Offset agreement Current Affairs, GK & News

20 % penalty for foreign military vendors not meeting offset obligations

August 12, 2012

The Ministry of Defence announced a penalty of 20 % to be imposed on foreign military vendors who are ubable to fulfill offsets obligation within the prescribed time frame as part of the Defence Procurement Procedure. · No cap on penalty for inability to implement offset obligations during the period exceeding the main procurement contract, ..

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