2. The BIDDER commits itself to take all measures necessary to prevent corrupt
practices, unfair means and illegal activities during any stage of its bid or during
any pre-contract or post-contract stage in order to secure the contract or in
furtherance to secure it and in particular commit itself to the following:-
2.1 The BIDDER will not offer, directly or through intermediaries, any bribe, gift,
consideration, reward, favour, any material or immaterial benefit or other
advantage, commission, fees, brokerage or inducement of any kind to any
official(s)/employee/persons related to such Official(s) / employees of the
BUYER, connected directly or indirectly with the bidding process, or to any
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person, organization or third party related to the contract in exchange for any
advantage in the bidding, evaluation, contracting and implementation of the
contract.
2.2 The BIDDER further undertakes that it has not given, offered or promised to
give, directly or indirectly any bribe, gift, consideration, reward, favour, any
material or immaterial benefit or other advantage, commission, fees,
brokerage or inducement of any kind to any official of the BUYER or otherwise
in procuring the Contract or forbearing 'to do or having done any act in
relation to the obtaining or execution of the contract or any other contract
with the Bank for showing or forbearing to show favour or disfavour to any
person in relation to the contract or any other contract with the Bank.
2.3 The BIDDER shall disclose the name and address of agents and
representatives and Indian BIDDERs shall disclose their foreign principals or
associates.
2.4 The BIDDER shall disclose the payments to be made by them- to
agents/brokers or any other intermediary, in connection with this bid/contract.
2.5 The BIDDER further confirms and declares to the BUYER that the BIDDER is
the original manufacturer / lntegrator / authorized / government sponsored
export entity of the stores/equipment/item/Services and has not engaged any
individual or firm or company whether Indian or foreign to intercede, facilitate
or in any way to recommend to the BUYER or any of its functionaries, whether
officially or unofficially to award the contract to the BIDDER, nor has any
amount been paid, promised or intended to be paid to any such individual,
firm or company in respect of any such intercession, facilitation or
recommendation.
2.6 The BIDDER, either while presenting the bid or during pre-contract
negotiations or before signing the contract, shall disclose any payments he has
made, is committed to or intends to make to officials of the BUYER or their family
members, agents, brokers, or any other intermediaries in connection with the
contract and the details of services agreed upon for such payments.
2.7 The BIDDER will not collude with other parties interested in the contract to
impair the transparency, fairness and progress of the bidding process, bid
evaluation, contracting and implementation of the contract.
2.8 The BIDDER will not accept any advantage in exchange for any corrupt
practice, unfair means and illegal activities.
2.9 The BIDDER shall not use improperly, for purposes of competition or personal
gain, or pass on to others, any information provided by the BUYER as part of the
business relationship, regarding plans, technical proposals and business details,
including information contained in any electronic data carrier. The BIDDER also
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undertakes to exercise due and adequate care to avoid unauthorized
disclosure of such information.
2.10 The BIDDER commits to refrain from giving any _complaint directly or
through any other manner without supporting it with full and verifiable facts.
2.11 The BIDDER undertakes not to instigate directly or indirectly any third
person to commit any of the actions mentioned above.
2.12 If the BIDDER or any employee of the BIDDER or any person acting on
behalf of the-BIDDER, either directly or indirectly, is a relative of any of the
officers of the BUYER, or alternatively, if any relative of an officer of the BUYER
has financial interest/stake in the BIDDER's firm, the same shall be disclosed by
the BIDDER at the time of filing of tender.
The term 'relative 'for this purpose would be as defined in Section 6 of the
Companies Act 1956 and as may be prescribed under the Companies Act
2013 and the relevant Rules
2.13 The BIDDER shall not lend to or borrow any money from or enter into any
monetary dealings or transactions, directly or indirectly, with any employee of
the BUYER.
Article 3 - Equal Treatment of all Bidders/Contractors/Subcontractors
3. Bidder(s) /Contractor(s) undertake(s) to demand from all subcontractors a
commitment in conformity with this Integrity Pact. The Bidder/Contractor shall
be responsible for any violation(s) of the Principles laid down in this
agreement/Pact by any of its Sub-contractors/sub-vendors.
3.1 The BUYER will enter into Pacts on identical terms as this one with all Bidders
and Contractors.
3.2 The BUYER will disqualify those Bidders from the Tender process, who do not
submit, the duly signed Pact, between the BUYER and the bidder, along with
the Tender or violate its provisions at any stage of the Tender process.
