cwc employee’s gratuity trust - central ...cewacor.nic.in/docs/g...
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CWC EMPLOYEE’S GRATUITY TRUST
Warehousing Bhawan 4/1, Siri Institutional Area
August Kranti Marg Hauz Khas,
New Delhi-110016
No.CWCEGT/EOI/2012-13 DATE: 5th March 2012
To
Sub:-Invitation of EOI for managing Gratuity Trust Fund
Sir,
CWC Employee’s Gratuity Trust formed by the Central Warehousing
Corporation, a Govt. of India Undertaking established under Warehousing Corporations
Act , 1962 is intending to invite Expression of Interest(EOI) from the Life Insurance
Companies in which the Govt. of India directly or through its Public Sector Banks are
holding more than 51% of the share capital. The gratuity fund available with CWC
Employees Gratuity Trust will be managed by the successful Life Insurance Company
(s). The details about the Corporation can be obtained from its website.
www.cewacor.nic.in
The detailed terms and conditions of the EOI are enclosed. The selection of the Fund
Managers will be in the form of two bid system i.e. eligible criteria and techno-financial
bid.
Yours faithfully,
(P. Biswas) Secretary
REQUEST FOR EXPRESSION OF INTEREST (EOI) FOR APPOINTMENT OF FUND MANAGER TO MANAGE THE GRATUITY FUND OF CENTRAL WAREHOUSING CORPORATION (A Govt. of India Undertaking)
Last date for submission of Proposals: 21st March 2012 (upto 1500 Hrs) Opening of EOI: (Eligibility Criteria)
Eligibility criteria proposal at 1530 Hrs on 21st March 2012 (In presence of the Representatives of the Insurance Company who wish to be present at the time of opening of EOI
Opening of EOI: (Techno – Financial Bid)
Will be intimated to the bidders who qualify in the eligibility criteria.
1. INTRODUCTION
Central Warehousing Corporation (CWC) (A Govt. of India Undertaking) was
established under Warehousing Corporations Act, 1962, It is a premier Warehousing
Agency in India providing logistics support to the agricultural sector and trade and is
operating warehouses across the country. Details about the Corporation can be
obtained from its website: www.cewacor.nic.in
CWC have around six thousand employees all over India whose liability for gratuity
accrues after completing five years of continuous service of such employees. CWC
Employee’s Gratuity Trust formed by the CWC has proposed to appoint Fund
Managers to manage Gratuity Fund who should be an Insurance Company
registered with IRDA (hereinafter called as Company”)
2. BACKGROUND
In accordance with the provision of AS-15, issued by ICAI and the payment of
Gratuity Act 1972 regarding post employment benefits of Gratuity. CWC needs to
make arrangement for gratuity benefits for its employees. For this purpose, CWC
has created a Gratuity Fund to be managed by the CWC employees Gratuity Trust
(hereinafter referred as “the Trust)) for payment of gratuity benefit to the employees
of the Corporation upon their retirement from services or on their becoming
incapacitated prior to such retirement or on resignation from services after a
minimum five years of service or to the nominees of the eligible employees in the
event of their death. The fund so set up by CWC will pay the Gratuity liability as and
when it occurs.
Trustees of the Trust will select and appoint Company(s) for the purpose of
investment of funds based on actuarial valuation the quantum of initial contribution
and ordinary annual/monthly contribution to be paid by CWC to meet the liability
towards gratuity benefits to the members under CWC Gratuity Scheme.
3. PURPOSE OF EOI
The purpose of EOI is to invite proposals from IRDA approved Life Insurance
Companies in which the Government of India directly or through its Public Sector
Banks are holding more than 51% of share of the Share Capital for managing the
Gratuity Fund, Gratuity liability as and when occurs in respect of employees of the
Corporation will be met from this Gratuity Fund.
4. SCOPE OF WORK
The Company will have overall responsibility for the investment of fund of the Trust
in the traditional plan. The scheme of the investment and thje process thereof shall
be provided from time to time as decided by the Trust. Details of the service to be
provided through this fund and investment performance update will be furnished by
the company(s) on monthly basis or at such intervals as decided by the Trust. The
Company (s) will be responsible to furnish the statement of accounts as and when
required. Monthly Investment Report and the Fund balance is to be given
periodically as stipulated. Moreover details of the list of all deliveries to be delivered
by the Company to the Trust should invariable be furnished from time to time. All the
claims should be settled within five working days from the date of filing the claim in
respect of retirement/death/resignation etc of the members under the CWC Gratuity
Scheme. If the claims are not settled within five working days from the date of filling
the claim in respect of retirement/death/resignation etc of the members under CWC
Gratuity Scheme, interest @ 18% per annum on the amount of the claim for the
period of delay i.e. from Ist day immediately after the expiry of five working days as
mentioned above to the date of actual payment for the period of delay is payable
alongwith the amount of claim
5. INDEMNIFICATION
The successful Company/Corporation will be required to sign an agreement as per
draft enclosed with necessary modifications, if any with the Trust which would inter-
alia include the following:
The Company/Corporation should agree to protect, defend, indemnify and hold
harmless the Trust and its members, employees, Officers, Directors agents or
representative from and against any and all liabilities, damages, fines, penalties and
cost (including legal costs and disbursement) arising from or relating to:-
a. Any breach of statute, regulation direction orders or standard from any
government body, agency applicable to such party which can be reasonably
attributable to the Company/Corporation.
