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General Insurance Corporation of India, Mumbai, Maharashtra
January, 10th 2022

भारतीय साधारण बीमा निगम

General Insurance Corporation of India

Suraksha, 170, J. Tata Road, Churchgate, Mumbai – 400020
E-mail → auditteam@gicofindia.com

NOTICE INVITING E-TENDER

Digital Signature - Class III-B DSC (Signature + Encryption) is
mandatory for applying.

REQUEST FOR PROPOSAL (RFP)
FOR

APPOINTMENT OF INTERNAL AUDITORS FOR INVESTMENT AND OTHER
NON-REINSURANCE OPERATIONS OF GIC RE FOR FY 2022-23

Issued by:
Internal Audit Department
General Insurance Corporation of India
1st Floor, Oriental House,
7, Jamshedji Tata Road, Churchgate,
Mumbai 400020
India

Tender Ref: IAD/2021-22/003
Date of issue: 7th January 2022
Submit before: 24th January 2022, 12:00 PM

Page 1 of 49
DISCLAIMER

This Request for Proposal (hereinafter to be referred as RFP) document is not an agreement or
offer by General Insurance Corporation of India (hereinafter to be referred as GIC Re) to the
prospective Bidders or any other party. The purpose of this RFP document is to provide interested
parties with information to assist the formulation of their Bids.
This RFP document and the information contained therein are to be used only in the manner
prescribed.
While this RFP document has been prepared in good faith, neither GIC Re nor its employees make
any representation or warranty express or implied as to the accuracy, reliability or completeness of
the information contained in this RFP document.

Page 2 of 49
CONTENTS
DISCLAIMER ............................................................................................................................................................ 2
LETTER OF INVITATION ........................................................................................................................................... 4
TIMELINE................................................................................................................................................................. 4
ELIGIBILITY AND MANDATORY PRE-QUALIFICATION CRITERIA. ............................................................................. 5
MANDATORY TECHNICAL REQUIREMENT .............................................................................................................. 6
TERMS AND CONDITIONS ....................................................................................................................................... 6
METHOD OF BID SUBMISSION and opening of bids ............................................................................................. 16
BID EVALUATION CRITERIA AND SELECTION PROCEDURE ................................................................................... 18
STANDARD FORMATS (PROFORMA) FOR TECHNICAL AND FINANCIAL BIDS. ...................................................... 18
Annexure 1 – Proforma of Technical Bid .............................................................................................................. 19
Annexure 2 - Scope of Audit ................................................................................................................................. 23
Annexure 3 - Draft Agreement ............................................................................................................................. 27
Annexure 4 – Format of Reciprocal non-disclosure agreement ........................................................................... 38
Annexure 5 – Declaration Format ........................................................................................................................ 44
Annexure 6 – E-Tender Process ............................................................................................................................ 45
Annexure 7 – Format of Performance Bank Guarantee ....................................................................................... 47

Page 3 of 49
REQUEST FOR PROPOSAL (RFP)
FOR

APPOINTMENT OF INTERNAL AUDITORS FOR INVESTMENT AND OTHER
NON-REINSURANCE OPERATIONS OF GIC RE FOR FY 2022-23

LETTER OF INVITATION

General Insurance Corporation of India (GIC Re) invites bids from interested and eligible bidders,
for appointment as Internal Auditors for Investment and other Non-Reinsurance Operations of GIC
Re for Financial Year 2022-23. The Scope of Audit is as per Annexure – 2.

TIMELINE

The following shall be the time schedule for completion of the bidding process.

Sr. No. Event Schedule, Date / Time
1. Date of issue of RFP 7th January 2022
2. Last Date for Bidders to send intimation to
attend Pre-Bid Meeting by filling online form1. 17th January 2022, 12:00 PM
3. Last Date for submission of queries2/request for
4. clarification from bidders, through email. 17th January 2022, 12:00 PM
5. Pre-Bid Meeting Date (Tentative Date) 18th January 2022, 12:00 PM
Uploading of Clarification / Amendment /
6. Modification (if any) to E-tender Document. 19th January 2022
7. 24th January 2022, 12:00 PM
8. Last date of submission of Bid After 24th January 2022, 12:00 PM
9.
Date of Opening of Technical Bid To be displayed on website.
To be displayed on website.
Date of Opening of Financial Bid

Result of Bids

Notes:

1. Pre-Bid Meeting will be held by online mode. Interested bidders may nominate representatives
to attend the meeting by filling up online form here. Link for attending online meeting will be
shared thereafter.

2. Queries are to be submitted at E-mail: auditteam@gicofindia.com (No queries will be accepted
on telephone or through any means other than e-mail) and clarifications on queries will be
uploaded on the GIC Re website http://www.gicofindia.com after last date of receipt of
queries.

Detailed RFP (non-transferable) covering eligibility requirements, technical specifications and terms
& conditions may be obtained by downloading from the GIC Re website i.e. www.gicofindia.com
from 7th January 2022. RFP document is also available on GIC Re’s e-procurement website
https://gicre.eproc.in and Centralized Public Procurement Portal (CPPP).

Page 4 of 49
ELIGIBILITY AND MANDATORY PRE-QUALIFICATION CRITERIA.

1. The bidder shall be a firm of Chartered Accountants registered with the Institute of Chartered
Accountants of India.

2. The bidder must have minimum 10 years’ experience in audit.

3. The turnover of the bidder should be more than Rs. 10 Crores for at least one financial year
out of last three financial years.

4. The staff strength of bidder as on 31st March 2021 should not be less than 150, in India.

5. The bidder must have their Branch / Office in Mumbai from where the bidder should operate.

6. The firm should have experience of conducting statutory/internal audit assignment of at least
three listed companies (listed on Main Board of BSE/NSE), during the last two financial years.

7. The firm should have experience, for at least four years, in conducting reviews of Risk
management Systems and Processes of either Bank or Mutual Funds or Insurance Companies
or have on behalf of IRDA conducted Investment Inspection of Insurance Companies.

8. As per Technical Guide on Internal/Concurrent Audit of Investment Functions of Insurance
Companies issued by The Institute of Chartered Accountants of India (ICAI), on the date of
appointment as an Internal Auditor, the Auditor must not hold more than two audits of
Internal, Concurrent and Risk Management Systems Audit, all taken together. Hence, the
Audit firm, can at the maximum hold not more than three Audits (i.e., Investment Risk
Management Systems and Process Audit, Internal Audit, Concurrent Audit – all taken
together), apart from Statutory Audits at any point of time.

9. The bidder should not have been prohibited/debarred by any regulating agency including
IRDA, RBI, SEBI, ICAI etc.

10. The bidder shall not be eligible for re-appointment with GIC Re if the firm has served
for three consecutive years or three years during the preceding five years.