Article 4: Previous Transgression
4.1 The BIDDER declares that no previous transgression occurred in the last three
years immediately before signing of this Integrity Pact, with any other
Company/ PSU/ Nationalized Bank in any country in respect of any corrupt
practices envisaged hereunder or with any Nationalized Bank/ Public Sector
Enterprise in India or any "Government Department in India that could justify
BIDDER's exclusion from the tender process.
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4.2 The BIDDER agrees that if it makes incorrect statement on this subject,
BIDDER is liable to be disqualified from the tender process or the contract, if
already awarded, is liable to be terminated for such reason.
4.3 The imposition and duration of the exclusion of the BIDDER will be
determined by the BUYER based on the severity of transgression.
4.4 The Bidder/Contractor acknowledges and undertakes to respect and
uphold the BUYER’s absolute right to resort to and impose such exclusion.
4.5 Apart from the above, the BUYER may take action for banning of business
dealings/holiday listing of the Bidder/Contractor as deemed fit by the BUYER.
4.6 If the Bidder/Contractor can prove that he has resorted/recouped the
damage caused by him and has implemented a suitable corruption
prevention system, the BUYER may, at its own discretion, as per laid down
organizational procedures, revoke the exclusion prematurely.
Article 5: Criminal Liability
If the BUYER acquires knowledge of conduct of a Bidder/Contractor, or of an
employee or a representative or an associate of a Bidder/Contractor which
constitutes corruption within the meaning of Prevention of Corruption Act, or if
the BUYER has substantive suspicion in this regard, the BUYER will inform the
same to the Chief Vigilance Officer.
Article 6: Earnest Money (Security Deposit)
6.1 While submitting commercial bid, the BIDDER shall deposit an amount
.................. (to be specified in NIT / RFP) as Earnest Money/security deposit. with
the BUYER through any of the following instruments:
(i) Bank Draft or a Pay Order in favour of ………………………………..
(ii) A confirmed guarantee by an Indian Nationalized Bank, promising
payment of the guaranteed sum to the BUYER on demand within three
working days without any demur whatsoever and without seeking any
reason whatsoever. The demand for payment by the BUYER shall be
treated as conclusive proof for payment.
(iii) Any other mode or through any other instrument [to be specified in
the RFP].
6.2 The Earnest Money/Security Deposit shall be valid upto the complete
conclusion of the contractual obligations for the complete satisfaction of both
the BIDDER and the BUYER or upto the warranty period, whichever is later.
-
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6.3 In case of the successful BIDDER, a clause would also be incorporated in
the Article pertaining to Performance Bond in the Purchase Contract that the
provisions of Sanctions for Violation shall be applicable for forfeiture of
Performance Bond in case of a decision by the BUYER to forfeit the same
without assigning any reason for imposing sanction for violation of this Pact.
- -
6.4 No interest shall be payable by the BUYER to the- BIDDER on Earnest
Money/Security Deposit for the period of its currency.
Article 7: Sanction for Violations
7.1 Any breach of the aforesaid provisions by the BIDDER or anyone employed
by it or acting on its behalf [whether with or without the knowledge of the
BIDDER] shall entitle the BUYER to take all or anyone of the following actions,
wherever required;-
i. To immediately call off the pre-contract negotiations/ proceedings with
such Bidder without assigning any reason or giving any compensation
to the BIDDER. However, the proceedings with the other BIDDER[s] would
continue.
ii. The Earnest Money Deposit [in pre-contract stage] and/or Security
Deposit/Performance Bond [after the contract is signed] shall stand
forfeited either fully or partially, as decided by the BUYER and the BUYER
shall not be required to assign any reason there for.
iii. To immediately cancel the contract, if already signed, without giving
any compensation to the BIDDER.
iv. To encash the advance bank guarantee and performance guarantee/
bond/ warranty bond, if furnished by the BIDDER, in order to recover the
payments, already made by the BUYER along with interest.
v. To cancel all or any other Contracts with the- BIDDER, the BIDDER shall
be liable to pay compensation for any loss or damage to the BUYER
resulting from such cancellation/rescission and the BUYER shall be
entitled to deduct the amount so payable from the money[s] due to the
BIDDER.
vi. To debar the- BIDDER from participating in future bidding processes of-
the Bank for a minimum period of five years, which may be further
extended at the discretion of the BUYER.
vii. To recover all sums paid in violation of this Pact by BIDDER[s] to any
middleman or agent or broker with a view to-securing the contract.
viii. In cases where irrevocable Letters of Credit have been received in
respect of any-contract signed by the BUYER with the BIDDER, the same
shall not be opened.