b. Any breach of the terms and conditions of the agreement by the
Company/Corporation.
c. Any claim of any infringement of any intellectual property right or any other
right of any third party or of law by the Company/Corporation.
The Company/Corporation will comply with all the laws, directives, guidelines etc. of
the land and shall be fully responsible for the same. The Company/Corporation will
indemnify the Trust for any liability arising out of non compliance of the same. This
clause shall survive even on the termination or expiry of the contract.
6. ARBITRATION
All disputes and differences arising out of or in any way touching or concerning this
Agreement, whatsoever shall be referred to the sole arbitration of any person
appointed by the Chairman, CWC Employees Gratuity Trust, New Delhi. There will
be no objection for any such appointment to the Fund Manager on the ground that
the person so appointed is an employee of the Central Warehousing Corporation,
that he had to deal with the matters to which the agreement relates and that, in the
course of his duties as such employees of the Corporation, he had expressed views
on all or any of the matter in dispute or difference. The award of such Arbitrator shall
be final and binding on the parties to this Agreement. It is a term of this agreement
that in the event of such Arbitrator to whom the matter is originally referred being
transferred or vacating his office or being unable to act or resigning for any reason,
the CWC Employees Gratuity Trust at the time of such transfer, vacation of office or
inability to act or resigning shall appoint another person to act as Arbitrator in
accordance with the terms of this Agreement. Such person shall be entitled to
proceed with the reference from the stage at which it was left by his predecessor. It
is also a term of this Agreement that no person other than a person appointed by the
Chairman CWC Employees Gratuity Trust, New Delhi as aforesaid should act as
arbitrator and if for any reason that is not possible the matter is not to be referred to
arbitration at all.
Provided further that any demand for arbitration in respect of any claim(s) of the
company under the agreement shall be in writing and made within one year of the
date of termination or completion (expiry of the period) of the agreement and where
this provision is not complied with the claim(s) of the company shall be deemed to
have been waived and absolutely barred and the Trust shall be discharged and
released of the liabilities under the Agreement.
The venue of arbitration shall be Delhi or at such a place as may be fixed by the
Sole Arbitrator in his sole discretion. The arbitral proceedings in respect of dispute
shall commence on the date on which the arbitrator call upon the parties to file their
claim and defence statement.
The work under the agreement shall, if reasonably possible to continue during the
arbitration proceedings and no payments due or payable to the company shall be
withheld on account of such proceedings. Further, the normal transaction for
settlement of the gratuity of the employees of the Corporation shall continue.
The fee of the Arbitrator shall be as per the guidelines issued by Central
Warehousing Corporation from time to time.
The Arbitrator shall give separate award in respect of each dispute or differences
referred to him and shall give reasons for his award.
Subject as aforesaid the Arbitration and Conciliation Act, 1996 shall apply to the
Arbitration proceedings under this Clause.
EXPLANATION:
For the purpose of this clause, the expression Chairman shall include any officer for
the time being performing the duties of the Chairman of the CWC Employees
Gratuity Trust, New Delhi
7. SUBMISSION OF PROPOSALS
The proposal from the Company/Corporation would consist of two parts namely
eligibility criteria and techno-financial proposal. Companies/Corporation are required
to submit their eligibility criteria and techno-financial proposal in two separate sealed
covers. The following should be clearly mentioned on each of the said two sealed
covers:
a. Name of the Company/Corporation:
b. “Response to EOI for appointment of fund manager to manage Gratuity
Fund”
c. Type of proposal (i.e. Eligibility Criteria or Techno-Financial)
Both the sealed covers should then be put inside another sealed cover with the
following mentioned on this sealed cover.
a Name of the Company/Corporation:
b “Response to the EOI for appointment of Fund Manager to manage the
Gratuity Fund”
Each page of the proposal (both eligibility criteria and techno-financial) must be duly
signed and stamped by the authorized signatory. Each page of the EOI should be
duly numbered. The authorized signatory for submission of both Eligibility Criteria
and Techno-Financial Proposals will be only one person. In case any document is a
photocopy and is submitted as part of the proposal the copy of the same has to be
certified by the authorized signatory of the Company.
All documents have to be submitted in English/Hindi language. In case copy of any
original document has been asked for in this EOI which is in a language other than
English or Hindi the same should be submitted along with its English/Hindi
translation. The English/Hindi translation should be duly authenticated and signed by
the authorized signatory.