11. The Internal Audit Firm appointed for the first time should not have conducted the following
assignments during a period of two years immediately preceding this appointment as Internal
Auditor.

a) Statutory Audit.
b) Any Internal Audit.
c) Any Concurrent Audit.
d) Any consulting assignment, whether or not relating to audit functions.
e) Reviews or Certification of Investment Risk Management Systems and

Process.
12. The firm should have experience of undertaking audit of treasury, investment functions of

Life or non-life insurance companies, banks or other Financial Institutions.

13. Bidder should be adept in compliance of Indian laws. Bidder should be well versed with
compliance of all relevant regulations/guidelines issued by Ministry, IRDA, RBI, SEBI, CAG
and any other regulations applicable to Insurance/Reinsurance industry from time to time.

14. The firm should be able to conduct audit in changed scenario of applicability of IFRS/IND AS,
whenever implemented.

15. The Bidder should not be owned by any of the relatives of the GIC Re Officials. Also, none of
the officials of GIC Re should have vested interest in the bidder’s firm/company.

Page 5 of 49
16. The bidder’s firm or its partners/directors should not possess any place of profit in GIC Re
and/or intermediaries of GIC Re. There should be no conflict of interest for the firm to either
accept the assignment or while conducting the assignment, post acceptance.

Note: If a bidder does not meet any one of the above eligibility and mandatory pre-
qualification criteria, it will be technically disqualified and its Financial Bid will not be opened.
Further, the Contract of Appointment may be terminated, in case, it is found at a later stage
that the bidder does not comply with eligibility requirements.

MANDATORY TECHNICAL REQUIREMENT

• The bidders must possess Class III-B Digital Signature Certificate (Signature +
Encryption).

TERMS AND CONDITIONS

1. ADHERENCE TO TERMS AND CONDITIONS
The Bidders who wish to submit Bids to this RFP should note that they should abide (in true
intent and spirit) by all the terms and conditions contained in the RFP including corrigenda,
if any, issued by GIC Re prior to submission of bids. The formats prescribed in the RFP should
be scrupulously followed by the bidders. Bids that do not comply with the terms and
conditions shall be summarily rejected. The Bidder must take due care and caution in this
regard. If the Bids contain any extraneous conditions put in by the Bidders, such Bids shall
be disqualified and shall not be considered for the selection process.

2. ADHERENCE TO STATUTORY OBLIGATIONS / COMPLIANCE WITH LAWS
The selected Bidder should adhere and comply with all the applicable laws of land and rules,
regulations and guidelines prescribed by various regulatory, statutory and Government
authorities of India.

3. BIDDER’S UNDERSTANDING OF THE RFP
In responding to this RFP, the Bidder accepts the full responsibility to understand the RFP in
its entirety, and in detail, including making any inquiries to GIC Re as necessary to gain such
understanding. Bidder accepts sole responsibility with regard to any mistake as to fact
pertaining to the services sought and GIC Re shall have the sole discretion to cancel the
award to the bidder or to disqualify any Bidder who is at material variance with the object of
this RFP. Further, GIC Re reserves the right to determine, at its sole discretion, whether the
Bidder has demonstrated such understanding. Such disqualification and/or cancellation shall
be at no fault, cost, or liability whatsoever to GIC Re.

4. GOOD FAITH STATEMENT
All information provided by GIC Re in this RFP is offered in good faith. Individual items are
subject to change at any time. GIC Re makes no certification /warranty, implied or otherwise,
that any item is without error. GIC Re is not responsible or liable for any resulting claims by
use of this information.

5. COMMUNICATION
Verbal communication shall not be effective unless formally confirmed in writing by GIC Re.
In no case shall verbal communication govern over written communication.

Formal Communications shall include, but are not limited to:

a) Questions concerning this RFP: Questions must be submitted in writing to email

address auditteam@gicofindia.com

Page 6 of 49
b) Errors and omissions in this RFP: Bidders shall bring to GIC Re any discrepancies,
errors, or omissions that may exist within this RFP. Any error/omissions must be
submitted via e-mail and be received by 17th January, 12:00 PM.

GIC Re will make a good-faith effort to provide a written response to each question or request
for clarification. Written responses will be uploaded on GIC Re Website.

6. CLARIFICATIONS AND AMENDMENTS TO RFP
Prospective bidders may seek clarification on the RFP by email addressed to Internal Audit

Department: auditteam@gicofindia.com till the date and time mentioned in the “Timeline”.

It may be noted that all queries, clarifications, questions etc., relating to this RFP, technical
or otherwise, must be in writing only and should be addressed to the nominated point of
contact as mentioned above. GIC Re may, for any reason, whether at its own initiative or in
response to pre-bid queries/ clarification(s) sought from Bidders, modify the RFP by
amendments/addendums/corrigendum etc., if any, the same will be notified in the website.
No individual communication would be made in this respect to any Bidder.

7. VALIDITY OF BIDS
Bids should be valid for acceptance for a minimum period of at least 90 (Ninety) days from
the date of opening of Bids. The validity may be extended by mutual consent. Bids with lesser
validity period would be rejected.

8. AUDIT SCOPE & REQUIREMENTS
a. The entire audit work is to be carried out by the selected bidder at our offices at
Mumbai.

b. Technical requirement and scope of audit is as per Annexure – 2.

c. The selected Bidder shall adhere to the professional standards as prescribed by the
Institute of Chartered Accountants of India (ICAI) for Internal Audit and/or other
relevant Guideline/Regulation/Standard, as applicable, from time to time. The firm
should be able to conduct audit with changed scenario of applicability of IFRS/IND
AS, whenever implemented.

d. It is compulsory for firm to depute at least one qualified Chartered Accountant or a
person with similar professional qualification as engagement team leader, to monitor
and supervise work of engagement/audit team deployed for this assignment. Such
person shall have experience of internal/statutory audit of company engaged in
business of Insurance/Reinsurance. The size of audit team may be decided by the
selected bidder commensurate with scope of audit & other requirements. The audit
is to be conducted on concurrent basis and at least one member of the team should
be present everyday, in-person, on this assignment. The requirement of in-person
presence of the selected firm’s audit team at GIC Re premises, may be changed by
GIC Re to online presence/Work-from-Home, depending on lockdown / pandemic
like situations and orders / guidelines issued by relevant authorities. In such
scenarios, the firm should ensure same standard of service as in-person presence,
without relying on IT hardware and other infrastructure of GIC Re.

e. The time line for submission of report will be within 15 days from the end of previous
month.

9. ASSIGNMENT & SUB- CONTRACTING
Neither the contract nor any rights granted under the contract can be sold, leased, assigned,
or otherwise transferred, in whole or in part, by the successful Bidder. The successful Bidder
shall not assign or subcontract to perform any of the work, service or other performance
required of the successful Bidder under the contract. The successful bidder shall not permit
anyone other than its personnel to perform any work/ service under the contract. Further,

Page 7 of 49
formation of consortium or association of firms and engaging sub-consultants is not allowed
and such proposals will be disqualified at the evaluation stage itself.