7.2 The BUYER will be entitled to take all or any of the actions mentioned at
paragraph 7.1[i] to [x] of this Pact also on the Commission by the BIDDER or any
one employed by it or acting on its behalf [whether with or without knowledge
of the BIDDER], of an offence as defined in Chapter IX of Indian Penal Code,
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1860 or Prevention of Corruption Act, 1988 as amended from time to time or
any other statute enacted for prevention of corruption.
7.3 The decision of the BUYER to the effect that a breach of the Provisions of
this Pact has been committed by the BIDDER shall be final and conclusive on
the BIDDER. However, the BIDDER can approach the Independent Monitor[s]
appointed for the purposes of this Pact.
Article 8: Independent External Monitors
8.1 The BUYER has appointed Independent" External Monitors [hereinafter
referred to as Monitors] for this Pact in consultation with the Central Vigilance
Commission. They are,
1. Shri Dilip Vithoba Sonpipare IOFS (Retd)
Plot No 236 Yashoda Nagar
Khat Road Bhandara
Maharashtra – 441904
Email : [email protected]
2. Prof. S. Sadagopan,
Director, IIIT, Bangalore,
26/C, Electronics City,
Hosur Road,
Bangalore 560100
Email: [email protected]
8.2 The task of the Monitors shall be to review independently and objectively,
whether and to what extent the parties comply with the obligation under this
Pact.
8.3 The Monitors shall not be subject to instructions by the representatives of the
parties and perform their functions neutrally and independently.
8.4 Both the parties accept that the Monitors have the right to access all the
document relating to the project/procurement, including minutes of meetings.
The same is applicable to Subcontractors of the Bidder. The Monitor is under
contractual obligation to treat the information and documents of the
Bidder(s)/Contractor(s) /Subcontractor(s) with confidentiality.
8.5 As soon as the Monitor notices, or has reason to believe, a violation of this
Pac, he will so inform the Authority designated by the BUYER and request the
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Management to discontinue or take corrective action, or to take other
relevant action. The Monitor can in this regard submit non - binding
recommendations.
8.6 The BIDDER accepts that the Monitor has the right to access without
restriction to all Project documentation of the BUYER including that provided
by the BIDDER. The BIDDER will also grant the Monitor, upon his request and
demonstration of a valid interest, unrestricted and unconditional access to his,
project documentation. The same is applicable to Subcontractors also which
the BIDDER shall note.
8.7 The BUYER will provide to the Monitor sufficient information about all
meetings among the parties related to the Project provided such meetings
could have an impact on the contractual relations between the parties. The
parties will offer to the Monitor the option to participate in such meetings.
8.8 The Monitor will submit a written report to the designated Authority of BUYER
within 8 to 10 weeks from the date of reference or intimation to him by the
BUYER/BIDDER and, should the occasion arise, submit proposals for correcting
problematic situations.
8.9 If the Monitor has reported to The designated Authority of BUYER, a
substantiated suspicion of an offence under Indian Penal Code/Prevention of
Corruption Act as the case may be, and the designated Authority of BUYER has
not, within the reasonable time taken visible action to proceed against such
offence or reported it to the Chief Vigilance Officer, the Monitor may also
transmit this information directly to the Central Vigilance Commissioner.
8.10 The word 'Monitor' would include both singular and plural.
Article 9: Facilitation of Investigation
In case of any allegation of violation of any provisions of this Pact or payment
of commission, the BUYER or its agencies shall be entitled to examine all the
documents including the Books of Accounts of the BIDDER and the BIDDER shall
provide necessary information and documents in English and shall extend all
possible help for the purpose of such examination.
Article 10: Law and Place of Jurisdiction
This Pact is subject to Indian Laws. The place of performance and jurisdiction is
as notified by the BUYER.
Article 11: Other Legal Actions
The actions stipulated in this Integrity Pact are without prejudice to any other
legal action that may follow in accordance with the provisions of the extant
laws in force relating to any civil or criminal proceedings.
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Article 12: Validity
12.1 The validity of this Integrity Pact shall be from date of its signing and extend
up to 5 years or the complete execution of the contract to the satisfaction of
both the BUYER and the BIDDER/Seller, including warranty period, whichever is
later. In case BIDDER is unsuccessful, this Integrity Pact shall expire after six
months from the date of the signing of the contract.
