Indian Overseas Bank...The Indian Overseas Bank (the Bank) is the Public sector bank with Central...

Indian Overseas Bank

REQUEST FOR PROPOSAL

RFP FOR INSURANCE OF TERM LIFE OF INDIAN OVERSEAS BANK FOR THE PERIOD

OF 21st August 2020 to 20th August 2021

RFP REFERENCE NUMBER:

HRMD DEPARTMENT, CENTRAL OFFICE

INDIAN OVERSEAS BANK

763, ANNA SALAI MAIN BUILDING

CHENNAI 600002

RFP FOR INSURANCE OF PROPERTY OF INDIAN OVERSEAS BANK FOR THE PERIOD OF 1ST APRIL 2020 TO 31ST MARCH 2021

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Contents PART I-RFP TERMS & CONDITIONS ...................................................................................... 3

1. INTRODUCTION....................................................................................................... 3

2. DISCLAIMER ............................................................................................................. 3

3. SCHEDULE OF BIDDING PROCESS: ..................................................................... 4

4. BID SUBMISSION AND QUERIES: ......................................................................... 5

5. ELIGIBILITY CRITERIA FOR BIDDERS: ................................................................... 5

6. RFP INSTRUCTIONS ................................................................................................. 8

7. SUBMISSION OF BIDS THROUGH E-TENDER: ..................................................... 8

8. EVALUATON OF BIDS AND AWARDING THE CONTRACT ............................ 10

9. GENERAL TERMS AND CONDITIONS: ............................................................... 11

PART II- ANNEXURES ........................................................................................................... 15

ANNEXURE 1 TO TECHNICAL BID ............................................................................. 15

ANNEXURE II TO TECHNICAL BID ............................................................................. 16

ANNEXURE III TO FINANCIAL BID ............................................................................. 19

ANNEXURE IV TO TECHNICAL BID ............................................................................ 20

ANNEXURE V-TECHNICAL BID................................................................................... 34

ANNEXURE VI-PRE CONTRACT INTEGRITY PACT .................................................. 35

ANNEXURE VII-CLAIMS SUMMARY .......................................................................... 46


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PART I-RFP TERMS & CONDITIONS

1. INTRODUCTION

The Indian Overseas Bank (the Bank) is the Public sector bank with Central

Office at Chennai.

The Bank has appointed Marsh India Insurance Brokers as its Broker to solicit

proposals through a two stage bidding process (comprising of Technical and

Financial Bids) from IRDAI Licensed Life Insurance companies operating in India

for GTL (Group Term Life Insurance) to be availed by the Bank. Bidders are

invited to submit their proposal in accordance with this Request for Proposal

(RFP).

E-tenders are invited by the Indian Overseas Bank for Term Life Insurance cover

of all the Employees of the Bank, situated in various locations.

2. DISCLAIMER

The information contained in this Limited Tender Enquiry (“RFP”) document or

information provided subsequently to bidders or applicants whether verbally or

in documentary form by or on behalf of Indian Overseas Bank (or Bank), is

provided to the bidder(s) on the terms and conditions set out in this RFP

document and all other terms and conditions subject to which such

information is provided.

This RFP document is not an agreement and is not an offer or invitation by the

Bank to any parties other than the applicants who are qualified to submit the

bids (hereinafter individually and collectively referred to as “Bidder” or

“Bidders” respectively). The purpose of this RFP is to provide the Bidders with

information to assist the formulation of their proposals.

This RFP does not claim to contain all the information where each Bidder

requires. Each Bidder may conduct its own independent investigations and

analysis and is free to check the accuracy, reliability and completeness of the

information in this RFP. The Bank makes no representation or warranty and shall

incur no liability under any law, statute, rules or regulations as to the accuracy,

reliability or completeness of this RFP. The information contained in the RFP

document is selective and is subject to updating, expansion, revision and

amendment. It does not purport to contain all the information that a Bidder

require.

Bank in its absolute discretion, but without being under any obligation to do so,

can update, amend or supplement the information in this RFP. Such change

will be published on the Website (www.iobtenders.auctiontiger.net) &

www.iob.in, and it will become part of RFP. Indian Overseas Bank reserves the

right to reject any or all the proposals received in response to this RFP document

at any stage without assigning any reason whatsoever. The decision of the

http://www.iobtenders.auctiontiger.net/


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Bank shall be final, conclusive and binding on all the parties. Bank reserves the

right to cancel the entire bid at any point of time, or disqualify any particular

bidder, if it finds that fair play is not maintained by the bidder.

3. SCHEDULE OF BIDDING PROCESS:

S.No Description of

Information /

Requirement

Information / Requirement

1. Tender Reference

Number

Personnel/ TERM LIFE INSUERANCE /01/2020-

21

2. Request for proposal

Released

August 07, 2020

3. Last date to

Communicate intent to

Bid by email to MIIBPL

August 8, 2020 by 2.00 pm

4. Last date to send

Written questions

regarding RFP to MIIBPL

August 16, 2020 by 2.00 pm

5. Bid Submission Mode. https://iobtenders.auctiontiger.net/EPROC/

Through e-tendering portal (Class II or Class

III Digital Certificate with both Signing &

Encryption is required for tender

participation)

6. Last Date and Time for

submission of bids along

with supporting

documents through the

above e-tendering

portal.

16.08.2020 on or before 13:00 hours. (End

time for submission will be as per e-

tendering service provider server time).

7. Date, time and venue

for opening the

Technical BID through

e-tendering portal.

17.08.2020 at 14:00 hours at the Bank’s

Information Technology Department,

Chennai.

8. Date, time and venue

for opening the Price

bid

Shall be intimated to the technically

qualified bidders in due course.

9. Policy Inception Date 21st August 2020 (00:00 Hours)

10.

Support person and

phone number for e-

tender service provider

for any help in

accessing the website

and uploading the

tender documents.

e-Procurement Technologies Limited

Shivam Shewaramani: 079-68136824

Mr. Nisarg Thakkar: 079 6813 6822

[email protected]

https://iobtenders.auctiontiger.net/EPROC/

mailto:[email protected]


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4. BID SUBMISSION AND QUERIES:

Bid submission, queries and all other terms and conditions are detailed in the

following sections of this document. All communication with regard to this

proposal needs to be directed to MIIBPL only.

Your proposal must:

Consider August 21, 2020 as effective date for Policy inception and

administration

If you intend to respond to this RFP, please send a confirmation mail to MIIBPL

latest by 2:00 p.m. 8th August, 2020.

Your proposal must clearly indicate the name of the responding organization,

as well as the name, address and telephone number of the primary contact at

your organization for this proposal. Your proposal must include the contact

name for local service and account management team that IOB/ MIIBPL can

call directly.

Bids submitted in any other manner (For Example: Courier, E-Mail, Fax etc.,)

shall be considered as invalid and would disqualify the bidder.

No extension will be granted for submission.

In case of any difficulty, in bid submission you may contact any of the below

mentioned officers:

Nishtha Naithani-Sr Manager – MIIBPL Cell: +91 7824057627– email id:

[email protected]

Questions concerning the RFP or its attachments should be directed to Marsh

India Insurance brokers only.

No questions concerning the RFP are to be directed to IOB and no answers will

be provided over the phone. Please submit all questions in writing by email to

Marsh India Insurance Brokers by 2.00 PM on August 10, 2020. Marsh India

Insurance Brokers will send a written response by email to substantive questions

by 5:00 P.M. on 13th August 2020 on best effort basis.

IOB and Marsh India Insurance Brokers assume no responsibility or liability for

any costs you may incur in responding to this RFP, including attending

meetings, site visits.

5. ELIGIBILITY CRITERIA FOR BIDDERS:

In the first stage, only the ‘Technical Bids’ will be opened and Technical Bids in

respect of only those bidders who fulfill the eligibility criteria indicated below

will be considered.



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Eligibility Criteria:

i. The insurance Company has to be registered with IRDAI.

ii. The Solvency Margin of minimum 1.5 as on 31/03/2020.

iii. The company should have at least ‘5 years’ experience in the field

of general insurance.

iv. The company should have Pan India presence as the offices of IOB

are spread across India.

The Technical Bid will also be evaluated on the basis of the points to be

awarded as per following table: -

Table-I-Evaluation criteria for Technical Bids:

Sr.No Criterion Points Total

1 Number of Years completed Since License given

by IRDAI as on 31.03.2020

10

Upto 6 years 6

>6 and upto 9 Years 8

Above 9 Years 10

2 Gross Total Premium underwritten within India

(Rs. in Crores in FY 2019-20

10

Upto Rs.500 Crores 4

>Rs.500 Crores - and Upto 1000 Crores 6

>Rs.1000 Crores –Upto Rs.5000 Crores 8

> Rs.5000 Crores 10

3 Solvency Ratio as on 31.03.2020 20

Upto 2.00 10

2.1 and above 10

4 No of Office in India as on 31.03.2020 10

Upto 100 l 6

101-150 8

Above 150 10

5 Life Insurance Claims Settlement Ratio for FY

2019-20 as per IRDAI published statistics

20

Upto 90% 10

More than 90% 10

6 Market Share as on 31/03/2020 (% As per IRDAI) 10

Upto 2 4

More than 2 and Upto 4 6

More than 4 and Upto 6 8

Above 6 10


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7 Number of Clients being Serviced by you as on

31.03.2020

10

0-50 5

Above 50 5

8 Number of PSU Banks being Serviced by you as

on 31.03.2020

10

Upto 2 5

More than 2 50

Bidders meeting the basic criteria and scoring equal to or more than 40-marks

as per above evaluation in Technical Bid, will qualify for the further process of

bidding.