8. ELIGIBLITY CRITERIA
The Company/Corporation formed under Act of Parliament should be incorporated in
India and authorized by IRDA for conducting the life insurance business in India and
also offers Employee benefit fund including gratuity fund in India. Only those Life
Insurance Companies will be eligible in which Government of India directly or
through its Public Sector Banks are holding more than 51% of share of the Share
Capital.
The bidder has to fill up the particulars given in the Annexure-I. Informations as
given in S. No. 1 to 7 of Annexure-I shall determine the eligibility of the bidder. The
particulars as given in S. No. 8 to 18 of Annexure-I are informative.
9. TECHNO-FINANCIAL PROPOSAL
The techno-financial proposal containing the details/quotes should be submitted in a
separate sealed cover clearly marked as “Techno-Financial Proposal” failing which
the Trust reserves the right to cancel the proposal. The company/corporation must
give their details/quotes in the given format (Annxure-II).
Service Tax or any other Tax in lieu thereof levied by the Central Govt. from time to
time on the services rendered by the Insurance Company to CWC Employee’s
Gratuity Trust shall be paid by the Trust to the company/Corporation, subject to
submitting bills/invoices in the format prescribed under Rule 4A (i) of the Service Tax
Rules, 1994 or the other relevant law, as the case may be.
10. EVALUATION OF THE PROPOSALS
The evaluation of the proposals will be done in following stages
a) The cover containing eligibility criteria will be opened first and the techno-
financial bid will be opened only in respect of those bidders who qualify the
eligibility criteria.
b) For the selection of the Company/Corporation weightage of Techno-Financial
Proposal will be the basis for the selection and selection would be made on
the final score of 100. However, the Trust reserves the right to select or reject
any proposal without assigning any reason.
c) Weightage for respective parameter shall be given as per scoring given in
tehno-financial format Annexure-II. Maximum weightage in numeric term
shall be given to the best (average) quoted bidder. For others it shall be
worked out on proportionate basis keeping the best weightage into
consideration. All such weightage so allocated shall be rounded off to the
nearest multiple of 0.10. The weights so arrived for each parameter given in
the techno-financial proposal will be added together to arrive at the aggregate
score earned by respective bidders.
11. GENERAL CONDITIONS
a) An undertaking is to be furnished by the Company as per Annexure-III.
b) The agreement (draft agreement enclosed at Annexure IV) will be signed
on non exclusive basis with the selected Company(s). The agreement
shall be valid for an initial period of two years from the date of its
commencement and may be extended for such period as may be mutually
agreed upon between the Trust and the Company/Corporation on such
terms and conditions as are conveyed by the Trust to the
Company/Corporation one month prior to the expiry of the agreement.
The Trust may also terminate the agreement without assigning any reason
at any time during the terms of the agreement. The draft of the agreement
document shall be based on the conditions stipulated herein and shall be
in accordance with the Trust’s policy on the subject as may be amended
from time to time. The Trust reserves the right to sign agreement with
one or more companies.
c) Each page of this EOI including the annexures attached thereto shall be
signed by Authorized Signatory
d) In case the date of opening of EOI falls on holiday, the EOI will be opened
on the next working day at the same time.
e) If any Company submits any false forged information/documents or backs
out from the offer or alters/modifies its offer after the time and date of
submission of the proposal, the same will not be considered and such
offers would be summarily rejected and the Trust reserves its right to
debar the Company(s) from participating in similar EOI/RFP of the Trust,
CWC or its Trusts for next five years. The Trust may inform IRDA in such
eventuality for taking appropriate action by them against defaulting
Company. Further the Trust shall also have the right to take any other
action as may be deemed fit.
f) No Company would be permitted either to modify or withdraw the proposal
after the expiry of deadline for submission of proposals. If any company
submits incomplete proposal the Trust reserves its right not to consider
the same and may reject it summarily.
g) CWC Employees Gratuity Trust fund to be managed by the Company(s)
on the basis of policy framed by the Trust from time to time. Notice of 30
days shall be given to the Company(s) for any change in the policy
declared by the Trust.
h) The Trust reserves the right to accept or reject any proposal or to annual
the EOI process and reject all proposals at any time prior to finalization of
the Fund Manager (s) without assigning any reason whatsoever and
without thereby assigning any liability to the affected Company.
i) Information relating to the clarification, comparison, evaluation or
examination of the proposals as also the recommendations for the award
of contract during its finalization process shall not be disclosed to the
companies or their representatives.
j) From the time of opening of the proposals to the time of award of contract,
if any Company wishes to contact the Trust on any matter relating to the
proposal, it should do so in writing. Any effort by the Company to influence
the proposal comparison/evaluation/work award decision by way of
overt/covert canvassing shall result in non consideration/rejection of its
proposal.
k) The documents/information as required in Annex-V is to be submitted by
the companies/Corporation.
l) Insurance Companies may satisfy themselves that they are fulfilling the
minimum eligibility criteria before participation in their own interest.
m) The final decision with respect to the disbursal of funds to one or more
companies/Corporation rests with the Trust.