12.2 Should one or several provisions of this Pact turn out to be invalid, the
remainder of this Pact shall remain valid. In such case, the parties will strive to
come to an agreement to their original intentions.
"
Article 13: Code of Conduct
Bidders are also advised to- have a Code of Conduct clearly rejecting the use
of bribes and other unethical behavior and a compliance program for the
implementation of the code of conduct throughout the company.
Article 14: Examination of Books of Accounts
In case of any allegation of, violation of any provisions of this Integrity Pact or
Payment of commission, the Buyer or its agencies shall be entitled to examine
the Books of Accounts of the Bidder and the Bidder shall provide necessary
information of the relevant financial documents in English and shall extend all
possible help for the purpose of such examination.
Article 15: Legal and Prior Rights
All rights and remedies of the parties hereto shall be in addition to all the other
legal rights and remedies belonging to such parties under the Contract and/or
law and the same shall be deemed to be cumulative and no alternative to
such legal rights and remedies aforesaid. For the sake of brevity, both the
Parties agree that this Pact will have precedence over the Tender/Contract
documents with regard to any of the provisions covered under this Pact.
Article 16: Other Provisions
This Pact is subject to Indian laws. The place of performance and jurisdiction is
the Head Office/Head Quarters of the Division of the BUYER or as otherwise
notified by the BUYER, who has floated the Tender.
16.1 Changes and supplements, if any, need to be necessarily made in writing
and signed by the duly authorized representatives of the Bidder and the Buyer.
It is clarified that there are no parallel/ Side agreements in this regard and that
the present Agreement forms the full and complete agreement as regards the
subject matter contained herein.
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16.2 If the Contractor is a partnership or a consortium, this Pact must be signed
by all the partners and consortium members. In case of a Company, the Pact
must be signed by a representative duly authorized by Board resolution.
16.3 Should one or several provisions of this Pact turn out to be invalid, the
remainder of this Pact remains valid. In this case, the parties will strive to come
to an agreement to their original intentions.
16.4 Any dispute or difference arising between the parties with regard to the
terms o-f this Agreement/Pact", any action taken by the BUYER in accordance
with this Agreement/Pact or interpretation thereof shall not be subject to
arbitration.
The parties hereby sign this Integrity pact at ………………………on ……………….
BUYER BIDDER
Name of the Officer CHIEF EXECUTIVE OFFICER
Designation
Indian Overseas Bank
Witness Witness
1. 1.
2. 2.
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ANNEXURE VII-CLAIMS SUMMARY
CLAIMS SUMMARY 2017-2018 AND 2018-2019
(New India Assurance) - 2017-2018 POLICY
Claims Status Number
of Claims
Claim
Amount
Settled
Amount
Remarks
Claim Settled 24 2626569 1284713
Under Process 1 72478 0
Claim
Repudiated
1 15000 0
Claim
Withdrawn
1 20000 0
Closed 16 1084981 0
Total 43 3819028 1284713
( Reliance General Insurance) - 2018-2019
POLICY
Claims
Status
Number of
Claims
Claim
Amount
Settled
Amount
Remarks
Claim
Settled
7 277439 151439
Under
Process
43 3098466
0
3500000 On Account payment
made for Flood Claim.
( Out of 43 claims,
there are 8 flood
claims and one fire
claim
Claim
Repudiate
d
1 15000 0
Claim
Withdrawn
4 0 0
Closed 1 50000 0
Total 56 3132709
9
1284713
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Summary of IOB claims 19-20
Documents Received from Branch - Processed claims Summary
Status of the Claims
No. Of
claims
Estimation
of Loss
Settlement
Amount
Settled 17 1181749 813994
Claim Closure 5 240000 0
Processed - NEFT to be Done 3 1326525 1239636
25 2748274 2053630
Documents Received from Branch - Surveyor's Report Pending
Doc's Received - Surveyor
Report Awaited 4 264000
In follow up
with the
surveyor
releasing
their Report
Documents to be Received from Branches
Complete Documents Pending
to be Received 40 2489268
In Follow with
the branches
for collating
the claim
document ,
Reminder
mails sent on
regular
intervals
Partial Documents only
Received 6 506422
Replacemen
t Invoice's
yet to be
received
Surveyor to be deputed -
Contact details awaited from
Branch 2 120000
Recent
claims
48 3115690
Grand Total 77 6127964