Notification regarding clarification on contract under PIR, 1986

In view of the legal position it is evident that a purchase order that contains all the essential ingredients of a valid contract as per Section 10 of the Indian Contract Act, 1872 must be treated as one under the Indian Contract Act, 1872. The implication is that such a purchase order can be accepted as a “deed of contract” for the purpose of Regulation 5 of Project Import Regulations, 1986. Board desires that pending cases, if any, may be finalized accordingly.

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