Contract Management as Opposed to Construction Management Practiced in the Indian Banking Industry
Keywords:
Banking, contract, court, indemnity, valuationAbstract
Contract management as practiced in the Indian banking industry is very much opposed to that practiced in the Indian construction industry, and this principle applies to other countries as well. This paper deals with a very sensitive issue faced by the valuation fraternity in India today, when empanelled valuers of various banks are often forced to sign indemnity bonds against their wishes. This indemnity results in a breach of trust in the industry, loss of unnecessary working hours, and unnecessary paper work. Many banks, like the Union Bank of India, Punjab & Sind Bank, etc., have done away with such
draconian clauses, and at least 16 stay orders have been issued by various high courts in India. But still, this issue lingers on and on…
References
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