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

(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]