SCOPE is the central body representing all public sector enterprises of India. Given the current lockdown within India, this talk was delivered via videoconference to circa 220 attendees comprising senior management representatives of entities like BHEL, EIL, GAIL, HPCL, IOCL, NHPC, NTPC and RITES. Several arbitrators empanelled with SCOPE were also in attendance.
Shourav covered topical issues such as calls on performance bonds and delay and disruption to projects given the COVID-19 situation, legislation introduced in Singapore on 7 April 2020 to provide relief to construction contractors affected by the pandemic, the Govt of India Ministry of Finance circular on force majeure issued on 19 February 2020, and the relevance of arbitral seats in an increasingly virtual hearing world.
Shourav also fielded questions from participants ranging across matters from the differential cost of procurement of bonds, enforceability of clauses limiting liability, the ability to terminate for inordinate delay, valuation of changes to, or increases in, scope, the effect of invalidity of liquidated damages clauses, and the impact of government directives on inter-party contractual claims.
The vote of thanks was delivered by Mr S Sakthimani, Director Finance of Cement Corporation of India and Executive Board Member of SCOPE.