10. PERIOD OF CONTRACT
The period of Contract of Appointment of the selected bidder shall initially be for One Year
i.e. for the financial year beginning 1st April, 2022 and renewable annually for 2 subsequent
years at the same annual fees and other terms and conditions, subject to satisfactory
performance by the selected bidder. The renewal will be with consent of both parties.

11. OUT OF POCKET EXPENSES
The Travelling Expenses, Lodging and Boarding and all expenses of the Audit Team to be
borne by the selected bidder. No extra payment will be admissible other than Audit fees
quoted by the selected bidder.

12. PAYMENT OF AUDIT FEES
The Audit Fees as approved, shall be payable in four equal installments upon receipt of
invoice, quarterly Executive Summary/s and monthly Internal Audit Report/s.

13. MINIMUM BID AMOUNT:
The Minimum Bid Amount for this tender shall be Rs. 300,000/- (Rupees Three Lacs only).

14. TERMINATION:
GIC Re shall have the unilateral right to terminate any agreement/contract(s) formed
between GIC Re and the successful bidder(s) as per “Termination Clause” of annexed Draft
Agreement.

15. EXECUTION OF PRINCIPAL AGREEMENT AND NON-DISCLOSURE AGREEMENT
The selected Bidder will be required to execute (a) Draft Agreement (Annexure – 3) within
14 days from the receipt of notification of award of the contract, which must include all the
services and terms and conditions of the services to be extended as detailed herein and as
may be prescribed or recommended by GIC Re. GIC Re reserves the right to alter / vary /
amend / modify all or any of the terms set out in the said draft Agreement before the same
is signed and (b) Reciprocal Non-disclosure Agreement (NDA) (Annexure – 4). The selected
Bidder will be required to execute the Draft Agreement and Reciprocal NDA on completion of
the procurement processes as outlined herein. The term of Reciprocal NDA shall be for the
entire contract period to maintain and protect the confidentiality of data and information. The
bidders will treat data and information about the GIC Re, obtained in the execution of this e-
Tender including any business, technical or financial information, in strict confidence and will
not reveal such information to any other party.

16. PERFORMANCE BANK GUARANTEE (PBG) OR PERFORMANCE SECURITY DEPOSIT
The successful Bidder shall, at its own expense, provide a Performance Bank Guarantee (PBG)
to GIC Re at the rate of 3% of the total Financial Bid Value for performance guarantee within
14 days from the receipt of notification of award of the contract from GIC Re, which shall be
an unconditional, irrevocable and continuing Performance Bank Guarantee (PBG) from a
scheduled commercial bank acceptable to GIC Re, payable on demand, for the due
performance and fulfillment of the ensuing contract . PBG should be submitted in the format
given in Annexure – 7. GIC Re reserves the right to amend/ modify/ delete all or any of the
terms set out in the draft PBG before the same is delivered. The PBG should remain valid for
a period of 60 days beyond the date of completion of all contractual obligations of the
successful Bidder including warranty obligations. The PBG shall be invoked in the event of
breach of the ensuing contract documented in the said Draft Agreement by the successful
Bidder. On reduction of value of PBG owing to such invocation, the successful Bidder shall
forthwith replenish/restore the PBG to its original value.

Page 8 of 49
Alternatively,

The bidder, on award of the contract, is required to deposit in INR, an amount equal to 3%
of the total Financial Bid Value for performance guarantee within 14 days from the receipt of
notification of award of the contract from GIC Re, which shall be an unconditional Performance
Security Deposit with the Corporation. This Performance Security Deposit will remain with
the Corporation during the currency of the Contract and no interest will be paid on this
amount. The payment towards non-interest-bearing Performance Security Deposit should be
made through RTGS/NEFT/IMPS in account of "General Insurance Corporation of
India" as per details below:

Details of Bank Account Details

Name as per Bank Account General Insurance Corporation of India
Bank Account Number Current A/c 001020100010245
Name of the Bank Bank of India
Name of the Branch Churchgate Branch, Mumbai
Address of Branch Eros Building, Churchgate, Mumbai 400020
Nine Digit MICR Code No. 400013014
IFSC Code BKID0000010

17. EARNEST MONEY DEPOSIT (EMD): -

A. REMITTANCE OF EMD:

a. The payment towards non-interest bearing EMD of amount INR 30,000/-
(Rupees Thirty Thousand only) should be made in the account of
"General Insurance Corporation of India" as per bank details given in
previous point.

b. No previous dues of the bidder shall be adjusted towards the above
transaction of EMD.

c. The bidder shall remit the total EMD amount by IMPS/NEFT/RTGS in a single
transaction for this particular tender. Remittance of EMD amount in parts shall
not be considered.

d. Bidder shall not club EMD amounts meant for other tenders, with this
transaction of EMD remittance.

e. Bidder shall use the same bank account for remittance of EMD, obtaining
refund of EMD (in the event of unsuccessful bid), furnishing of cancelled
cheque, furnishing bank details in technical bid etc. The bank account shall
be in the name of the bidder.

f. The EMD will not carry any interest.

g. Firms having valid MSME certificate are exempt from paying EMD. Firms
should furnish the Certificate by uploading it in Technical Bid Section to avail
exemption.

h. The IMPS/RTGS/NEFT transaction should be done at least 2 days before the
submission of the bid.

B. FORFEITURE OF EMD:
The EMD submitted by the bidder will be forfeited in any of the following
circumstances, if the bidder –

a. Withdraws the bid after acceptance by GIC Re;

b. Withdraws the bid before the expiry of the validity period of the bid;

Page 9 of 49
c. Violates any of the provisions or the terms and conditions of the bids/RFP.

d. If the Bidder alters its Bid during the Bid Validity Period;

e. In case of the successful Bidder, if the Bidder fails to furnish the Draft
Agreement, Reciprocal Non-Disclosure Agreement, Integrity Pact and
Performance Bank Guarantee/Security Deposit in accordance with provisions,
terms and conditions of this RFP.

f. The successful Bidder fails to comply with the all Employment Laws, rules and
regulations set forth by Government such as Provident Fund, Employee State
Insurance, Minimum Wages and other statutory requirements.

C. REFUND OF EMD:
a. EMD of unsuccessful bidders will be refunded after completion of
procurement process i.e. after declaration of tender results.

b. EMD of successful bidder shall be refunded after furnishing Principal
Agreement (Draft Agreement), Reciprocal Non-Disclosure Agreement
(NDA), Integrity Pact (where applicable) and submission of Performance
Bank Guarantee (PBG) or Security Deposit.

c. In case, the successful bidder, opts to furnish Performance Security Deposit,
the EMD will be converted to Performance Security Deposit. The successful
bidder, will then have to furnish the remaining amount of Performance
Security Deposit. The total amount of performance security deposit against
this RFP (including the part converted from EMD to Performance Security
Deposit), will have to be 3% of Financial Bid amount. Any other amount due
from/due to GIC Re, shall not be considered/adjusted for the purpose of
Performance Security Deposit. Alternatively, if the successful bidder, opts to
submit performance bank guarantee, the EMD will be refunded, after receipt
of Performance Bank Guarantee.

d. In case of rejection of bid / unsuccessful bid, the EMD will be refunded to
the bidders after declaration of tender results.

e. The refund of EMD will be made to the bank account of the bidder as per
details furnished in Technical Bid. Bidders should ensure the bank details
furnished in Technical bid match with scan copy of cancelled Cheque
uploaded.

