Govt is entitled to get its money back with interest if VVIP chopper deal is scrapped
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The integrity pact also has clauses that make it mandatory for the seller to return, in case of a violation, all the money that has been paid, along with interest. The interest rate applicable would be two per cent higher that the London Interbank Offered Rate (LIBOR) on that date.
In case the two parties do not have an agreement on the payments within 60 days of the buyer invoking the pact, an arbitration process is also defined in the pact that ensures that a three-member tribunal will be set up.
The tribunal will have one member from each party and the third member will be mutually decided, but will not be from either of the two countries or any country that either party has an objection to. In case the third member cannot be decided mutually, the president of the International Chamber of Commerce in Paris would have the authority of making an appointment within 90 days. The pact also ensures that the tribunal would function out of New Delhi or any other city in India.
The government has already taken the first step towards cancellation of the deal with the seven-day notice that has been served to the chopper manufacturer. The government will wait till Friday for AgustaWestland's reply before taking the next step if it is determined to complete the termination process for the chopper contract.
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