§ 61 — Notice of negotiation for contract of national interest and notice for repricing

61.—(1) Where a party to a specified contract that satisfies the requirements in Part 3 of the Second Schedule (called in this Part D) is issued with a certificate certifying that the specified contract is a contract of national interest, D may at any time serve a notice of negotiation for contract of national interest on all the other parties to the specified contract and seek a renegotiation of the price of the specified contract during the negotiation period for that notice of negotiation for contract of national interest.(2) Where the renegotiation fails, D may seek a repricing of the specified contract by —(a)

serving a notice for repricing on all the persons in subsection (3), in accordance with subsection (4); and

(b)

lodging that notice with the adjustment relief Registrar within the period in subsection (4)(a).

(3) The persons for the purpose of subsection (2)(a) are as follows:(a)

any other party to the specified contract;

(b)

any person who is D’s guarantor or surety, or who has issued any performance bond or equivalent, in relation to any of D’s obligations under the specified contract;

(c)

any assignee of any other party to the specified contract.

(4) D must serve the notice for repricing on the persons in subsection (3) —(a)

within the period of 2 weeks after the negotiation period for the notice of negotiation for contract of national interest; and

(b)

within the service period for the notice of repricing.[Act 37 of 2020 wef 14/01/2021]

—(1) Where a party to a specified contract that satisfies the requirements in Part 3 of the Second Schedule (called in this Part D) is issued with a certificate certifying that the specified contract is a contract of national interest, D may at any time serve a notice of negotiation for contract of national interest on all the other parties to the specified contract and seek a renegotiation of the price of the specified contract during the negotiation period for that notice of negotiation for contract of national interest.

(2) Where the renegotiation fails, D may seek a repricing of the specified contract by —(a)

serving a notice for repricing on all the persons in subsection (3), in accordance with subsection (4); and

(b)

lodging that notice with the adjustment relief Registrar within the period in subsection (4)(a).

(3) The persons for the purpose of subsection (2)(a) are as follows:(a)

any other party to the specified contract;

(b)

any person who is D’s guarantor or surety, or who has issued any performance bond or equivalent, in relation to any of D’s obligations under the specified contract;

(c)

any assignee of any other party to the specified contract.

(4) D must serve the notice for repricing on the persons in subsection (3) —(a)

within the period of 2 weeks after the negotiation period for the notice of negotiation for contract of national interest; and

(b)

within the service period for the notice of repricing.[Act 37 of 2020 wef 14/01/2021]