The proposal may be submitted as per para 7 (submission of proposal). The
proposals from the interested eligible companies/corporation may be dropped in
the drop box at the following address upto 15.00 Hrs (Indian Standard Time) on
21.03.2012 and addressed to:
The Secretary,
CWC Employees Gratuity Trust
Central Warehousing Corporation
4/1 Siri Institutional Area,
August Kranti Marg, Hauz Khas,
NEW DELHI-110016
Annexure - I
PROPOSAL FOR MANAGING FUND OF THE CWC EMPLOYEES GRATUITY TRUST- ELIGIBILITY CRITERIA
Sl. No. COMPANY PROFILE/CREDENTIAL
1 Name of Insurance Company.
2 Address
3 Date of incorporation (enclose copy of certificate of incorporation and copy of commencement of business/in case of corporation copy of act)
4 IRDA Certificate of Registration No. & Date with valid renewal (enclose copy of Certification of Registration and veiled certificate of renewal of Registration)
No. Date: Renewal upto
5 Date of Commencement of Insurance business in India
6 Date of commencement of Business of managing Employees Group benefit funds including gratuity fund
7
Joint Venture Partners with Share holding (if any) including Foreign Partner
Name Status (Govt. of India/CPSE/Foreign Company/Domestic Company(other then CPSE))
Shareholding (%age)
Total 100%
8 Organisation set-up, Structure of service department with brief information on operation & service capability- system & manpower
Attach separate Sheet
9 Investment committee responsible for fund management with their brief profile and credential
Attach separate Sheet
10 Does the company have the dedicated Fund manager? If yes, give profile of the Fund manager
Attach separate Sheet
11 No. of Branches in India
12 a) Product Details of Employee Group benefit fund including gratuity fund (Traditional plan) productwise details
b) Product Platform available (Provide details in separate sheet whereever necessary)
c) Date of Inception of the Product/ fund
d) Equity exposure in the products if any
e) Are the above product(s) have IRDA approval, which allows CAPITAL GUARANTEE and MINIMUM RETURN GUARANTEE. Please furnish details with unique idendification number (UID No.) of IRDA
Sl. No.
Name of the Product
Unique ID No. of IRDA
(i) Capital Gurantee
(ii) Minimum Returne Gurantee
If Yes percentage of MRG
(iii) Capital Gurantee and Minimum Returne Gurantee
If Yes percentage of MRG
13 Investment Pattern productwise if any as on 31-3.2011 (of Employees benefit fund including gratuity fund) provide details in separate sheet
Traditional plan
Rs. / Crores %
- Govt. Securities
- Debt instruments
- Money Market
- Other(Please specify)
Total 100%
14 Interest rate decleared for the fund size given below
Traditional plan
2008-09 2009-10 2010-11 Average
Up to Rs.20 crore
Above Rs.20 crore and upto Rs.50 crore
Above Rs.50 crore and upto Rs.100 crore
Above Rs.100 crore
Note: In case the company having different fund size for Interest declearation, the same may be furnished.
15 Clientele for managing Employees Benefit Funds including gratuity fund
Enclose list of Govt/ PSU funded clients along with date of commencement of association, details of contact person, contact number and address of the client.
16 Has there been any complete/ partial withdrawal of Employees Benefit Funds by a Govt/ PSU client in last three Years as of 31 March 2011 (if yes give details with reasons)
17 Rating of Indian Promoter by Credit Rating Agency (last three years) - Mention name of the credit rating agency.
18 OTHERS INFORMATIONS
(i) Service level agreement (Yes / No)
(ii) Provide brief description of any recognition or award, if received.
(iii) Claim settlement:
a) Turnaround time in no. of working days (specify clear time frame)
b) Claim settlement Procedure/ Methodology of the company. Please give brief details on a separate sheet.
(iv) Does the company have dedicated in house Research team? If yes, give a brief:
(v) Free actuarial Valuation every year (Yes/no)
(vi) Third party Guarantee for the employee benefit fund, if any (Yes/ No) if yes, Name of the Guarantor and nature of guarantee
(vii) Any other special services to be provided by you (not covered above)
Note: Informations as given in sl. No.1 to 7 shall determine the eligibility of the bidder.