Bidders are required to upload all the supporting documents to prove the

eligibility criteria along with the Annexure I.

In the second stage, the Financial Bids of only those bidders, who have

qualified through the above process on the basis of evaluation of their

Technical Bids, will be opened.

Indian Overseas Bank (IOB) reserves the right to:

Reject any or all responses received in response to the RFP without assigning

any reason whatsoever.

Cancel the RFP / Tender at any stage, without assigning any reason

whatsoever.

Waive or Change any formalities, irregularities, or inconsistencies in this

proposal (format and delivery). Such a change / waiver would be duly and

publicly notified in the Bank's website before the closure of the bid date.

Extend the time for submission of all proposals and such an extension would

be duly communicated by Marsh India Insurance Brokers to all the

insurance companies.

If, information and details furnished by applicants are found to be false at

any time in future or any information withheld, which comes to the notice

of the Bank at a later date, the pre-qualification of such applicant shall be

cancelled immediately.

Bank reserve the option to award the contract to the next lowest bidder at

L1 rate. In such a case, if the next lowest, say L2, is not agreeing to carry-out

the contract at L1 rate, the offer will be extended to L3 and so on (at L1

rate).

Bank reserve the right to amend modify the tender terms or issue any

corrigendum before bids are opened. However, the bidder shall be given

opportunity to modify his tender based on the revised terms.

Select the bidder even if a single bid is received as response. Share the

information / clarifications provided in response to RFP by any bidder, with


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all other bidder(s) / others, in the same form as clarified to the bidder raising

the query.

6. RFP INSTRUCTIONS

6.1 Proposal Requirements

Bidder is expected to provide confirmation on the coverage details mentioned

in the Annexure II of the RFP.

Entire submission should be on the letter head of the Insurance Co and each

page should be stamped and signed by the authorized signatory. IOB reserves

the right to reject Bid submission which is incomplete in any respect and

disqualify the Bidder. No communication will be entertained in this regard.

The Technical Bid shall NOT contain any pricing or commercial information at

all and if the Technical Bid contains any price related information, then that

Technical Bid would be disqualified and would NOT be processed further, and

the bidder would get disqualified.

All proposal responses will be opened in front of a committee constituted for

this purpose in IOB in the presence of representatives of Marsh India Insurance

Brokers and insurance companies if they choose to remain present.

6.2 Important Terms:

Quotes: The rates quoted must be final and considered firm regardless

of claims experience as on the policy effective date, 31st July2020.

Terms: Your proposal must not include "Cancellation" and / or "Premium

/ Claims Review" clause.

Endorsements: Premium for endorsement (addition / deletion) should be

computed on daily pro-rata basis. Any refunds on account of deletions

should be refunded on pro-rata basis.

7. SUBMISSION OF BIDS THROUGH E-TENDER:

Bidders satisfying the terms and conditions and General terms specified in this

RFP and ready to provide the said Services, may submit their bid through Bank’s

e-tendering service provider website https://iobtenders.auctiontiger.net on or

before the time line stipulated vide clause 3 of the RFP.

Bank’s e-tendering website will not allow any bids to be submitted after the

deadline for submission of bids. In the event of the specified date and time for

the submission of bids, being declared a holiday for the Bank, e-tendering

website will receive the bids up to the appointed time on the next working day.

Extension / advancement of submission date and time will be at the sole

discretion of the Bank.


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1. Bank has decided to determine L1 through bids submitted on bank’s E-

Tendering website https://iobtenders.auctiontiger.net. Bidders shall bear

the cost of registration on the Bank’s e-tendering portal. Rules for web

portal access are as follows:

2. Bidder should be in possession of CLASS II or CLASS III-Digital Certificate

in the name of company/bidder with capability of signing and

encryption for participating in the e-tender. Bidders are advised to verify

their digital certificates with the service provider at least two days before

due date of submission and confirm back to bank.

3. Bidders at their own responsibility are advised to conduct a mock drill by

coordinating with the e-tender service provider before the submission of

the technical bids.

4. E-Tendering will be conducted on a specific web portal as detailed in 3

(schedule of bidding process) of this RFP meant for this purpose with the

help of the Service Provider identified by the Bank as detailed in 3

(schedule of bidding process) of this RFP.

5. Bidders will be participating in E-Tendering event from their own office /

place of their choice. Internet connectivity /browser settings and other

paraphernalia requirements shall have to be ensured by Bidder

themselves.

6. In the event of failure of their internet connectivity (due to any reason

whatsoever it may be) the service provider or bank is not responsible.

7. In order to ward-off such contingent situation, Bidders are advised to

make all the necessary arrangements / alternatives such as back –up

power supply, connectivity whatever required so that they are able to

circumvent such situation and still be able to participate in the E-

Tendering Auction successfully.

8. However, the vendors are requested to not to wait till the last moment

to quote their bids to avoid any such complex situations.

9. Failure of power at the premises of bidders during the E-Tendering

cannot be the cause for not participating in the E-Tendering.

10. On account of this the time for the E-Tendering cannot be extended

and BANK is not responsible for such eventualities.

11. Bank and / or Service Provider will not have any liability to Bidders for

any interruption or delay in access to site of E-Tendering irrespective of

the cause.

12. Bank’s e-tendering website will not allow any bids to be submitted after

the deadline for submission of bids. In the event of the specified date

and time for the submission of bids, being declared a holiday for the

Bank, e-tendering website will receive the bids up to the appointed time


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on the next working day. Extension / advancement of submission date

and time will be at the sole discretion of the Bank.

13. During the submission of bid, if any bidder faces technical issues and was

unable to submit the bid, in such case the Bank reserves its right to grant

extension for bid submission by verifying the merits of the case and after

checking necessary details from Service provider.

14. Utmost care has been taken to reduce discrepancy between the

information contained in e-tendering portal and this tender document.

However, in event of any such discrepancy, the terms and conditions

contained in this tender document shall take precedence.

15. Bidders are suggested to attach all eligibility criteria documents with the

Annexes in the technical bid.

16. Bidders are supposed to bear the registration cost for Auction Tiger

Portal before submission of the bids.

8. EVALUATON OF BIDS AND AWARDING THE CONTRACT

Price should not be indicated at any place in the Technical Bid. If the price is

indicated in the technical bid, the entire bid will be summarily rejected.

The evaluation of Bids and awarding contract will be carried out as per the

following criteria:

a) Evaluation of Technical Bids:

The Bank’s evaluation of the technical bids will take into account the

following factors and based on such evaluation a list of technically qualified

bidders will be short-listed:

1. Compliance of terms and conditions stipulated in Table I of RFP duly

supported by documentary evidence called for therein.

2. Submission of duly signed Annexure – I, II, IV, V, VI of the RFP.

3. All the supporting documents to prove the eligibility criteria requires to

be uploaded with the Annexure I.

4. Review of written reply, if any, submitted in response to the clarification

sought by the Bank, if any.

b) Evaluation of financial Bids:

Financial bids of the participating bidders will be opened and evaluated as per

the following:

1. Bidders meeting the basic criteria and scoring equal to or more than 40-

marks as per evaluation in Technical Bid, will qualify for the opening of

financial bid.


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2. Submission of Financial Bid strictly in the format specified in Annexure III

of RFP.

c) Determination of Successful Bidders and Awarding of Contract:

Bank will determine the L1 bidder through the Financial bids submitted in bank’s

e-Tendering website.

1. The L1 bidder will be determined based on the lowest Total Price Quoted

for (Grand Total) under SL.NO. 7 (Table I) of ANNEXURE III).

2. The Bidder in their own interest should quote highly competitive pricing

and the same should be reasonable.

3. In case where there is a tie in the score of multiple bidders, contract will

be awarded to such bidder who has secured higher marks In the

Technical evaluation.

