Ministry of Road Transport and Highways has simplified the payment process under Atmanirbhar Bharat scheme and contractors' payments are being made every month instead of milestone achievement basis, it stated.
The Ministry has extended a number of relief packages for its contractors and concessionaires owing to COVID-19 scenario.
"Retention money (which is a part of the performance security till construction period) is being released in proportion to the work already executed in accordance with the contract specification, and retention money for up to six months' period is not deducted from the bills raised by the contractor," the release said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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