Informations as given in sl. No. 8 to 18 are informative
Signature of Authorised Signatory:
Name and Designation of Authorised Signatory:
Seal of the Company:
Annexure-II
Proposal for managing Funds of CWC Employees Gratuity Trust – Techno-Financial Bid (Scoring)
A Technical (Scoring) (Weightage 80%) Rs. in Crore/Ratio/Percentage
Sl.No. Max. Weight 2008-09 2009-10 2010-11 Average
1 Gross Premium Income 12
2 Total Income 10
3 Profit/(Loss) before tax. Loss to be specified as '(Loss)'
07
4 Yield on total investment (in percentage)
07
5 Networth 07
6 Net Capital Ratio (Networth/Paidup Capital)
05
7 Capital efficiency ratio (Gross Written Premium/Networth)
07
8 Solvency margin (should be at least 1.5) as against Stipulated IRDA requirement
05
9 Total Assets under Management (AUM)
10
10 Market share of Insurance business as per IRDA published report. (in percentage)
10
B Financial (Scoring) (Weightage 20%)
Sl.No. Units Max. Weight Ist Year 2nd Year
3rd Year
Average
1 Administrative charges
Percentage 06
2 Exit charges Percentage 06
3 Lock in period in Months 04
4 Notice period for withdrawal of fund
in Days 04
Note:
1) No details furnished against any item will result in awarding '0' score.
2) The rates are net of all taxes, levies etc, if any.
3) Service tax will be payable extra and claim should be made as per Service Tax Rules. (refer para 9 of Request for EOI)
4) In (B) Financial, the percentage if any quoted is on Fund Managed
Signature of Authorised Signatory:
Name and Designation of Authorised Signatory:
Seal of the Company:
Annexure-III
UNDERTAKING
(To be enclosed alongwith the EOI)
To
The Secretary
CWC Employees Gratuity Trust
4/1, Siri Institutional Area
August Kranti Marg, Hauz Khas
New Delhi-110016.
This is to certify that ________________________________ (the applicant for the EOI of CWC Employees Gratuity Trust) fully meets the eligibility criteria mentioned in this request for EOI. It is hereby undertaken to comply with all the terms & conditions of this EOI and to successfully and timely carry out the entire scope of work mentioned in the EOI to the satisfaction of the Trust.
Date
Place
(Signature of Authorized Signatory)
Name & Designation of Authorized Signatory
Contact details
Address
Phone No:
Mobile No: Fax No. E-mail ID:
Annexure – IV
AGREEMENT
This Agreement is made at New Delhi this day of_______2010 between CWC Employees
Gratuity Trust having its office at____________(hereinafter referred to as “the Trust”) whyich
expression shall be deemed to include its successors and assigns wherever the context so
admits or requires) through its Authorized Signatory Sh.____________Trustee & Secretary, of
the Trust.
OF THE ONE PART
AND
M/s ______________________________________________________________
A company incorporated under___________and licensed as an Insurance Company under the
Insurance Regulatory and Development Authority Act,1999 having its registered Office
at__________and Corporate Office at ___________(hereinafter referred to as “Company”
which expression shall include its servants, heirs, executors and administrators wherever the
context so admits or requires) through its authorized representative Sh.__________)
OF THE OTHER PART
WHEREAS
The Insurance Company is authorized to undertake investments of Gratuity Funds under the
Group Gratuity Scheme in terms of Rule 101 of the Income Tax Rules, 1962.
And whereas the Trust in order to explore the possibility of increasing the returns of the Trust as
per Government of India Guidelines with adequate security and minimal risk an option available
to invest in a Group Gratuity Scheme either fully or partially.
And whereas the Trust has decided to invest in the ___________or such investment as
decided to be made in future and dmutually agreed between the Trust and_________
And whereas________has agreed to accept the investment by entering into a________Plan
duly approved for this purpose by IDRA.
Now it is hereby agreed by and betweens the parties hereto as follows:
1.1 Scope of work:
_________will have overall responsibility and obligation under these presents for the
investment of fund or the Trust in__________.The funds/contributions received will be
applied for investment under the________Plan and opted by the Trust. Details of the
scheme of investment/products/service and territory and the process thereof shall be
provided from time to time as mutually decided between the parties hereto______will be
responsible to furnish the statements of Accounts as and when required bfy the
Trust_________would furnish the investment Reports alongwith details of exposure in
various instruments on actual basis through annual reports. The Trust will have the right to
access to, the records of _____through its authorized officer/duly appointed Chartered
Accountants to get a report on the Investment oof the Trust’s fund by_____at any time.
The partial redemptions/exist should be settled within 5 working days by _______from the
date of receipt of request for red emption/exist from CWC Gratuity Fund Trust, if the claims
are not settled within 5 working days from the date of filling the claim, an amount of interest
will be payable mfor the days of delay i.e. from the Ist day immediately after the expiry of
stipulated period as mentioned above to the date of receipt of amount by _______on
overdue amount at the rate of 18% per annum. At the time oof Refund Payment no other
charges shall be levied other than those mentioned in the Agreement.