9. GENERAL TERMS AND CONDITIONS:

Following additional terms and conditions shall apply to the evaluation process:

(a) Bidder warranties - By submitting a Response, Bidder represents and

warrants to IOB that, as at the date of submission:

i. the Bidder has fully disclosed to IOB in its Responses all information which

could reasonably be regarded as affecting in any way lOB's evaluation of the

Response;

ii. all information contained in the Bidder's Response is true, accurate and

complete and not misleading in any way;

iii. No litigation, arbitration or administrative proceeding is presently taking

place, pending or to the knowledge of the Bidder threatened against or

otherwise involving the Bidder which could have an adverse effect on its

business, assets or financial condition or upon lOB's reputation if the Response

is successful;

iv. the Bidder will immediately notify IOB of the occurrence of any event, fact

or circumstance which may cause a material adverse effect on the Bidder's

business, assets or financial condition, or IOB reputation or render the Bidder

unable to perform its obligations under the IOB agreement, if any or have a

material adverse effect on the evaluation of the responses by IOB; and

v. the Bidder has not and will not seek to influence any decisions of IOB during

the evaluation process or engage in any uncompetitive behavior or other

practice which may deny legitimate business opportunities to other Bidders.

(b) Confidentiality - Bidder must keep confidential any information received

from or about IOB as a result of or in connection with the submission of the

Response. All information contained in the Response, or in subsequent


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communications shall be deemed confidential and may be used only in

connection with the preparation of Bidder's Response. Unless expressly agreed

in writing prior to submissions, Responses are not confidential and may be used

by IOB in whole or part. IOB however, will not disclose the information provided

by Bidder in a Response other than to its affiliates or to its professional advisors,

unless required otherwise by any provisions of law. Additionally, and at any

point of the evaluation and selection process, IOB may require the Bidder to

execute an NDA if the Bidder has not executed an NDA with IOB previously.

(c) Disclaimer- Whilst all reasonable care has been taken in compiling this

Response document, the figures, documents and details are presented in

good faith; and no warranty or guarantee (express or implied) is given by IOB

as to the completeness or accuracy of the Response or any information

provided in or in connection with it. To the maximum extent permitted by law:

RFP - Property and other assets 2020-21

a) IOB, its officers, employees and agents will not be liable in any way

whatsoever for any loss, damage, cost or expense (including without

limitation any liability arising from any fault or negligence on their part)

arising from the evaluation process; and each Bidder releases and

indemnifies IOB from all claims, suits, demands, proceedings, actions,

liabilities, damages and costs which may arise under statute, law, equity

or otherwise arising form, whether directly or indirectly, or in connection

with the evaluation and selection process.

b) This RFP is not an offer to contract, nor should it be construed as such; it

is a definition of specific IOB requirements and an invitation to recipients

to submit a responsive proposal addressing such requirements. IOB

reserves the right to make no selection and enter into no agreement as

a result of this RFP. Only the execution of a written agreement between

IOB and a vendor will obligate IOB in accordance with the terms and

conditions contained in such agreement.

c) It should be understood that your response to this RFP constitutes an offer

to do business on the terms stated in your response and that, should a

contract be awarded to you, IOB may, at its option, incorporate all or

any part of your response to this RFP in the contract. IOB reserves the

right to accept your offer without further discussions and without any

additional opportunity for you to amend, supplement or revise your

submitted offer.

d) IOB's right to verify - IOB reserves the right to conduct a site survey or

obtain other evidence of facilities, resources, and managerial, financial

and Bidder performance abilities prior to announcing the successful

Bidder or awarding an agreement under this evaluation process.

e) Financial documents- IOB may request additional financial/business

information from the Bidder at its discretion.


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f) Selection criteria- The selection criteria, inquiries, questions or

information put forth in the Response are meant to be provided on the

aforesaid and established through the details submitted by the bidder

in the Technical Bid. Financial bids of those companies which do not

meet the evaluation criteria will not be opened and processed further.

g) Termination/or suspension of evaluation process - IOB reserves the right

to suspend or terminate the Bidder evaluation process (in whole or in

part) at any time in its absolute discretion and without liability to the

Bidder or any third party. Bidders will be notified if any suspension or

termination occurs but IOB is not obliged to provide any reasons.

h) Other Rights - Without limiting its rights under any other clause of this

evaluation process or at law, and without liability to the Bidder or any

third party, IOB may at any stage of the evaluation process:

I. Require additional information from a Bidder;

II. Change the structure and timing of the evaluation process;

III. Terminate further participation in the evaluation process by a

Bidder;

IV. Negotiate with more than one Bidder;

V. Terminate negotiations being conducted with a Bidder;

VI. Vary or extend the timetable and evaluation process,

VII. Accept any non-complying Response; or

VIII. Vary the terms and conditions of the evaluation process, the RFP

or specifications or requirements at any time.

i) Responsibility for Costs - Bidder is responsible for all costs, expenses or

liabilities incurred by them or on their behalf in relation to the evaluation

process (including in relation to providing IOB with the response, the

revised response or any additional information).

j) Non-Reliance by Bidder - Bidder, by submitting a Response,

acknowledges that:

I. it does not rely on any information, representation or warranty,

whether oral or in writing or arising from other conduct, other than

that specified in this RFP or otherwise provided by IOB in writing;

II. it has made its own inquiries as to regarding the risks, contingencies

and other circumstances that may have an effect on the Bidder's

Response as well as the accuracy, currency or completeness of such

information; and

III. Information provided in its Responses are based on historical trends

does not constitute a representation that such trends will continue

into the future or occur again and nothing contained in its Response

can be relied upon as a commitment guarantee or representation

regarding future events or performance.


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IV. lOB's right to vary - IOB reserves the right to vary any aspect of this

valuation process, RFP without liability to Bidder. Where IOB varies

any aspect of this evaluation process or the agreement, IOB shall

notify the Bidder of that variation.

k) Incorporation of Responses into agreement - The Successful Bidder as

concluded by IOB shall sign an IOB agreement. IOB may, at its sole

discretion, incorporate any portion of any successful Response of a

successful Bidder in to the final IOB agreement. IOB may require a successful

Bidder to submit, before negotiation of the IOB agreement, details of issues

which may affect their ability to act as a Bidder.

l) Precedence of Documents - If there is any inconsistency between the terms

of this RFP and any of its appendices, schedules or attachments then, unless

the contrary is explicitly stated in this RFP, the terms of the RFP will prevail to

the extent of any inconsistency.

m) Governing Laws & Dispute Resolution-The RFP and selection process shall be

governed by and construed in accordance with the laws of India. Any

dispute arising out of the RFP process shall be referred to arbitration under

the Arbitration & Conciliation Act, 1996. The arbitral tribunal shall consist of

three arbitrators - one each to be appointed by IOB and Bidder. Appointed

arbitrators then appointing an umpire. The venue of arbitration shall be

Chennai.

n) The evaluation process as communicated earlier shall continue without any

changes.


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PART II- ANNEXURES

ANNEXURE 1 TO TECHNICAL BID

On the letter-head of the bidder

Technical Bid for Policy Period 21st August 2020 to 20th August 2021

Sr.N

o.

Parameters Responses

1 No of Completed Years since license given by

IRDAII as on 31/3/2020

2 Gross Total Premium underwritten within India

(Rs. in Crores) in FY 2019-20

3 Solvency Ration as on 31/03/2020

4 No. of offices in India as on 31/3/2020

5 Life Claims Settlement Ratio for FY 2019-20 as

per IRDAI published

Statistics.

6 Market share as on 31/03/2020.(% as per IRDAI)

7 No of clients being serviced by you as on

31/3/2020

8 Number of PSU Banks being Serviced by you as

on 31/3/2020

We confirm that the above information is true and correct. We agree that

in case, any of the information is found to be incorrect then we may be

disqualified from the bidding process and we shall not raise any

objections to the same.

We hereby confirm that the supporting documents to substantiate the

above criteria has been uploaded along with Annexure 1.

For, ____________________

Authorized Signatory

Name of official:


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ANNEXURE II TO TECHNICAL BID


Coverage & other Confirmations

A. We hereby confirm that we meet all the criteria as mentioned under

"Eligibility Criteria" Section of the RFP.

B. We hereby further confirm that bid submitted by us is in compliance

with all Tariff and other regulations and will not prejudice the interest

of Insured and that all the claims shall be processed on the merits of

the case.

C. We further confirm that our quote is based on Policy Coverage are

as follow:

Existing Option Coverages

Scope : Worldwide – 24 Hours Yes

Total Members 24416

Sum Insured 100000 per member

Total Sum Insured 2,441,600,000

Accidental Death Rider 100000 per member

Rider Sum Insured 2,441,600,000

Natural/ Accidental/ Suicidal Any Type of Death Covered

Yes

Active at work Clause Waiver for All

Free Cover limits 100000

Free Cover age limits 80 Yrs

Members above free cover limit

Nil

Coverage Limit Upto 80 years

Terrorism Required


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Proposed Option 1 Coverages

Scope : Worldwide – 24 Hours Yes

Total Members 24416






Yes





Nil


Terrorism Required

Proposed Option2 Coverages

Scope : Worldwide – 24 Hours

Yes

Total Members 24416






Yes





Nil


Terrorism Required


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Proposed option 3 Coverages

Scope : Worldwide – 24 Hours

Yes

Total Members 24416

Sum Insured 1000,000 per member

Total Sum Insured 24416,000,000


Rider Sum Insured 2441600000


Yes


Free Cover limits 1000,000



Nil


Terrorism Required


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ANNEXURE III TO FINANCIAL BID

For Policy Period 1st Sept 2020 - 30st August 2021

TABLE I

Sr.No Policy Type Total Sum

Insured Premium GST Total

1

GTL Existing

Option (1 Lac for

All)

2

Proposed Option

1 (2 Lac for All)

3

Proposed option2

(3 Lac for All)

4

Proposed option3

(5 Lac for All)

NOTE:

1. If the cost for any line item is indicated as zero, then it will be assumed by

the Bank that the said item is provided to the Bank without any cost.

