Updated: March 16, 2020 6:11:49 pm
The Supreme Court appointed Committee of Administrators (COA) on Saturday made it clear that no consortium of event management companies will be allowed to pitch for opening ceremony bidding clarifying the payment patterns.
In the Request For Proposals (RFPs), many FAQs were put forward by interested parties and one question asked was about whether a consortium can bid for the eight opening ceremonies. The BCCI in a clearly worded clarification said that: “No. A consortium of companies cannot submit proposal. A, company may, with written approval from BCCI, subcontract certain obligations to companies but the Interested Party (bidder) will remain primarily liable.”
It was also mentioned that no portable stage will be allowed in the pitch territory or in the 30-yard circle. The earlier payment structure as per Request For Proposal was: 35 percent would be paid on signing the agreement subject to bank guarantee. 35 percent within completion of 8 opening ceremonies and 30 percent within 15 days of reconciciliation of all accounts.
The new flexi payment structure 30 percent payment in advance on submission of 30 percent bank guarantee. 20 percent payment within 15 days after first payment. 25 percent first week before opening ceremony and 25 percent following reconciliation of all accounts of the company in relation to budget, performance of all post events obligations and final settlements of all costs. The BCCI also rejected request of companies with Rs 15 crore turnover to be a part of bidding for opening ceremonies.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.