2.Commencement of the Agreement
2.1 The Agreement shall come into effect on the date mentioned in the heading of
the Agreement. The Agreement shall be valid for an initial period of two years from the date
of its commencement and may be extended for such period as may be mutually agreed
upon between the Trust and________and on such terms and conditions as are conveyed
by the Truist to the ______one month prior to the expiry of the Agreement.
2.2 In case any future statutory provisions warrants variation in the Agreement, in
any material way, both parties will in good faith use their best endeavor to agree to such
terms and conditions as may be necessary.
2.3________will claim no charges for various services
3.Investment under Group Gratuity Scheme
3.1 The trust will invest in________for the purpose of investment of funds to meet
the liabilities towards gratuity fund benefit of the members/beneficiaries under Trust’s Rules.
However, the Trust shall have absolute right to invest in Group Gratuity Scheme of any
other insurance Company as well or to invest the funds in avenues as it may deem fit for
which______________shall have no objection.
3.2 The Trust will invest as per terms as would be decided by its trustees after
ascertaining through actuarial valuation provided by _________or by any other actuary as
the trustees may deem fit to meet the liability towards benefits under CWC Employees
Gratuity Trust. The decision of the Trust in this regard shall be final and bind. The Trust will
provide to the consulting actuary of _____all the relevant data, guidelines and other
information required for this purpose.
3.3 On termination of the agreement, howsoever occasioned/caused, no further
compensation shall become due to the _______
5. Termination Clause.
This agreement can be terminated on any of the grounds and as follows:
5.1 The Trust has the right to terminate this Agreement in case it comes to conclusion that
the_______has violated any of the clauses of the Agreement which has resulted in or could
result in loss to the purpose of the trust or may damage the interest to the service being
provided to the Trust.
5.2 If either party suffers distrewss or execution or commits an act of bankruptcy or
insolvency or put into liquidation (otherwise than solely for amalgamation or
reconstruction)or if a receiver is appointed over any part of the party’s business then the
other party shall have a right to terminate this Agreement forthwith by written notice.
5.3 Notwithstanding the above, the trust may also termi nate this agreement for any
other reason/without assigning any reason whatsoever at any time during the term of this
agreement. The trust shall also have right to take any other action against______as
deemed fit.
6. Consequence of Termination
In the event that agreement is terminated, the following shall be the consequences:
6.1 Rights of_______under this agreement shall cease and no payment whatsoever shall
fbe duie to ______for loss of goodwill anticipated profits and any other claims or losses in
obligation under the Agreement towards the trust vis-à-vis making full and final payment to
the trustees even after the termination of the contract.
6.2 Unless otherwise agreed in writing by the Trust, any sums payable under this
Agreement and which are unpaid on the date of termination shall become due and payable
by the Trust.
6.3______shall at its own expense provide to the Trust promptly all information,
documentation and materials e.g. statement of account (individual and company accounts)
annual investment reports, fund balance and all other deliverables to the Trust which relate
to the services offered by the Trust.
6.4 The fund balance laying to the credit on behalf of the trust shall be paid by _______to
the trust within five working days from the date of expiry/termination of agreement. If the
claims are not settled within five working days from, the date of filling the claim, an amount
of interest will be payable for the days of delay i.e. from the ist day immediately after the
expiry of stipulated period as mentioned above to the date of receipt of amount by
______on overdue amount at the rate of 18% per annum. At the time of refund/payment no
other charges will be levied other than those mentioned in the agreement.
6.5 On the termination of the agreement for any cause whatsoever all rights and
privileges granted to_______shall immediately terminate/shall immediately cease carrying
on any business permitted under the agreement. The liability of_______shall however
continue subject to its making full and final payment to the trustees of CWC Employees
Gratuity Trust as a consequence of the termination of this agreement.
6.6 At any time, the liability of the ______to pay the gratuity benefits (as envisaged in
the rules of the Scheme) to the employees/beneficiaries under the scheme shall be limited
to the availabl;e fund under the scheme. If the liability is greater than the available fund
under the scheme, the shortfall shall be made good by the trustees of the fund.
6.7 Trust shall also be entitled to injunctive and equitable relief for any violation of
the terms and conditions including exercising all available legal rights and remedies.
7.1 Damages: In the event of termination of this agreement consequent upon breach
of any of the terms of this agreement or surrender at its own will of appropriate damages
shall be recoverable by the trust from _________
7.2 Legal action: The trust shall haqve absolute right to initiate legal action also
against________for damages in case of para 7.1 above.
7.3 The trust will also have the right not to consider for future dealings with for any
contract fon the said scheme or any scheme launched by the Trust in future.
8. Indemnification
8.1 M/s______hereby agrees to protect, defend indemnify and hold harmless the
trust and its employees, officers, beneficiaries, trustees or representatives from and against
any and all liabilities, damages, fines penalities and cost (including legal costs and
disbursements arising from or relating to:
(a) Any breach of any statute, regulation direction orders or standards from any
governmental body, agency and court/tribunal applicable to such party.