2. The prices quoted above shall be considered for all the deliverables

stated in this RFP document. No extra costs other than those quoted

above shall accrue to the bank.

3. L1 will be determined based on the total cost of ownership (TCO) quoted

by any of the technically short-listed bidder, in the RFP, under Table I Serial

No. 7 (Grand Total).

We certify that the items quoted above meet all the requirements provided in

the RFP Ref IOB/Term Life INSURANCE/01/20 and prices quoted are all in

compliance with the terms indicated in General conditions of the RFP Ref No.

IOB/Term Life INSURANCE/01/20. We also confirm that we agree to all the terms

and conditions mentioned in this RFP Ref No. TermLife INSURANCE/01/20 dated

07.08.2020.

Authorized Signatory:

Name and Designation:

Office Seal with date


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20 | P a g e

ANNEXURE IV TO TECHNICAL BID

Tripartite Service Level Agreement

INDIAN OVERSEAS BANK, MARSH INDIA INSURANCE BROKERS PVT LTD

AND THE INSURER.

INSURANCE CLAIMS PROCEDURE

This SERVICE LEVEL AGREEMENT is made on this ……day in the month of

March in the year 2020 (“Effective Date”)

BETWEEN

Indian Overseas Bank, a body corporate constituted under Banking

Companies (Acquisition & Transfer of Undertakings) Act 1970 and having

its Corporate Office at No.762, Annasalai, Chennai - 600 002, Tamil Nadu,

India, hereinafter referred to as “Bank” which expression shall unless

repugnant to the context or meaning thereof, be deemed to mean and

include the successors and permitted assigns of the Bank, as well as

divisions, subsidiaries and affiliates of the Bank and their successors and

assigns) of the FIRST PART;

AND

M/s. MARSH INDIA INSURANCE BROKERS PRIVATE LIMITED, a Company

incorporated under the Companies Act, 1956 having its Corporate

Office at 1201-02, Tower 2, One Indiabulls Centre, Jupiter Mills

Compound, Senapati Bapat Marg, Elphinstone Road (W), Mumbai 400

013 ( hereinafter referred to as the “Insurance Broker”/” Service Provider/

MIIBPL” which expression shall, unless repugnant to the context or

meaning thereof, be deemed to mean and include its successors and

permitted assigns) of the SECOND PART;

AND

M/s ABC General Insurance Co Ltd, a Company incorporated under the

Companies Act, 1956 having its Corporate Office at

………………………………….. (Here in after referred to as the “Insurer”

which expression shall, unless repugnant to the context or meaning

thereof, be deemed to mean and include its successors and permitted

assigns) of the THIRD AND FINAL PART;


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21 | P a g e

The parties to this Agreement are hereinafter individually referred to as

a “Party” and collectively as “Parties”.

WHEREAS:

(A) Bank has invited Tenders/e-tenders [as the case may be] from

eligible …………………… through the process of an RFP for

………………………………….vide RFP No……………… dated

………..,M/S.MARSH INDIA INSURANCE BROKERS PRIVATE LIMITED, (Name

of the Insurance Broker/Service Provider) have been identified as the

successful Insurance Broker.

(B) Bank has agreed to avail of the services from the Service Provider

as referred to in the RFP and that the Service Provider has agreed to

provide the said services to the Bank. Details of the services have been

described in Annexure- I hereto, (the “Services”) at the place/s defined

by Bank on the terms and conditions set out hereunder.

(C) Accordingly, the terms of the agreement between the Parties

would be guided by the terms and conditions, representations,

warranties, covenants and principles set forth in this document.

NOW THEREFORE, in consideration of the foregoing and the mutual

covenants and promises contained herein and other good and valuable

consideration, the receipt and adequacy of which is hereby

acknowledged, the Parties intending to be bound legally, agree as

follows:

The following procedure is agreed upon and adopted to deal with all

the services arising under various insurance Policies issued by ABC

General Insurance Co Ltd (hereinafter referred to as “The Insurer”)

through Marsh India Insurance Brokers Private Limited (hereinafter

referred to as “MIIBPL”) to Indian Overseas Bank (hereinafter referred to

as “IOB”).

1. Policy Documents Servicing Process –

• All Policies/Endts will be issued in 7 Working Days

•Cash Deposit Account Statement shall be issued on 15th of every

succeeding month.

• Premium quote to be released within 3 days in case of any fresh policy

requirements from IOB. The premium rate to be maintained same as per

the existing policies issued to IOB.


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22 | P a g e

2. Claims Servicing Process - Intimation of Loss:

Every loss is to be immediately (not later than 7 days from the date of

loss) to be notified to The Insurer upon its occurrence or upon it coming

to the knowledge of IOB through MIIBPL. MIIBPL once informed by IOB

will immediately notify The Insurer about such an event/incident with a

copy to IOB;

First Contact Nishtha

Naithani

[email protected] 7825057627

Second

Contact

Vibish C G [email protected]

8939861061

5. Standard Claims Documentation:

It is agreed and understood that documentation forms an important

component of a claim and The Insurer and the surveyors will keep the

operational reality in mind while asking for the same. At the same time,

IOB will strive to provide whatever documentation it may have in its

possession to establish the authenticity of the claim raised by it.

In general, the following documents will be required for settlement of

claims:

1. Insurer’s Claim Form duly filled-in and signed.

2. Death Certificate.

3. For Accidental death FIR and Postmortem report.

The above list is not exhaustive and additional documents may be

called for, depending upon nature of loss and will be provided by IOB,

if practically possible.

6. Assessment Principles:

All Parties will jointly work towards expeditious settlement of

claims.

IOB will render all possible help to MIIBPL to help The Insurer

in arriving at the quantification of the loss.



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23 | P a g e

IOB on a best effort basis will provide all documents as

mentioned in under clause 4 above to substantiate and

assess the loss.

Claim settlement disputes, if any, will be resolved in a

professional manner between by all Parties in a consultative

manner.

7. Settlement and Payment of Claims:

Turn Around Time:

All Losses shall be settled within 14 working days of the receipt

of the documents/clarifications.

8. Co-ordination:

Operational- MIIBPL

Ms._Nishtha Deepak Naithani is single point contact from MIIBPL

for all policy related matters and for claims Mr S. Dillibabu_____.

The escalation matrix for MIIBPL for all matters shall be as under.

Sr. No. NAME MAIL ID MOBILE NO

1 Nishtha Deepak

Naithani [email protected] 7824057627

2 CG Vibish [email protected] 8939861061

3 S Dillibabu [email protected] 8939861755

Operational- ABC General Insurance Co. Ltd

Mr__________ is one-point contact for all matters.

The escalation matrix for The Insurer shall be as under.

Sr. No. NAME MAIL ID MOBILE NO

Mail Recipient

Type

1

2


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24 | P a g e

There will be a joint quarterly meeting to review and resolve all

pending matters.

9. Termination:

The Bank reserves the right to cancel the entire Contract by giving 30

days’ prior written notice to the Service Provider to cure the default. After

30 days if the Bank is not satisfied with the response, it may terminate the

Contract in whole or in part: at any time in the event of one or more of

the following conditions:

Unsatisfactory performance of the Service Provider during the

currency of the Contract.

Breach in the terms and conditions of the Contract/ RFP.

The Service Provider or his contractors are found to be indulging in

unfair practices/committing frauds. However, the Bank would

provide the Service Provider with written records and proofs for

any allegation to this effect.

The Bank suffers a reputation loss on account of any activity of the

Service provider.

The Service Provider becomes bankrupt / insolvent. Provided that

such termination will not prejudice or affect any right of action or

remedy which has accrued or will accrue thereafter to the Bank.

In case of breach of contract on part of the Service Provider, the

Bank shall serve notice of breach on the Service Provider. The

Service Provider shall, within 30 days of service of such notice take

adequate steps to remedy the breach, failing which the Bank may

enforce performance in accordance with applicable clauses of

the Agreement.

Upon breach of contract and after the expiry of the notice period,

if the Service Provider fails to improve the performance and/or,

does not take steps to remedy the breach, the Bank will

………………………………………

10.. Independent Service Provider:

This Agreement is on a principal-to-principal basis between the parties

hereto. Nothing contained in this Agreement shall be construed or

deemed to create any association, partnership or joint venture or

employer-employee relationship or principal-agent relationship in any

manner whatsoever between the parties. The Service Provider

acknowledges that its rendering of services, subject to the terms and

conditions agreed upon and agrees not to hold itself out to be an


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25 | P a g e

employee, agent or servant of the Bank or any subsidiary or affiliate

thereof.