18. PREFERENCE TO MICRO AND SMALL ENTERPRISES (MSEs)
This shall be strictly in terms of the mandates of the Public Procurement Policy for Micro and
Small Enterprises (MSEs) Order, 2012.

1. For the purpose of this clause, Micro and Small Enterprises (“MSEs”) shall be as
defined by The Micro, Small and Medium Enterprises Development Act, 2006 (as
amended from time to time).

2. MSEs shall be exempted from payment of earnest money subject to furnishing of
relevant valid certificate for claiming exemption.

MSE’s must, along with their bid, provide proof of their being registered as MSE (indicating
the terminal validity date of their registration) for the item tendered, with any agency
mentioned in the notification of the Ministry of Micro, Small and Medium Enterprises (Ministry
of MSME)

19. DEBARMENT FROM BIDDING

i. A bidder shall be debarred from further bidding under the same or future procurements if
he has been convicted of an offence—

a) under the Prevention of Corruption Act, 1988; or

Page 10 of 49
b) the Indian Penal Code or any other law for the time being in force, for causing
any loss of life or property or causing a threat to public health as part of
execution of a public procurement contract.

ii. A bidder debarred under sub-section (i) or any successor of the bidder shall not be eligible
to participate in a procurement process of GIC Re for a period not exceeding three years
commencing from the date of debarment.

20. CLARIFICATION OF BIDS AND SHORTFALL INFORMATION/DOCUMENTS
During evaluation and comparison of bids, GIC Re may, at his discretion, ask the bidder for
clarifications on the bid and /or shortfall information/documents. The request shall be given
in writing by registered/speed post/email, asking the bidder to respond by a specified date,
and also mentioning therein that, if the bidder does not comply or respond by the date, his
bid will be liable to be rejected. Depending on the outcome, such bids will be rejected or
considered further. It is however, clarified that no post-bid clarification at the initiative of the
bidder shall be entertained.

21. ANTI FRAUD AND CORRUPTION
It is the GIC Re’s policy to require that GIC Re as well as the bidders observe the highest
standard of ethics and propriety during the procurement process, execution of the contract,
the contract duration and thereafter (hereinafter referred to as the ‘Contract Cycle’.).
Definitions:
In pursuance of this policy, the GIC Re defines, for the purpose of this provision, the terms
set forth below as follows:

i. “Corrupt Practice” means the offering, promising, giving, receiving or soliciting,
directly or indirectly, anything of value, either tangible or intangible, which a
person is not entitled to, to influence or which has the potential to influence the
action of an official during the Contract Cycle;

ii. “Fraudulent Practice” means the following:

a. a misrepresentation or omission of facts or submission of fake or forged
documents in order to influence any component of the Contract Cycle;

b. an intentional act of commission or omission designed to deceive,
resulting in GIC Re suffering a loss and/or the perpetrator achieving a
gain.

iii. “Collusive Practices” means a scheme or arrangement whether formal or informal,
between two or more bidders, with or without the knowledge of the GIC Re,
designed to establish prices at an artificial, noncompetitive levels or which affects
submission or non-submission of bids;

iv. “Coercive Practices” means harming or threatening to harm, directly or indirectly,
persons or their property to influence their participation in a procurement process,
or affect the contract cycle;

Misdemeanor for this purpose shall include Corrupt, Fraudulent, Collusive and Coercive
practices which shall carry meanings as per the definitions above.

Measures to be taken by the GIC Re:

a. GIC Re will be within its rights to terminate the contract with the selected bidder for any
Misdemeanor during the Contract Cycle, ban/blacklist/debar the bidder from this and
further procurements and the like.

Page 11 of 49
b. GIC Re will be within its rights to take any other action against the bidder deemed
appropriate as per the terms of this RFP, the ensuing Agreement as well as the law of
the land.

Measures to be taken by the Bidders:

a. The bidder shall during the entire Contract cycle, comply with the provisions of the Anti-
Fraud Policy of GIC Re and not commit any Misdemeanor.

b. The bidder shall procure the compliance with the above obligations (as mentioned in a.)
from its associated persons, officers, employees, agents, subcontractors or independent
contractors as may be used for the fulfilment of its obligations under this RFP and the
ensuing Agreement during the entire Contract cycle.

The bidder undertakes that the bidder shall be responsible to GIC Re for the
Misdemeanors and non-compliance of the Anti-Fraud Policy committed by the above-
named persons during the entire Contract cycle.

c. If the bidder gains knowledge of any conduct by any of its associated persons, officers,
employees, agents, subcontractors or independent contractors which constitutes a
Misdemeanor or non-compliance of the Anti-Fraud Policy, or if it has reasonable suspicion
of the existence of such conduct, it shall immediately inform GIC Re of such knowledge
and if requested by GIC Re, provide information it may reasonably require regarding
such conduct.

22. NON – CONFORMITIES BETWEEN FIGURES AND WORDS:
In the event, non-conformities/errors are observed in responsive Bids between the quoted
prices in figures and in words, it shall be taken care of in the manner indicated below:

i. If, in the price quoted, there is discrepancy between the unit price and total
price (which is obtained by multiplying the unit price by the quantity), the unit
price shall prevail and the total price corrected accordingly;

ii. If there is an error in a total corresponding to the addition or subtraction of
sub- totals, the sub-totals shall prevail and the total shall be corrected; and

iii. If there is a discrepancy between words and figures, the amount in words shall
prevail;

iv. Such a discrepancy in an offer shall be conveyed to the Bidder asking him to
respond by a target date and if the Bidder does not agree to GIC Re’s
observation, the Bid shall be liable to be rejected.

23. NO AGENCY:

The relationship between the Parties shall be that of independent contractor and contractee.
Neither Party shall be deemed to be an agent of the other in connection with the exercise of
any rights hereunder, and neither shall have any right or authority either express or implied
to assume or create any obligation or responsibility on behalf of the other.

The selected bidder shall comply with all laws, rules and regulations applicable to the services
being procured hereunder and all applicable laws, rules and regulations to which it may be
subject from time to time.

However, if due to any deeming fiction or if the law otherwise provides for a situation where
GIC Re may be held vicariously or otherwise liable for acts of selected bidder, the selected
bidder shall protect, indemnify and hold harmless GIC Re in respect of any losses, costs,
damages whether direct or indirect arising out of the failure, omission or non-observance of
any laws, rules or regulations which it was expected to comply with hereunder or any act of
the selected bidder which as a reasonable man, it should not have committed.