(b) Any breach of the terms and conditions in this agreement by__________
(c) Any claim of any infringement of any intellectual property right or any other right of any
third party or of law by_______
8.2 M/s ________will comply with all the applicable laws, directives, guidelines
promulgated/issued from time to time and shall be fully responsible for the same,. The
insurance company will indemnify the trust for any liability arising out of non compliance of
the same.
8.3 The _________shall not be liable for any damages if any cause for damages is directly
attributable to any acts of any members or representative of the Trust. At any time during
the existence of the cosntract, the liability of _______shall be that as mentioned in the
contract/scope of work and more specifically the administration of funds which shall include
the amount, invested interest accrued/caused thereon from time to time, interest on delayed
payments and damages if any, as per contract and law.
9. Miscellaneous
9.1 The terms and conditions may be amended as and when any damages, addition
or deletion is required with the consent and agreement of both the parties.
9.2 In case of loss o0f any material documents issued by the Trust________shall
immediately report the same to the Trust and make good the loss of any suffered as a
consequences thereof. In addition________shall also be liable to indemnify the trust, any
loss/injury suffered by the laxity of _______would not be responsible for the losses caused
by force majeure, if the same is proved sufficiently by ways of documentary evidence.
9.3 The trust reserves the right to increase the number of the Insurance Company
allotted to______ withdraw the work of any or allo products of the scheme from_______for
any reason at the sole discretion of the trust or take such steps etc. in the interest of trust.
9.4_______shall not utilize the name of the trust which is prejudicial to the interest of CWC.
9.5_______shall not fbe authorized to assign or otherwise transfer the benefits of the
agreement or part thereof to a third party.
9.6________shall provide his permanent address and bank account nu mber/PAN at the
time of signing the agreement. In case of change in permanent address and other contact
details_______will notify the changes in writing immediately to the trust.
10. General provisions:
10.1 Governing Language and Law
The language to be used in connection with the agreement shall in all cases be the English
Language. This agreement shall be governed by and construed in accordance with the laws
of India both procedural and substantial and sjhall be subject to the exclusive jurisdiction of
the Court at New Delhi.
10.2_________obligations under this agreement without prior written consent of the other
party. In any event, any assignment or transfer shall not operate to relieve the assigning
party of any of its obligations hereunder:
10.3 Notices:
Any notice or communication and requests tof be given or made to any of the parties hereto
shall be in writing. Such notice, communication requests shall be deemed to have been
given or made when it is delivered by hand or fax for the purpose of this agreement, the
address of the parties will be as follows and all correspondence and notices in relation to
the present agreement sent to the parties as the address mentioned below shall be deemed
to be sufficient service of notice on the parties. All such notices as well as reports, invoices
and other relevant material shall be addressed to the parties as per the address given
below:
Secretary
CWC Employees Gratuity Trust
4/1 Siri Institutional Area
Hauz Khas
NEW DELHI-110016
M/s______________
_________________
________________
10.4 Failure to enforce:
The failure of either party to enforce at any time the provisions hereof shall not be construed
to be a waiver of such provisions nor a waiver of the right of such party thereafter to enforce
each and every such provision.
10.5 Remedies for enforcement
a) Nothing shall be construed to restrict the right of the trust to institute appropriate
proceedings at law and equity to obtain injunction or other appropriate relief on account
of any default hereunder whether or not either party has exercised its right to terminate
the agreement. All such legal proceedings will be instituted at law under the jurisdiction
of various courts of New Delhi. Similarly all disputes under this agreement will be under
the jurisdiction of various courts of New Delhi to adjudicate upon the matter.
b) The remedies granted to the trust will be cumulative and are not intended to be
exclusive of any other remedies to which it may be lawfully entitled to in case of any
breach of the terms and provisions hereof. Failure of either of the parties to insist on
strict performance of any of the terms and provisions of the agreement or to exercise
may right or remedy shall not be construed as a waiver of any such rights.
10.6 Joint & Several Liabilities
An agreement on the part of either of the parties which comprise more than one person or entry
shall be joint and serval singular gender throughout this agreement shall include all genders and
the plural and the successors in title to the parties.
10.7 Severability:
If any terms or provisions of the agreement are or shall be illegal, invalid or unenforceable in
any jurisdiction or under any law, all other terms and provisions of the deed shall remain legal
valid and enforceable in such, jurisdiction and the parties shall endeavour to substitute forthwith
such other legal valid and enforceable provisions.
11. Force Majeure
In the event of either party being rendered unable by Force Majeure to perform any obligation
required to be performed by them under the Agreement the relative obligation of the party
affected by such Force Majeure shall be suspended for the period during which such cause
lasts.
