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Tag: contracts

Infra sector firms want renegotiation of EPC contracts amid rise in input cost; lenders oppose

Infra sector firms want renegotiation of EPC contracts amid rise in input cost; lenders oppose

Finance
Kolkata: While several private companies in the infrastructure space are raising demand for renegotiation of EPC contracts amid rise in input costs, the World Bank as well as the country's largest commercial lender State Bank of India have voiced their opposition. Concerns have also been raised at different fora by other lenders about the likely impact on the already stressed asset quality and the appetite for lending to core projects if existing contracts are not honoured. "The contract is sacrosanct. It's the contract against which we provide finance," State Bank of India general manager for project finance Sanjay Kumar Singh said Friday. He said that banks have been taking this up with the government at different platforms saying that re-negotiation may become a challenge for them. Pri...
70% of Test and Trace contracts were awarded without any competition

70% of Test and Trace contracts were awarded without any competition

Technology
Seven out of ten contracts signed by Test and Trace were awarded without any competition, the UK's public spending watchdog has found, raising further concerns about government spending during the pandemic.An interim study by the National Audit Office (NAO) found that Test and Trace spent a total of £5bn on 121 contracts that were awarded directly, without competitive tender, using emergency regulations which allowed the government to bypass normal procurement rules. A further £1.4bn was spent on contracts awarded under "framework agreements", which allows the government to make deals with pre-selected suppliers. Please use Chrome browser for a more accessible video player ...
Defense Dept. awards $600M in contracts for 5G testing at five bases

Defense Dept. awards $600M in contracts for 5G testing at five bases

Business
Oct. 9 (UPI) -- The Defense Department announced it has awarded $ 600 million in contracts to several companies for testing of 5G communications technology at five U.S. military sites. The testing will be performed at Joint Base Lewis-McChord, Wash.; Naval Base San Diego, Calif.; Marine Corps Logistics Base, Albany, Ga.; Nellis Air Force Base, Nev., and Hill Air Force Base, Utah, the Pentagon said on Thursday. Advertisement The Defense Department will include in the testing a pilot of 5G-enabled augmented and virtual reality for mission planning and training, testing 5G-enabled "smart warehouses," and evaluating 5G technologies to enhanced distributed command and control. 5G is the fifth generation technology standard for broadband cellular networks, and the project is designed to explore...
Overpayments ‘rip-off’ on phone contracts could cost you more than £400 a year, Which? says

Overpayments ‘rip-off’ on phone contracts could cost you more than £400 a year, Which? says

Technology
A third of mobile phone customers are still being charged the full price of their contract - even after paying off the cost of their handset, Which? has warned.The consumer rights group is calling for networks to end the "overpayments rip-off", which costs an estimated £182m a year. It estimates some Britons could be out of pocket to the tune of more than £400 annually. Which? found that 36% of people whose contract ended in the past two months are still paying off the price of their smartphone.This is despite providers promising Ofcom that, from February 2020, customers would get a reduced tariff after their contracts end - reflecting the fact that the device had been fully paid for.Three was the worst offender, Which? claims, with 43% of customers whose contracts ended in the past six mo...
Pentagon announces $17.4M in contracts under Defense Production Act

Pentagon announces $17.4M in contracts under Defense Production Act

Business
Aug. 21 (UPI) -- The Pentagon announced contracts totaling $ 17.4 million on Friday to retain contractors' workforce capabilities during the COVID-19 pandemic. All were ordered under the Defense Production Act Title III, which provides the president with broad authority to support, through economic incentives, essential domestic industrial resources involved in national defense and homeland security requirements. Advertisement A $ 3.1 million contract, in conjunction with the Department of Health and Human Services, was announced with BioFire Defense LLC of Salt Lake City to expand production capacity for diagnostic testing for the COVID-19 virus. AQYR Technologies received a $ 3.6 million contract to expand production capability of the Global Broadcast Service Portable Receiver Suite. A ...