24. GOVERNING LAW AND JURISDICTION

Page 12 of 49
a. The validity, construction and performance of this RFP and the ensuing contract shall be
governed by and construed in accordance with the laws of India.

b. Subject to the provisions of the Arbitration clause, if any, contained in the ensuing
contract, the Parties agree to submit to the exclusive jurisdiction of a court of competent
jurisdiction at Mumbai, India and to comply with all requirements necessary to give such
court the jurisdiction.

25. ARBITRATION

1. In case of any dispute arising out of this Agreement, including those relating to the
existence, interpretation and application of the provisions of this Agreement, the Parties
shall first make efforts to settle the dispute amicably by mutual consultation.

2. In case the dispute cannot be resolved in the manner stated above, such dispute shall
be referred to and resolved by arbitration. The arbitration proceedings shall be
conducted in accordance with the Arbitration and Conciliation Act, 1996 or any
enactment, modification or re-enactment in force at the relevant time.

3. The seat and venue of arbitration shall be Mumbai, India, the arbitration proceedings
shall be conducted in English language and the laws applicable to the arbitration shall
be the laws of India.

4. The award of the arbitral tribunal shall be final and binding on the parties hereto.

5. It is a condition precedent to any right of action or suit upon this Policy that an arbitral
award shall be first obtained.

6. In the event that these arbitration provisions shall be held to be invalid then all such
disputes shall be referred to the exclusive jurisdiction of the courts at Mumbai.

26. RIGHT TO REJECT BIDS.

GIC Re reserves the absolute and unconditional right to reject any response to this RFP if it
is not in accordance with its requirements and no correspondence will be entertained by GIC
Re in the matter. GIC Re reserves the right to cancel the tender process partly or fully at its
sole discretion at any stage without assigning any reason to any of the participating bidders.
GIC Re also reserves the right to re-issue or re-commence the entire bid process without the
bidders having the right to object. Any decision of GIC Re in this regard shall be final,
conclusive and binding on the bidders.

The Bids are liable to be rejected if:

• It is not in conformity with the requirements/instructions mentioned in this RFP
document.

• It is not properly/duly signed and stamped by the Bidder.
• It is incomplete including non-furnishing of the required documents / information

as required in terms of this Tender.
• It is received after expiry of the due date and time. Bidders shall not be permitted

to alter or modify their bids after expiry of the deadline for receipt of bids.
• It is evasive or contains incorrect information.
• There is canvassing of any kind.
• Bid having Conflict of Interest.

(A bidder may be considered in a conflict of interest with one or more
bidders in the tendering process under this RFP if they have a relationship
with each other, directly or indirectly, through a common firm, that puts
them in a position to have access to information or influence the Bids of
another bidder.)

Page 13 of 49
• Bidder delays in submission of additional information or clarifications sought by GIC
Re.

• If the bid is conditional.
• It is not accompanied by EMD.
• A Bidder shall submit only one proposal/bid. If a Bidder submits proposal as a joint

venture, with other firm, all such proposals/bids shall be disqualified.
• Any quotation or billing linked to GIC Re’s Assets and/or Revenue will disqualify the

bidder.

27. CANCELLATION OF TENDER PROCESS
The Corporation reserves the right to re-issue or re-commence the entire bid process without
the applicants having the right to object. GIC Re further reserves the right to cancel the
tender process partly or fully at its sole discretion at any stage without assigning any reason
to any of the participating bidders. Any decision of the Corporation in this regard shall be
final, conclusive and binding on the Bidders.

28. VERIFICATION OF DOCUMENTS
Documents and/or reports submitted by the successful bidder shall be verified as per
Standard Operating Procedure (hereinafter referred to as ‘SOP’) dated 02-02-2016.
Notwithstanding anything contained anywhere in this RFP or the ensuing Agreement, non-
compliance as per SOP norms will result in termination of contract or imposition of appropriate
liquidated damages for any penalties imposed on / damages suffered by GIC Re, either
pecuniary or otherwise. The said SOP can be downloaded from the website of GIC Re.

29. PUBLICITY
Any publicity by the selected Bidder in which the name of GIC Re is to be used should be
done only with the explicit written permission of GIC Re.

30. RIGHT TO AUDIT
GIC Re reserves the right to conduct an audit at the selected bidder to determine whether
the activities are being performed as required by the RFP and as agreed in the contract.

31. NO LEGAL RELATIONSHIP
No binding legal relationship shall exist between any of the bidders and the GIC Re until the
execution of a Service Level Agreement.

32. COMPLIANCE WITH INFORMATION SECURITY POLICY
The selected bidder shall follow the Information Security Policy of GIC Re. In case the selected
bidder is found to be in violation of the said policy, GIC Re reserves the right to terminate
the contract in addition to any other remedies for breach, injunctive relief and indemnity as
per the contract and the applicable laws.

33. ACCOUNTABILITY OF THE BIDDER

The selected bidder warrants to perform its obligations hereunder with all due diligence,
professional care, professional integrity, transparency, competitiveness, efficiency and
economy, in good faith and in accordance with generally accepted professional standards and
practices, and shall observe sound management practices, and employ appropriate
technology, designs and specifications and safe and effective equipment, machinery,
materials and methods.

The selected bidder shall always act at all times and in respect of any matter relating to this
contract or to the Services, as faithful adviser to the “GIC Re”, in the interest of GIC Re, and
shall support and safeguard the “GIC Re's" legitimate interests in any dealings with Sub-
Consultants or Third Parties.

Page 14 of 49
The selected bidder shall be accountable for the advice/service rendered to GIC Re keeping
in view that the same is being rendered for a consideration.

In the event of improper discharge of the contractual obligations by or deviant conduct on
the part of the selected bidder, it shall be liable to GIC Re for the loss suffered by it owing to
the said improper discharge or deviant conduct. In case the said improper discharge or
deviant conduct is discovered before the payment of contract price the same shall be paid
after reducing the amount of the loss suffered.

34. GENERAL TERMS:
a) The bidders will be shortlisted based on assessment as per technical bids. The financial
bids of these shortlisted bidders only will be opened.
b) It is construed that the bidder has read all the terms and conditions before submitting
his/her bid.
c) The Bidder shall be responsible for all the cost associated with the preparation or
execution of the RFP documents.
d) GIC Re will not be held responsible for any technical snag or network failure during on-
line bidding.
e) It is the bidder’s responsibility to comply with the system requirement i.e. hardware,
software and internet connectivity at bidder’s premises to access the e-tender website.
f) GIC Re shall not be liable to the bidders for any direct / indirect loss or damages incurred
by them arising out of incorrect use of the e-tender system or internet connectivity
failures under any circumstances.
g) Bids and all supporting documentation submitted by the bidder as part of the RFP
response shall become and remain the property of GIC Re.