The term “Force Majeure” as employed herein shall mean acts of god, war civil riots, fire directly
affecting the performance of the agreement and acts and regulations of government of the two
parties namely the Trust and the _________ Upon the occurrence of such cause and upon its
termination the party alleging that it has been rendered unable as aforesaid thereby, shall notify
the other party in writing, the beginning of the cause amounting to force majeure as also the
ending of the said clause by giving notice to the other party within 72 hours of the beginning and
ending of the cause respectively. If deliveries are suspended by force majeure conditions lasting
for more than 2(two) months, the trust shall have the option of cancelling this agreement in
whole or in part in its sole discretion without any liability on its part.
Time for performance of the relative obligation suspended by force majeure shall then stand
extended by the period for which such cause lasts.
12. Arbitration
All disputes and differences arising out of or in any way touching or concerning this Agreement,
whatsoever shall be referred to the sole arbitration of any person appointed by the Chairman,
CWC Employees Gratuity Trust, New Delhi. There will be no objection for any such appointment
to the Fund Manager on the ground that the person so appointed is an employee of the Central
Warehousing Corporation, that he had to deal with the matters to which the agreement relates
and that, in the course of his duties as such employees of the Corporation, he had expressed
views on all or any of the matter in dispute or difference. The award of such Arbitrator shall be
final and binding on the parties to this Agreement. It is a term of this agreement that in the event
of such Arbitrator to whom the matter is originally referred being transferred or vacating his
office or being unable to act or resigning for any reason, the CWC Employees Gratuity Trust at
the time of such transfer, vacation of office or inability to act or resigning shall appoint another
person to act as Arbitrator in accordance with the terms of this Agreement. Such person shall be
entitled to proceed with the reference from the stage at which it was left by his predecessor. It is
also a term of this Agreement that no person other than a person appointed by the Chairman
CWC Employees Gratuity Trust, New Delhi as aforesaid should act as arbitrator and if for any
reason that is not possible the matter is not to be referred to arbitration at all.
Provided further that any demand for arbitration in respect of any claim(s) of the company under
the agreement shall be in writing and made within one year of the date of termination or
completion (expiry of the period) of the agreement and where this provision is not complied with
the claim(s) of the company shall be deemed to have been waived and absolutely barred and
the Trust shall be discharged and released of the liabilities under the Agreement.
The venue of arbitration shall be Delhi or at such a place as may be fixed by the Sole Arbitrator
in his sole discretion. The arbitral proceedings in respect of dispute shall commence on the date
on which the arbitrator call upon the parties to file their claim and defence statement.
The work under the agreement shall, if reasonably possible to continue during the arbitration
proceedings and no payments due or payable to the company shall be withheld on account of
such proceedings. Further, the normal transaction for settlement of the gratuity of the
employees of the Corporation shall continue.
The fee of the Arbitrator shall be as per the guidelines issued by Central Warehousing
Corporation from time to time.
The Arbitrator shall give separate award in respect of each dispute or differences referred to him
and shall give reasons for his award.
Subject as aforesaid the Arbitration and Conciliation Act, 1996 shall apply to the Arbitration
proceedings under this Clause.
EXPLANATION:
For the purpose of this clause, the expression Chairman shall include any officer for the time
being performing the duties of the Chairman of the CWC Employees Gratuity Trust, New Delhi
13. The agreement including the annexure (s) conwstitute the entire agreement of the parties
with respect to the matters, herein cosntained and supersedes all prior agreements and
undertakings between the parties whether written or oral. The agreement shall be signed by the
authorized representatives of the CWC Gratuity fund Trust and M/s ______shall be include only
those persons referred in hereof their successors and such persons as may be designated in
writing by the CWC Gratuity fund trust or
For and on behalf of For and on behalf of
CWC Gratuity Fund Trust
( ) ( )
Witness Witness
1 1
2 2
Annexure-V
List of Documents to be enclosed with EOI
1. Copy of Articles & Memorandum of Association of the Company and copy of the Act
in case of Statutory Corporation
2. Copy of certificate of incorporation of the company and certificate of commencement
of business.
3. Copy of Certificate of Registration and latest valid Certificate of Renewal of
Registration issued by IRDA
4. Documents showing Credit Rating of the company
5. Investment committee’s brief profile and credential alongwith brief profile of Fund
Managers.
6. Audited Annual Report for FY 2008-09, 2009-10 and 2010-11 including summary of
financial statement duly verified by Chartered Accountant.
7. List of Directors on the Board of the Company with their address, contact telephone
number etc.
8. Name, Designation and contact numbers of the Contact person of the company as
the Liason officer for dealing in the matter.
9. Power of the attorney in favor of authorized Signatory.
10. An undertaking in the format enclosed as Annexure-III regarding eligibility and to
abide by all the terms & conditions stated in the EOI.
11. Brief of claim settlement procedures.
12. Any other document as sought in EOI and annexure thereto, or deemed necessary
by the bidder.