11. Sub-Contractors:

The Service Provider shall not assign or subcontract any of its

responsibilities contained in this Agreement to any agent, subagent or

subcontractor without prior written consent of the Bank. The Service

Provider shall provide existing list of sub – contractors to the Bank. The

Service Provider shall be fully responsible for all acts and omissions of its

contractors, sub-contractors or agents.

Nothing in this Agreement shall be construed as creation of any

contractual or other relationship between the Bank and any such

contractor / sub-contractor or agent, nor any obligation on the part of

the Bank to pay or see to the payment of any money due to any

contractor / sub-contractor / agent of the Service Provider.

12. Inspection and Right to Audit:

The Bank reserves the right to carry out inspection by a team of Bank

officials of the Service provider’s facilities. The Service provider shall

provide unrestricted access to its premises and records being

maintained with regard to the job being performed as per its contract

with the Bank, to the authorized personnel of the Bank / its auditors

(internal and external)/ any statutory / regulatory authority / authorized

personnel from RBI to carry out any kind of process of audit.

The Service provider shall allow the Bank, its authorized personnel, its

auditors (internal and external), authorized personnel from RBI / other

regulatory & statutory authorities, and grant unrestricted right to inspect

and audit the operations and records directly related to the services.

The service provider must build adequate safeguards to ensure that the

information / documents / records / assets of the Bank are maintained

in a way that the same are safe and there is no co-mingling of similar

information with other organizations to which it may be providing

services.

The service provider shall ensure preservation of all documents / data in

accordance with all legal / regulatory obligations.

In case any part of the work / process is required to be out-sourced by

the service provider, the service provider shall get prior written permission

from the Bank accordingly.


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26 | P a g e

Provided that (i) such audit shall be upon reasonable advance notice

to the Service Provider and during the Service Provider’s normal business

hours; (ii) the shall not be required to incur any costs or expenses in

respect of such audit; (iii) the conduct of the audit shall not materially

affect or inconvenience the operations or business of the Service

Provider, (iv) such audit shall be limited to books, records and personnel

of the Service Provider directly relating to the Services performed under

this Agreement; and (v) be subject to obligations of confidentiality as is

reasonable.

13. Confidentiality and Secrecy:

The Service Provider recognizes that in the course of the transactions

envisaged under this Agreement, it may be privy to certain confidential

information (whether or not the information is marked or designated as

“confidential” or “propriety”) relating to the Bank and its business

including legal, financial, technical, commercial, marketing and

business related records, data, documents, reports, etc., client

information, the terms of this Agreement and the details of the

negotiations between the parties ( the “information”). The Service

Provider agrees that it shall:

a) Keep all information and other material passing from the Bank to

the Service Provider confidential and shall not, without the prior

written consent of the Bank, divulge such information to any other

person or use such information other than for the purpose of

carrying out this Agreement. Despite any other term of this

Agreement, Service Provider may disclose the Confidential

Information to its affiliates, to insurers and reinsurers for the purpose

of providing underwriting information to insurers to obtain

quotations and, if instructed, arrange insurance and to provide its

services provided that, before making such disclosure, Service

Provider advises the recipient that the information is confidential

b) Take all steps as may be reasonably necessary to protect the

integrity of the information and to ensure against any

unauthorized disclosure thereof.

c) Immediately inform the Bank of any potential or accidental

disclosure of the information and take all steps, together with the

Bank, to retrieve and protect the said information.

d) Ensure that the personnel and all its employees and / or

representatives/sub-contractors/agents who are given access to


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27 | P a g e

the information shall at all times be bound by legally valid and

written non-disclosure obligation under their employment

contracts.

e) Use the information only for the purpose for which it was provided

and not profit from the same in an unauthorized manner.

f) The Service Provider shall indemnify, protect and save the Bank

against all claims, losses, costs, damages, expenses, action suits

and other proceedings, resulting from any direct action of the

employees of Service Provider and any such claim, action, suit or

other proceedings shall be solely dealt / defended by the Service

Provider Only.

g) The Service Provider shall indemnify, protect and save the Bank

against all claims, losses, costs, damages, expenses, action suits

and other proceedings, resulting from infringement of any law

pertaining to patent, trademarks, copyrights etc. or such other

statutory infringements and any such claim, action, suit or other

proceedings shall be solely dealt / defended by the Service

Provider only.

h) In no event shall either Party be liable for any indirect, special,

incidental, consequential or punitive damages or for any lost

profits or other economic loss relating to, arising out of or in

connection with this Agreement

i) The obligations contained in this section shall not apply to any part

of the Information in the case where that part of Information that

is or has become public (other than by breach of this Agreement)

or Independently developed by the Service Provider or directly

received from the third party and not detrimental to the interest of

the Bank and shall not restrict any disclosure required by law or

any governmental, official or any regulatory body which is lawfully

entitled to require any such disclosure, provided that so far as it is

lawful and practical to do so prior to such disclosure, the Service

Provider when subject to such disclosure shall promptly notify the

Bank of such requirement with a view to providing the opportunity

for the Bank to contest such disclosure or otherwise to agree the

timing and content of such disclosure.

j) The obligations contained in this section shall continue to apply

even after the termination of this Agreement without any time

limit so long as the information remains confidential.


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28 | P a g e

k) The Service Provider shall, on written demand of the Bank

immediately return Information together with any copies in its

possession. Despite any other term of this Agreement, the Service

Provider may retain: (i) one copy of the Confidential Information

for the purposes of and for so long as required by any law, court

or regulatory agency or authority or its internal compliance

procedures; and (ii) electronic files containing Confidential

Information created pursuant to automatic archiving and back‐

up procedures. Any Confidential Information retained shall be

held subject to the obligations of confidentiality in this Agreement.

l) The Service Provider acknowledges that in the event of any

breach or threatened breach of this section by the Service

Provider/ its employees/ agents/ sub-contractors, monetary

damages may not be an adequate remedy, and therefore, the

Bank shall be entitled to injunctive relief to restrain the Service

Provider/ its employees / agents / sub-contractors from any such

breach or threatened breach. The maximum aggregate liability

of the Receiving Party under all circumstances and / or its

Affiliates, while acting as your consultant in terms of this

Agreement, shall be limited to the insurance cover under the

Professional Indemnity Insurance policy

14. Publicity:

Neither party shall not use the name and / or trademark / logo of the

Bank, its group companies, subsidiaries, or associates in any states or

marketing publication or advertisements or in any other manner without

prior written consent of the Bank.

15. Successors:

This Agreement binds the successors-in-interest and permitted assigns of

the Service Provider with respect to all covenants herein. The term

“Service Provider” wherever used in this Agreement shall mean and

include its employees, agents, subcontractors and representatives and

the executors, administrators, successors and assigns of all such

employees, agents, subcontractors and representatives.

16. Non Exclusive Agreement:


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29 | P a g e

This Agreement is on non-exclusive basis and the Service Provider shall

not have any exclusive right to provide the Services to the Bank. The

Bank shall be free to engage any other service provider/s or may entrust

services similar to the Services or any part thereof to any person/s.

17. Arbitration:

The Bank and the Service provider will make every effort to resolve all

disputes amicably through direct talks and negotiations. In case of

failure to resolve the disputes and differences amicably the matter may

be referred to a sole arbitrator mutually agreed upon after issue of at

least 30 days’ notice in writing to the other party clearly setting out there

in the specific disputes. In case the parties could not agree on a sole

arbitrator each party shall appoint one arbitrator and both the

arbitrators so appointed shall appoint a third arbitrator and the arbitral

tribunal so appointed shall decide the dispute. The arbitration

proceedings shall be governed by and conducted in accordance with

the provisions of Arbitration & Conciliation Act of 1996 and any

modification or reenactment thereof. The arbitrator shall be a qualified

professional having experience in the field with computer knowledge.

The arbitration proceedings will be in English and place of arbitration will

be at Chennai, Tamil Nadu. However, the provision for arbitration in this

agreement will not preclude either parties to approach any court of law

etc.

18. Governing Law & Jurisdiction:

All disputes would be subject to Indian laws and jurisdiction of courts in

Chennai.

19. MISCELLANEOUS:

a) RELATIONSHIP OF THE PARTIES: This Agreement shall not constitute

the appointment of either Party as the legal representative or

agent of the other Party. No Party to this Agreement shall have

any right or authority to assume, create or incur any liability or any

obligation of any kind, express or implied, against or in the name

of or on behalf of the other Party to this Agreement except as may

be specifically provided in this Agreement, neither party shall

assume or be responsible for any liability or obligation, however

and whenever arising, that arises from any act or omission of the

other party.


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30 | P a g e

b) NOTICES: (1) Notices or other communications required or

permitted to be given or made hereunder shall be in writing and

delivered personally, or by legible fax with the original fax being

sent the same day by courier addressed to the intended recipient

at its address set out below or to such other address or fax number

as any Party may from time to time notify to the other Party.