35. CONFLICT OF INTERESTS -

a) The selected bidder shall provide professional, objective and impartial advice and at all
times hold GIC Re’s interests paramount, without any consideration for future work, and
strictly avoid conflict of interest with other assignments or its own interests which affect
the performance of this Contract to the detriment of GIC Re. The selected bidder shall
not engage, and shall cause its Personnel and Affiliates not to engage, either directly or
indirectly, in any business, professional, consulting or other activities that would conflict
with the activities assigned to them under this Contract or the interest of GIC Re under
this Contract.

If during the period of this Contract, a conflict of interest arises for any reasons, the
selected bidder shall promptly disclose the same to the GIC Re and basis the conflict both
the parties can analyze the situation and the selected bidder shall then act in accordance
with the instructions of GIC Re.

b) The payment to the selected bidder pursuant to this Contract hereof shall constitute the
selected bidder’s only payment in connection with this Contract.

36. INDEMNITY & LIQUIDATED DAMAGES

The bidder shall indemnify GIC Re and keep indemnified for any loss or damage, cost or
consequence that GIC Re may sustain, suffer or incur on account of violation/fault on part of
the bidder and holding it harmless to the extent of 100% in respect of the situations stated
therein. The total liability of the selected bidder under this clause shall not exceed the total
contract value.

In the event of non-performance and/or breach of any of the terms of the Agreement, GIC
Re will be entitled to liquidated damages as per Agreement.

Page 15 of 49
METHOD OF BID SUBMISSION AND OPENING OF BIDS

A. METHOD OF BID SUBMISSION:

1. The bidders are required to submit their respective Bid as per the instructions given in
Annexure – 6.

2. All Bids are to be submitted online on the website https://gicre.eproc.in as e–tenders
(hereinafter referred to as bids/e-tenders). No bid shall be accepted off-line. The bids
shall be received only “online” on or before the scheduled date and time of bid submission.

3. The bids received after the specified date & time for receipt of bids shall not be considered.

4. Technical Bid as per Annexure -1 and other documents sought along with the technical
bid are to be filled in/uploaded online.

5. Financial bid is to be submitted online by entering relevant details in electronic form
available in e-tender system.

6. In the e-tender system, after uploading the bid, the bidder need not send any documents
(hard copy) to the tender inviting authority before opening of technical bid/price bid. If
required, after opening of bid, the authenticity of the uploaded documents would be
verified by the tender inviting authority. As such on request original documents should
be produced failing which the bid/ e-tender is liable for rejection.

7. Bids containing erasures or alterations will not be considered. There should be no hand-
written material, corrections or alterations in the bids. Technical details must be
completely filled in. Correct technical information of the product being offered must be
filled in. Filling up of the information using terms such as “OK”, “Accepted”, “Noted”, “As
given in Brochure/Manual”, “negotiable”, “to be discussed” is not acceptable. GIC Re may
treat such e-tenders as not adhering to the RFP guidelines and as unacceptable.

8. The bidder has to submit the bid document online well in advance before the prescribed
time to avoid any delay or problem during the submission process.

9. In case of any technical assistance on bid preparation/submission, login, registration,
etc., kindly contact the following team:

HELPDESK NOS ARE OPEN BETWEEN 1000 HRS to 1800 HRS IST
(MONDAY TO FRIDAY (Exclusions: GIC Re HOLIDAYS))

Contact Nos. and email IDs for helpdesk officers

Dedicated email gicresupport@c1india.com
Please email your issues before your call helpdesk. This will help us serving you better.

Dedicated helpdesk for GIC Re Suppliers

Name Email Phone Numbers

Ujjwala Shimpi ujwala.shimpi@c1india.com +91-124-4302000 Ext: 114
Sachin Toraskar sachin.toraskar@c1india.com +91-124-4302000 Ext: 110

Fairlin Jivin Escalation Level
fairlin.jivin@c1india.com

Interested Firm of Chartered Accountants (Eligible as Above), shall submit their bid as per
E-Tender Process in Annexure – 6.

Page 16 of 49
B. OPENING OF BIDS:
Bidder should follow the server time being displayed on bidder’s dashboard at the top of the
tender site, which shall be considered valid for all actions of bid preparation, bid submission,
bid opening etc., in the e-tender system.
After evaluation of bid, all the bidders will get the information regarding bid status.
Thereafter, a system generated email confirmation will be sent to all bidders. The bidders
can check information regarding the status of their bids on e-procurement portal. Award of
contract will be issued separately to the successful bidder.

Technical Bid
All the documents enclosed with the bid document shall be duly signed and sealed by the
firm or authorized partner.
The Technical Bid NOT to contain any details of Financial Bid. Financial Bid/Quote
if found uploaded/mentioned/referred in Technical Bid section, shall lead to
disqualification of Bidder.
Non-submission of all required/mandatory documents shall lead to disqualification.

Financial Bid
1. Minimum financial bid amount for this e-tender is Rs. 3,00,000/-. (Rupees Three
Lacs only). Payment of fee shall be in Indian Rupees only.
2. No extra payment will be admissible other than fees quoted by the selected bidder in the
financial bid. The fees for the assignment quoted by the selected bidder should be
inclusive of all expenses/costs/miscellaneous expenses, if any, but exclusive of all
applicable taxes, which shall be paid at actuals, by GIC Re. GIC Re would be
entitled to deduct TDS, as applicable, while making payments, according to the Indian
taxation rules.
3. Any additional expenses incurred by the firm in respect of lodging, travelling, meals etc.,
is not payable.
4. GIC Re reserves the right to deduct any proportionate amount from the successful bidder
on account of insufficient/unsatisfactory work or careless execution of the job.
5. The quoted rate is valid for entire tenure of the contract. No escalation in payment will
be admissible.
6. The Technical Bid/Financial Bid NOT to be submitted in the format of a Legal Agreement.

Page 17 of 49
BID EVALUATION CRITERIA AND SELECTION PROCEDURE

The bids will be evaluated/scrutinized on the basis of copies of documents submitted along with the
bids and fulfilment of specified terms and conditions. The evaluation and selection process comprises
the following steps:

1. Technical bid would be opened after the specified date and time.
2. The documents submitted by the bidders would be evaluated by the Evaluation Committee

of GIC Re.
3. Evaluation matrix for evaluating technical bid will consist of work experience of firm,

experience of partners, experience of key persons, firm turnover etc.
4. Bidders found to be Technically qualified will be shortlisted for opening of Financial Bids.

Financial bids of only those bidders will be opened who are Technically qualified.
5. The bids will be ranked based on Least Cost System (LCS) basis.

If for any reason the Bid of any Successful Bidder (L1) is rejected, GIC Re may, at its
discretion:

i. Consider the bid with next Rank, in sequence;
ii. Annul the bid process; or
iii. Take any such measure as may be deemed fit in the sole discretion of GIC

Re;
6. Any effort made by the bidder to influence GIC Re in the evaluation / contract award decision,

may result in the rejection of the bid. Each bid will be evaluated using the criteria and process
outlined above.

STANDARD FORMATS (PROFORMA) FOR TECHNICAL AND FINANCIAL BIDS.

The Bidders should necessarily submit the information as per the prescribed formats given in the
RFP while submitting both technical and financial Bids. Any deviation in this regard entails the Bidder
for disqualification.

Page 18 of 49
ANNEXURE 1 – PROFORMA OF TECHNICAL BID

Kindly note the details as stated below are required to be furnished by the Bidder.
Technical Bid Format in .docx file can be downloaded using this link.

DETAILS OF BIDDING FIRM/COMPANY: AS ON 31 DEC 2021

Name of Firm/Company:__________
Address of Head Office of Firm: ___________
Landline Number:_______
Email Address:__________

Website:___________

Constitution of Bidder: ___________ (Partnership firm, LLP, Pvt Company etc.)

Date of Registration/Incorporation:__________

PAN Number:__________

GST Number____________

Name of Partner authorized by the firm to sign the tender:_______

Contact Person Name: ___________

Mobile No.________

Landline No._________

Email Address:__________

OTHER DETAILS OF THE FIRM/COMPANY:

Office Address in Mumbai:_____
Landline Number:_________

Email Address:__________
Number of Offices/Locations in India:________

Number of Offices/Locations out of India:_______

No. of Partners in Firm: ______

Number of Chartered Accountants employed in firm:__________

Number of Cost Accountants employed in firm:__________

Number of Staff (other than Chartered Accountants and Cost Accountants) employed in
firm:__________

Employee details location wise: [Rows may be added, in the table below, to furnish details at all locations]

Sr. No. Location/City Total Employees Posted

1.
2.

Page 19 of 49
Total _______

DETAILS OF PARTNERS:

[Format given below may be modified appropriately to furnish details of all partners]

• Name of Partner:________
▪ Qualifications:________
▪ No. of Years of Work Experience: ________

• Name of Partner:________
▪ Qualifications:________
▪ No. of Years of Work Experience: ________

ENGAGEMENT PARTNER DETAILS:

Name of Person proposed to be identified as Engagement Partner: _______

Designation:___________

Qualifications:____________

Experience and Suitability of the person [Not more than 150 words]:__________

ENGAGEMENT TEAM LEADER DETAILS:

Name of Person proposed to be identified as Engagement Team Leader: _______

Designation:___________

Qualifications:____________

Experience and Suitability of the person [Not more than 150 words]:__________

DETAILS OF ENGAGEMENT TEAM / AUDIT TEAM:

Proposed number of audit assistants to be deployed: _______

Details of Proposed Engagement Team:

[Format given below may be modified appropriately to furnish details of all audit assistants proposed to be
deployed on this assignment]

• Name of Team Member/Audit Assistant:________
▪ Designation:_______
▪ Qualifications:____________
▪ Suitability and experience of the person [Not more than 150 words] :
_______________

• Name of Team Member/Audit Assistant:________
▪ Designation:_______
▪ Qualifications:____________
▪ Suitability and experience of the person [Not more than 150 words] :
_______________

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TURNOVER OF THE FIRM
FY 2018-19: INR _________
FY 2019-20: INR _________
FY 2020-21: INR _________

BANK DETAILS OF THE FIRM/COMPANY

Type of Account
Account Number
Confirm Account Number
Name of Bank
Name of Branch
Address of Branch
MICR Code
IFSC Code

EXPERIENCE OF FIRM IN CONDUCTING ASSIGNMENTS

Internal/Statutory Audit Experience with Companies engaged in Insurance & Reinsurance Business (Life & Non-Life)

Sr. No. Client Name Type of Assignment Period of Audit Whether Auditee/Client
is listed on BSE/NSE

Internal/Statutory Audit Experience with Banks

Sr. No. Client Name Type of Assignment Period of Audit Whether Auditee/Client
is listed on BSE/NSE

Review of Risk Management Systems and Process of Banks or Mutual Funds or Insurance Companies or

Investment Inspection conducted on behalf of IRDAI

Sr. No. Client Name Type of Assignment Period of Audit Whether Auditee/Client
is listed on BSE/NSE

Audit of treasury, investment functions of Life or Non-Life insurance companies, banks or other financial

institutions.

Sr. No. Client Name Type of Assignment Period of Audit Whether Auditee/Client
is listed on BSE/NSE

Internal/Statutory Audit Experience with Companies listed on BSE/NSE (other than those stated above)

Sr. No. Client Name Type of Assignment Period of Audit

DETAILS OF REMITTANCE OF EMD:
Amount:____
Date of Transaction:__________
Transaction Reference Number/UTR (Unique Transaction Reference) Number:______

Page 21 of 49
UPLOAD DOCUMENTS:
1. Technical bid document, in specified format, with all relevant details filled in.
2. PAN Card of Firm/Company.
3. Certificate of Incorporation/Registration
4. Firm Card issued by ICAI (not older than 30 Days from the date of tender)
5. GST Registration Certificate.
6. Valid MSME Certificate (if applicable).
7. Audited Profit & Loss and Balance Sheet for FY 2018-19, 2019-20 and 2020-21 duly approved by
statutory auditors OR An external CA certificate certifying turnover of firm/company for said 3
financial years.
8. Scan copy of cancelled Cheque of Bank Account of the Bidder.
9. Work Plan for conducting Internal Audit at GIC Re and Methodology of its implementation.
10. Diagram showing Reporting structure of Engagement team to be deployed for this assignment.
11. Declaration as per Annexure 5.
12. Any other relevant Documents.

GENERAL INSTRUCTIONS/CLARIFICATIONS
1. In cases where bidding firm has more than 5 partners, bidder may furnish in Technical Bid, name
and details of 5 senior most partners.
2. Wherever requirement of seal of the firm is specified, the same should be affixed. At all such places,
the partner may affix Digital signature as an alternative to seal of the firm. Annexure – 5, Annexure
– 8 and Integrity Pact may be digitally signed by the Partner.
3. There is no format/specimen for Financial Bid. The financial bid electronic form will be available in
the e-Tender system. Bidders have to enter bid amount in the electronic form and submit.
4. Turnover of the firm will mean turnover or professional fees or operating income as specified in
Profit and Loss Statement or Income & Expenditure Statement or External CA certificate certifying
turnover of the firm/company.

Page 22 of 49
ANNEXURE 2 - SCOPE OF AUDIT

1. Audit relating to Internal controls, SOPs and Compliance

Audit checks to be performed on a one-time basis to evaluate the controls, the risk
exposure and the operational efficiency. The focus of checking here is to assess the
selected areas in terms of:

▪ Internal controls
▪ Operational efficiency
▪ Systems and procedures
▪ Documentation
▪ Accounting
▪ Risk exposure
These audits cover the selected function/area in depth to provide a comprehensive
analysis of the current processes/policies and identify gaps with reference to
documented policies and/or best practices. To check and report whether manuals/board
approved policies of all departments are reviewed in a period of one financial year.