(1) Address of Bank: Attention: …………………..

(2) Address of the Insurance Broker/ Service Provider: Attention:

…………………..

(3) Address of the Insurer: Attention: …………………..

Any such notice, demand or communication shall be in English and

shall, unless the contrary is proved, be deemed to have been served, if

given or made by fax, together with the original fax

being sent by courier service as outlined above, on the following

business day. If personally delivered, any such notice, demand or

communication shall be deemed to have been served at the time

it is handed over to an employee or other officer at the recipient’s

address. In proving the above, it shall be sufficient to show that the

envelope containing the letter was correctly addressed and

handed over by courier service or personal delivery respectively.

c) SEVERANCE: If any provision of this Agreement is rendered void,

illegal, or unenforceable in any respect under any law, the

validity, legality and enforceability of the remaining provisions shall

not in any way be affected or impaired thereby. Should any

provision of this Agreement be or become ineffective for reasons

beyond the control of the Parties, the Parties shall use reasonable

endeavors to agree upon a new provision on mutually agreed

terms.

d) NO WAIVER: No waiver of any provision of this Agreement or

consent to any departure from it by any party shall be effective

unless it is intimated to the other party in writing. A waiver or

consent shall be effective only for the purpose for which it is given.

No default or delay on the part of any Party in exercising any

rights, powers or privileges operates a waiver of any right, nor does

a single or partial exercise of a right preclude any exercise of other

rights, powers or privileges.


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31 | P a g e

e) ENTIRE AGREEMENT: This Agreement constitutes the entire

agreement between the parties hereto with respect to the subject

matter of this Agreement and RFP No. …………….. Dated

…………., tender terms and conditions, corrigenda, subsequent

negotiations, minutes of meetings and Letter of Intent/Purchase

order dated ……………… etc., to the extent not covered, not

modified by the agreement shall form part and parcel of this

agreement.

f) AMENDMENTS: Modification, amendment, waiver, discharge or

termination of any of the provisions of this agreement shall be

effective only if made in writing specifically referring to this

Agreement and duly signed by authorized representatives of

each of the Parties.

g) NON-WAIVER AND OTHER REMEDIES: Failure or delays on the part

of any party in exercising any right, power or privilege under this

Agreement and no course of dealing between the Parties shall

operate as a waiver thereof; nor shall any single or partial exercise

of any right, power or privilege hereunder preclude any other or

further exercise thereof or the exercise of any other right, power

and privilege hereunder. The rights, powers and remedies herein

expressly provided are cumulative and not exclusive of any rights,

powers or remedies, which the parties would otherwise have. No

notice to or further notice or demand in similar or other

circumstances shall constitute a waiver of the rights of any of the

other parties to any other or further action in any circumstances

without notice or demand.

h) ASSIGNMENT: The Service Provider shall not assign or otherwise

transfer, dispose or part with any of its rights or obligations

hereunder to any person (except to its Affiliates, sub-contractors)

without the prior written consent of the Bank and in that case

sufficient period notice shall be given by service provider to the

Bank. The Bank shall have the right, in its sole discretion to assign

this Agreement to any of its affiliates and group Companies after

giving notice of such assignment to the Service Provider.

i) FURTHER ASSURANCE: Each of the Parties hereto shall co-operate

with the others and execute and deliver to the other such

instruments and documents and take such other actions as may

be reasonably requested from time to time in order to carry out,

give effect to and confirm their rights and intended purpose of this

agreement.


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32 | P a g e

j) COSTS: Each of the parties shall pay its own legal, accountancy

and other costs and expenses incurred in relation to the

negotiation, preparation and execution of this Agreement.

k) COUNTERPARTS: This Agreement will be executed in two sets, each

of which when so executed and delivered shall be an original, but

all of which shall together constitute one and the same instrument.

The English language text of this Agreement shall prevail over any

translation thereof.

l) SURVIVAL: Any provision or covenant of this Agreement, which

expressly, or by its nature, imposes obligations beyond the expiry

or Termination of this Agreement, shall survive such expiry or

Termination.

m) PERIOD OF CONTRACT: The contract shall be deemed to be

effective from the Effective Date and be valid upto the Policy

Period expiry date

n) ACKNOWLEDGEMENT: It is agreed and acknowledged by all the

Parties that the services to be performed by the Service Provider

under this Agreement are subject to and dependent on the

services performed by the Insurer. In accordance to the above

understanding, the Bank shall assess and review the performance

of services by the Service Provider in light of the services

performed by the Insurer. The Service Provider shall not be liable

for any services it has not been able to perform or not been able

to complete, due to the fault of the Insurer

o) MALPRACTICES: Any graft, commission, gift or advance given,

promised or offered by or on behalf of the service provider or his

partner, agent, officers, director, employee or servant or any one

on his or their behalf in relation to the obtaining or to the execution

of this or any other contract with Bank, shall, in addition to any

criminal liability which may it incur, subject the service provider to

the cancellation of this and all other contracts.

IN WITNESS WHEREOF the parties hereto have hereunto set and

subscribe their respective hands and seal at the day, month year first

herein above written.

SIGNED, SEALED AND DELIVERED

SIGNATURE SIGNATURE SIGNATURE


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33 | P a g e

For and on Behalf of For and on Behalf of For and on Behalf of

Indian Overseas M/s Marsh Insurance Insurance company

Bank Broker Pvt Ltd


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34 | P a g e

ANNEXURE V-TECHNICAL BID


LETTER OF UNDERTAKING

General Manager

HRMD Department.


Central Office

763 Anna Salai

Chennai- 600 002

Dear Sir,

1. We hereby confirm that we agree to all the RFP terms and conditions of the

IOB/Term Life INSURANCE/01/20 dated 07.08.2020, its Annexes, amendments

made to the RFP without any pre-conditions. Any presumptions, assumptions,

deviations given or attached as part of technical document (technical bid) be

treated as null and void.

2. We confirm that the undersigned is authorized to sign on behalf of the

company and the necessary support document delegating this authority is

enclosed to this letter.

3. We also agree that you are not bound to accept the lowest or any bid

received and you may reject all or any bid without assigning any reason or

giving any explanation whatsoever.

Dated at__________ this ______________ day of __________________2020.

Yours faithfully,

For ____________________

Signature: _______________

Name: __________________

Authorized Signatory Name and Designation Office

Seal

Place:

Date:

Note :

(Signed RFP document to be appended while uploading this Annexure in e-

tendering portal)


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35 | P a g e

ANNEXURE VI-PRE CONTRACT INTEGRITY PACT

Preamble

This pre-bid pre-contract Agreement (hereinafter called the Integrity Pact) is

made on this the day of (month) 2020, between, on one hand,

Indian Overseas Bank acting through Shri …………………, Chief Manager of

Indian Overseas Bank, a nationalized Bank and an undertaking of the

Government of India constituted under the Banking Companies (Acquisition

and Transfer of Undertakings) Act, -1970 hereinafter called the "BUYER", which

expression shall mean and include, unless the context otherwise requires, his

successors and permitted assigns) of the First Part and M/s ,

a Company incorporated under the Companies Act, or a Partnership Firm

registered under the Indian Partnership Act, 1932 or the Limited Liability

Partnership Act, 2008 represented by Shri. , Chief Executive

Officer/ all the Partners including the Managing Partner (hereinafter called the"

BIDDER/Seller" which expression shall mean and include, unless the context

otherwise requires, his successors and permitted assigns) of the Second Part.

WHEREAS the BUYER proposes to procure (Name of the Stores/Equipment /

Services) and the BIDDER/Seller is desirous of offering / has offered the

stores/Equipment / Services and

WHEREAS the BIDDER is a private company/public company / Government

undertaking / partnership / LLP / registered export agency and is the original

manufacturer / lntegrator / authorized / Government sponsored export entity

of the stores / equipment / item or Service Provider in respect of services

constituted in accordance with the relevant law in the matter end the buyer is

a Nationalized Bank and a Government Undertaking as such.

WHEREAS the BUYER has floated a tender (Tender No.: ) hereinafter

referred to as “Tender / RFP" and intends to award, under laid down

organizational procedures, contract/s purchase order / work order for (name

of contract/order) or items covered under the tender hereinafter referred to as

the "Contract".

AND WHEREAS the BUYER values full compliance with all relevant laws of the

land, rules, bye-laws, regulations, economic use of resources and of

fairness/transparency in its relation with its Bidder(s) and Contractor(s).

AND WHEREAS, in order to achieve these goals, the BUYER has appointed

Independent External Monitors (lEM), to monitor the tender process and the -

execution of the Contract for compliance with the Principles as laid down in

this Agreement.


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36 | P a g e

AND WHEREAS to meet the purpose aforesaid both the parties have agreed to

enter into this Integrity Pact or "Pact", the terms and conditions of which shall

also be read as Integral part and parcel of the Tender documents and

Contract between the parties.

NOW, THEREFORE in, consideration of mutual covenants contained in this Pact,

to avoid all forms of corruption by following a system that is fair, transparent

and free from any influence/prejudiced dealings, the parties hereby agree as

follows and this Pact witnesseth as under:

The contract is to be entered into with a view to:-

Enabling the BUYER to procure the desired said

stores/equipment/item/Services at a competitive price in conformity with the

defined specifications by avoiding the high cost and the distortionary impact

of corruption on public procurement and

Enabling BIDDERs to abstain from bribing or indulging in any corrupt prac1ice

in order to secure the contract by providing assurance to them that their

competitors will also abstain from bribing and other corrupt practices and the

BUYER will commit to prevent corruption, in any and all forms, by its officials by

following transparent procedures.

The parties hereby agree hereto to enter into this Integrity Pact and agree as

follows:

Article 1: Commitments of the BUYER

1.1 The BUYER undertakes that no official/ employee of the BUYER, connected

directly or indirectly with the contract, will demand, take a promise for or

accept, directly or through intermediaries, any bribe, consideration, gift,

reward, favour or any material or immaterial benefit or any other advantage

from the BIDDER, either for themselves or for any person, organization or third

party whether or not related to the contract in exchange for an advantage in

the bidding process, bid evaluation, contracting or implementation process

related

to the contract.

1.2 The BUYER will, during the pre-contract stage, treat all BIDDERs alike, and will

provide to all BIDDERs the same- information and will not provide any such

information to any particular BIDDER which could afford an undue and unfair

advantage to that particular BIDDER in comparison to other BIDDERs. The BUYER

will ensure to provide level playing field to all BIDDERS alike.


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1.3 All the officials of the BUYER will report to the appropriate Government office

any attempted breach(es) or breaches per se of the above commitments as

well as any substantial suspicion of such a breach.

1.4. In case any such preceding misconduct on the part of such official(s) is

reported by the BIDDER to the BUYER with full and verifiable facts and the same

is prima facie found to be correct by the BUYER, necessary disciplinary

proceedings, or any other action as deemed fit, including criminal

proceedings may be initiated by the BUYER and such a person shall be

debarred from further dealings related to the contract process. In such a case

while an enquiry is being conducted by the BUYER, the proceedings under the

contract would not be stalled.

Article 2: Commitments of BIDDERs

2. The BIDDER commits itself to take all measures necessary to prevent corrupt

practices, unfair means and illegal activities during any stage of its bid or during

any pre-contract or post-contract stage in order to secure the contract or in

furtherance to secure it and in particular commit itself to the following:-

2.1 The BIDDER will not offer, directly or through intermediaries, any bribe, gift,

consideration, reward, favour, any material or immaterial benefit or other

advantage, commission, fees, brokerage or inducement of any kind to any

official(s)/employee/persons related to such Official(s) / employees of the

BUYER, connected directly or indirectly with the bidding process, or to any

person, organization or third party related to the contract in exchange for any

advantage in the bidding, evaluation, contracting and implementation of the

contract.

2.2 The BIDDER further undertakes that it has not given, offered or promised to

give, directly or indirectly any bribe, gift, consideration, reward, favour, any

material or immaterial benefit or other advantage, commission, fees,

brokerage or inducement of any kind to any official of the BUYER or otherwise

in procuring the Contract or forbearing 'to do or having done any act in

relation to the obtaining or execution of the contract or any other contract

with the Bank for showing or forbearing to show favour or disfavour to any

person in relation to the contract or any other contract with the Bank.

2.3 The BIDDER shall disclose the name and address of agents and

representatives and Indian BIDDERs shall disclose their foreign principals or

associates.

2.4 The BIDDER shall disclose the payments to be made by them- to

agents/brokers or any other intermediary, in connection with this bid/contract.

2.5 The BIDDER further confirms and declares to the BUYER that the BIDDER is

the original manufacturer / lntegrator / authorized / government sponsored


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export entity of the stores/equipment/item/Services and has not engaged any

individual or firm or company whether Indian or foreign to intercede, facilitate

or in any way to recommend to the BUYER or any of its functionaries, whether

officially or unofficially to award the contract to the BIDDER, nor has any

amount been paid, promised or intended to be paid to any such individual,

firm or company in respect of any such intercession, facilitation or

recommendation.

2.6 The BIDDER, either while presenting the bid or during pre-contract

negotiations or before signing the contract, shall disclose any payments he has

made, is committed to or intends to make to officials of the BUYER or their family

members, agents, brokers, or any other intermediaries in connection with the

contract and the details of services agreed upon for such payments.

2.7 The BIDDER will not collude with other parties interested in the contract to

impair the transparency, fairness and progress of the bidding process, bid

evaluation, contracting and implementation of the contract.

2.8 The BIDDER will not accept any advantage in exchange for any corrupt

practice, unfair means and illegal activities.

2.9 The BIDDER shall not use improperly, for purposes of competition or personal

gain, or pass on to others, any information provided by the BUYER as part of the

business relationship, regarding plans, technical proposals and business details,

including information contained in any electronic data carrier. The BIDDER also

undertakes to exercise due and adequate care to avoid unauthorized

disclosure of such information.

2.10 The BIDDER commits to refrain from giving any _complaint directly or

through any other manner without supporting it with full and verifiable facts.

2.11 The BIDDER undertakes not to instigate directly or indirectly any third

person to commit any of the actions mentioned above.

2.12 If the BIDDER or any employee of the BIDDER or any person acting on

behalf of the-BIDDER, either directly or indirectly, is a relative of any of the

officers of the BUYER, or alternatively, if any relative of an officer of the BUYER

has financial interest/stake in the BIDDER's firm, the same shall be disclosed by

the BIDDER at the time of filing of tender.

The term 'relative 'for this purpose would be as defined in Section 6 of the

Companies Act 1956 and as may be prescribed under the Companies Act

2013 and the relevant Rules

2.13 The BIDDER shall not lend to or borrow any money from or enter into any

monetary dealings or transactions, directly or indirectly, with any employee of

the BUYER.


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Article 3 - Equal Treatment of all Bidders/Contractors/Subcontractors

3. Bidder(s) /Contractor(s) undertake(s) to demand from all subcontractors a

commitment in conformity with this Integrity Pact. The Bidder/Contractor shall

be responsible for any violation(s) of the Principles laid down in this

agreement/Pact by any of its Sub-contractors/sub-vendors.

3.1 The BUYER will enter into Pacts on identical terms as this one with all Bidders

and Contractors.

3.2 The BUYER will disqualify those Bidders from the Tender process, who do not

submit, the duly signed Pact, between the BUYER and the bidder, along with

the Tender or violate its provisions at any stage of the Tender process.

Article 4: Previous Transgression

4.1 The BIDDER declares that no previous transgression occurred in the last three

years immediately before signing of this Integrity Pact, with any other

Company/ PSU/ Nationalized Bank in any country in respect of any corrupt

practices envisaged hereunder or with any Nationalized Bank/ Public Sector

Enterprise in India or any "Government Department in India that could justify

BIDDER's exclusion from the tender process.

4.2 The BIDDER agrees that if it makes incorrect statement on this subject,

BIDDER is liable to be disqualified from the tender process or the contract, if

already awarded, is liable to be terminated for such reason.

4.3 The imposition and duration of the exclusion of the BIDDER will be

determined by the BUYER based on the severity of transgression.

4.4 The Bidder/Contractor acknowledges and undertakes to respect and

uphold the BUYER’s absolute right to resort to and impose such exclusion.

4.5 Apart from the above, the BUYER may take action for banning of business

dealings/holiday listing of the Bidder/Contractor as deemed fit by the BUYER.

4.6 If the Bidder/Contractor can prove that he has resorted/recouped the

damage caused by him and has implemented a suitable corruption

prevention system, the BUYER may, at its own discretion, as per laid down

organizational procedures, revoke the exclusion prematurely.

Article 5: Criminal Liability

If the BUYER acquires knowledge of conduct of a Bidder/Contractor, or of an

employee or a representative or an associate of a Bidder/Contractor which

constitutes corruption within the meaning of Prevention of Corruption Act, or if


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the BUYER has substantive suspicion in this regard, the BUYER will inform the

same to the Chief Vigilance Officer.

Article 6: Earnest Money (Security Deposit)

6.1 While submitting commercial bid, the BIDDER shall deposit an amount

.................. (to be specified in NIT / RFP) as Earnest Money/security deposit. with

the BUYER through any of the following instruments:

(i) Bank Draft or a Pay Order in favour of ………………………………..

(ii) A confirmed guarantee by an Indian Nationalized Bank, promising

payment of the guaranteed sum to the BUYER on demand within three

working days without any demur whatsoever and without seeking any

reason whatsoever. The demand for payment by the BUYER shall be

treated as conclusive proof for payment.

(iii) Any other mode or through any other instrument [to be specified in

the RFP].

6.2 The Earnest Money/Security Deposit shall be valid upto the complete

conclusion of the contractual obligations for the complete satisfaction of both

the BIDDER and the BUYER or upto the warranty period, whichever is later.

-

6.3 In case of the successful BIDDER, a clause would also be incorporated in

the Article pertaining to Performance Bond in the Purchase Contract that the

provisions of Sanctions for Violation shall be applicable for forfeiture of

Performance Bond in case of a decision by the BUYER to forfeit the same

without assigning any reason for imposing sanction for violation of this Pact.

- -

6.4 No interest shall be payable by the BUYER to the- BIDDER on Earnest

Money/Security Deposit for the period of its currency.

Article 7: Sanction for Violations

7.1 Any breach of the aforesaid provisions by the BIDDER or anyone employed

by it or acting on its behalf [whether with or without the knowledge of the

BIDDER] shall entitle the BUYER to take all or anyone of the following actions,

wherever required;-

i. To immediately call off the pre-contract negotiations/ proceedings with

such Bidder without assigning any reason or giving any compensation

to the BIDDER. However, the proceedings with the other BIDDER[s] would

continue.


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ii. The Earnest Money Deposit [in pre-contract stage] and/or Security

Deposit/Performance Bond [after the contract is signed] shall stand

forfeited either fully or partially, as decided by the BUYER and the BUYER

shall not be required to assign any reason there for.

iii. To immediately cancel the contract, if already signed, without giving

any compensation to the BIDDER.

iv. To encash the advance bank guarantee and performance guarantee/

bond/ warranty bond, if furnished by the BIDDER, in order to recover the

payments, already made by the BUYER along with interest.

v. To cancel all or any other Contracts with the- BIDDER, the BIDDER shall

be liable to pay compensation for any loss or damage to the BUYER

resulting from such cancellation/rescission and the BUYER shall be

entitled to deduct the amount so payable from the money[s] due to the

BIDDER.

vi. To debar the- BIDDER from participating in future bidding processes of-

the Bank for a minimum period of five years, which may be further

extended at the discretion of the BUYER.

vii. To recover all sums paid in violation of this Pact by BIDDER[s] to any

middleman or agent or broker with a view to-securing the contract.

viii. In cases where irrevocable Letters of Credit have been received in

respect of any-contract signed by the BUYER with the BIDDER, the same

shall not be opened.

7.2 The BUYER will be entitled to take all or any of the actions mentioned at

paragraph 7.1[i] to [x] of this Pact also on the Commission by the BIDDER or any

one employed by it or acting on its behalf [whether with or without knowledge

of the BIDDER], of an offence as defined in Chapter IX of Indian Penal Code,

1860 or Prevention of Corruption Act, 1988 as amended from time to time or

any other statute enacted for prevention of corruption.

7.3 The decision of the BUYER to the effect that a breach of the Provisions of

this Pact has been committed by the BIDDER shall be final and conclusive on

the BIDDER. However, the BIDDER can approach the Independent Monitor[s]

appointed for the purposes of this Pact.

Article 8: Independent External Monitors

8.1 The BUYER has appointed Independent" External Monitors [hereinafter

referred to as Monitors] for this Pact in consultation with the Central Vigilance

Commission. They are,

1. Prof. S. Sadagopan,

Director, IIIT, Bangalore,

26/C, Electronics City,

Hosur Road,

Bangalore 560100

Email: [email protected]



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8.2 The task of the Monitors shall be to review independently and objectively,

whether and to what extent the parties comply with the obligation under this

Pact.

8.3 The Monitors shall not be subject to instructions by the representatives of the

parties and perform their functions neutrally and independently.

8.4 Both the parties accept that the Monitors have the right to access all the

document relating to the project/procurement, including minutes of meetings.

The same is applicable to Subcontractors of the Bidder. The Monitor is under

contractual obligation to treat the information and documents of the

Bidder(s)/Contractor(s) /Subcontractor(s) with confidentiality.

8.5 As soon as the Monitor notices, or has reason to believe, a violation of this

Pac, he will so inform the Authority designated by the BUYER and request the

Management to discontinue or take corrective action, or to take other

relevant action. The Monitor can in this regard submit non - binding

recommendations.

8.6 The BIDDER accepts that the Monitor has the right to access without

restriction to all Project documentation of the BUYER including that provided

by the BIDDER. The BIDDER will also grant the Monitor, upon his request and

demonstration of a valid interest, unrestricted and unconditional access to his,

project documentation. The same is applicable to Subcontractors also which

the BIDDER shall note.

8.7 The BUYER will provide to the Monitor sufficient information about all

meetings among the parties related to the Project provided such meetings

could have an impact on the contractual relations between the parties. The

parties will offer to the Monitor the option to participate in such meetings.

8.8 The Monitor will submit a written report to the designated Authority of BUYER

within 8 to 10 weeks from the date of reference or intimation to him by the

BUYER/BIDDER and, should the occasion arise, submit proposals for correcting

problematic situations.

8.9 If the Monitor has reported to The designated Authority of BUYER, a

substantiated suspicion of an offence under Indian Penal Code/Prevention of

Corruption Act as the case may be, and the designated Authority of BUYER has

not, within the reasonable time taken visible action to proceed against such

offence or reported it to the Chief Vigilance Officer, the Monitor may also

transmit this information directly to the Central Vigilance Commissioner.

8.10 The word 'Monitor' would include both singular and plural.


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Article 9: Facilitation of Investigation

In case of any allegation of violation of any provisions of this Pact or payment

of commission, the BUYER or its agencies shall be entitled to examine all the

documents including the Books of Accounts of the BIDDER and the BIDDER shall

provide necessary information and documents in English and shall extend all

possible help for the purpose of such examination.

Article 10: Law and Place of Jurisdiction

This Pact is subject to Indian Laws. The place of performance and jurisdiction is

as notified by the BUYER.

Article 11: Other Legal Actions

The actions stipulated in this Integrity Pact are without prejudice to any other

legal action that may follow in accordance with the provisions of the extant

laws in force relating to any civil or criminal proceedings.

Article 12: Validity

12.1 The validity of this Integrity Pact shall be from date of its signing and extend

up to 5 years or the complete execution of the contract to the satisfaction of

both the BUYER and the BIDDER/Seller, including warranty period, whichever is

later. In case BIDDER is unsuccessful, this Integrity Pact shall expire after six

months from the date of the signing of the contract.

12.2 Should one or several provisions of this Pact turn out to be invalid, the

remainder of this Pact shall remain valid. In such case, the parties will strive to

come to an agreement to their original intentions.

"

Article 13: Code of Conduct

Bidders are also advised to- have a Code of Conduct clearly rejecting the use

of bribes and other unethical behavior and a compliance program for the

implementation of the code of conduct throughout the company.

Article 14: Examination of Books of Accounts

In case of any allegation of, violation of any provisions of this Integrity Pact or

Payment of commission, the Buyer or its agencies shall be entitled to examine

the Books of Accounts of the Bidder and the Bidder shall provide necessary

information of the relevant financial documents in English and shall extend all

possible help for the purpose of such examination.

Article 15: Legal and Prior Rights


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All rights and remedies of the parties hereto shall be in addition to all the other

legal rights and remedies belonging to such parties under the Contract and/or

law and the same shall be deemed to be cumulative and no alternative to

such legal rights and remedies aforesaid. For the sake of brevity, both the

Parties agree that this Pact will have precedence over the Tender/Contract

documents with regard to any of the provisions covered under this Pact.

Article 16: Other Provisions

This Pact is subject to Indian laws. The place of performance and jurisdiction is

the Head Office/Head Quarters of the Division of the BUYER or as otherwise

notified by the BUYER, who has floated the Tender.

16.1 Changes and supplements, if any, need to be necessarily made in writing

and signed by the duly authorized representatives of the Bidder and the Buyer.

It is clarified that there are no parallel/ Side agreements in this regard and that

the present Agreement forms the full and complete agreement as regards the

subject matter contained herein.

16.2 If the Contractor is a partnership or a consortium, this Pact must be signed

by all the partners and consortium members. In case of a Company, the Pact

must be signed by a representative duly authorized by Board resolution.

16.3 Should one or several provisions of this Pact turn out to be invalid, the

remainder of this Pact remains valid. In this case, the parties will strive to come

to an agreement to their original intentions.

16.4 Any dispute or difference arising between the parties with regard to the

terms o-f this Agreement/Pact", any action taken by the BUYER in accordance

with this Agreement/Pact or interpretation thereof shall not be subject to

arbitration.

The parties hereby sign this Integrity pact at ………………………on ……………….

BUYER BIDDER

Name of the Officer CHIEF EXECUTIVE OFFICER

Designation


Witness Witness


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1. 1.

2. 2.


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ANNEXURE VII-CLAIMS SUMMARY

Year No. of employees No. of deaths value of claims

2016-17 31101 91(inclu 5 accidental deaths) 96.00 Lakhs

2017-18 29150 82 (inclu 5 accidental deaths) 87.00Lakhs

2018-19 27169 72(inclu 4 accidental deaths) 76.00Lakhs

2019-20 24416 75(inclu3 accidental deaths) 75.00Lakhs

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