Also, to certify that Underwriting and Accounting processes and the transactions carried
out are as per Financial Standing Order (FSO) limits. Exceptions of critical nature, to
the SOPs and FSOs to be mentioned (on test check basis), in the monthly report.

Further to certify that all regulatory compliances relating to Reinsurance & Accounting
are complied. In case of any variances, those to be reported on quarterly basis. The
Report should mention compliance of filing of returns to all concerned regulatory
authorities like Taxation, IRDAI, RBI etc. on quarterly basis.

A list of areas for Internal controls, SOPs and Compliance coverage is enclosed in
Appendix I.

Appendix I

❖ INVESTMENT

Sub Process Periodicity

1. To check Primary/Secondary Market Transactions [equities, bonds, Concurrent
Govt. Securities].

2. To Check Cash Flow/Fund Flow Statement -Review of deployment Concurrent
of Surplus fund.

3. To Check Reconciliation of Demat/SGL Accounts. Monthly

4. To Check RBI Certification of reconciliation & transactions. Monthly

5. Review of booking of Corporate Entitlements. Monthly

6. Test Check computation of profit and loss on sale of investments. Quarterly

7. Review of valuation of Debt Instruments. Quarterly

8. Verifying creation of Security ID's. Quarterly

9. Verification of broker wise limits Annual

Follow up Audit of Investment Risk Management System and Quarterly
10.

Process, Internal/Concurrent Audit as per IRDA Guidelines.

Concurrent Audit of Investment Management Systems, Process

and Transactions as per IRDA Circular Ref.:

IRDA/INV/CIR.008/2008-09 dated 22nd August 2008, Investments

11. - Master Circular IRDAI (Investment) Regulations, 2016 Version – Quarterly

02 (May 2017) and Technical Guide on Internal/Concurrent Audit

of Investment Functions of Insurance Companies (2013) issued by

ICAI.

Page 23 of 49
12. Random checking of Voice Recording in Dealing Room 2 per month

13. Checking of Quarterly Trial Balance (Investment Accounts) Quarterly

To check correctness in provisioning i.e. Performing Asset & Non-

14. Performing Asset of bonds, loans, Equity Provision, Write-Off (WO) Quarterly

/ Write-Down (WD) of Book Value of Shares

To check calculation and accounting in SAP system for

15. purchase/sale of securities & income calculation of securities, loans, Daily

money market instruments.

16. To check calculation or accounting in SAP system for corporate Monthly
actions

To check physical/demat holding reconciliation (periodically) and

17. timely corporate actions relating to declaration and receipt of Monthly

Dividend/Interest/Rights/Bonus/Conversion/Redemption/Split

❖ HUMAN RESOURCE GROUP

Sub Process Periodicity

Check Salary Computation and deductions and timely deposit of

1. contributions with the concerned authorities like PF Trusts, NPS, Monthly

Income –Tax, LIC, MBS Society, Sports Club etc., as applicable

Check Settlement and recoveries of dues to/from Employees who

2. have superannuated/Taken Voluntary retirement and resignations. Quarterly

Auditor to also comment whether the dues are settled in time.

3. Check LTS settlements and Leave Encashments Monthly

4. Check Overtime payments. Half-Yearly

5. Leave record updation. Sample Testing Monthly

6. Check Disbursement and Recovery of Loans and Advances to Monthly
Employees

7. To check appropriation of receipts i.r.o. HR and also check the Quarterly
recovery of amounts i.r.o HR from other PSU companies

❖ Office Service Department (OSD)

Sub Process Periodicity

Capital Expenditure & Major Purchases and Expenditure incurred

for Maintenance (AMC contracts etc.,) - Deliverables mentioned in

1. the Agreements/Contracts entered into by GIC with Vendors to be Quarterly

checked against the actual delivery. Also check for compliance

with procurement guidelines

Check Payments of Halting Allowance and other Expenses for

2. Domestic and Foreign tours of Employees for compliance as per Quarterly

the rules and regulation framed from time to time. Sample Testing

Checking requisite Insurance policies are in place for GIC Re -

3. Movable and Immovable Assets such as Building, Furniture- Quarterly

Fixtures, Vehicles and Office equipments etc. and renewed in time.

To check travel advance settlement pending per employee and Quarterly
4.

whether settled with in reasonable time.

5. To check other housekeeping processes like smoke detectors Half Yearly

monitoring frequency, CCTV monitoring etc.

Page 24 of 49
6. Check whether expenses are accurately accounted for as repairs & Quarterly

maintenance or capital expenses as per guidelines. Quarterly

7. Check whether there is a fixed asset register maintained. Check Annual
Annual
whether important details like nature of the asset, exact location, Annual
Half Yearly
written down value, residual life, unit to which it belongs etc. are Annual

captured and also check fixed assets declared as obsolete/ scrap

are adequately accounted for and necessary changes in the fixed

asset register is made.

8. Check whether asset tagging/numbering is a continuous process

undertaken as a general practice across company’s operations.

9. Review whether there is a process of periodic physical verification

of fixed assets. Check whether result of such physical verification

is documented and differences if any.

10. Check whether there is a proper system for authorization of

disposals of fixed assets. Check whether all such transactions are

accurately reflected in the books of accounts.

11. Check whether lease rent/brokerage/shifting allowance/advance

for deposit are reimbursed/provided as per rules and eligibility.

12. Verification of Title deeds of immovable assets

❖ COMMUNICATION, PUBLICITY & CUSTOMER RELATIONS

Sub Process Periodicity
Quarterly
1. Check expenses incurred for Advertisement and Publicity/

sponsorship with sanction and supporting documentation as also

compliance with the Corporate Communication Policy/guidelines

framed from time to time.

❖ GENERAL ACCOUNTS SECTION (GAS)

Sub Process Periodicity

Verify creation/modification of beneficiaries such as vendors etc.

1. in SAP with supporting documents and due procedure followed for Monthly
Monthly
such creation. Monthly
Monthly
2. Check whether all payments are made only to pre-approved Quarterly
beneficiaries in the system Quarterly

3. To Check all payments are approved by the appropriate levels of Quarterly
authority as per FSO.

4. Check whether Maker – Checker system is in place for all
payments

5. To check calculation of depreciation on fixed assets.

6. Checking of Trial Balance

In respect of the Bank Reconciliation Statement (for all CTC Bank

accounts i.e. Business Accounts and GAS):

a. Check that bank reconciliation statement is prepared

monthly and there is a process of review of un-reconciled

7. items and accordingly accounting is carried out

b. Obtain periodically a certificate from the banks
confirming the balance with the bank and tally the same in
the bank statement.

Page 25 of 49
c. Test check computation of interest, commission and
other charges debited by bank to ensure its correctness.

d. Review the system of entry for dishonored cheque in

the books and its appropriate accounting

8. Check that accrued interest recognized in the books of accounts. Quarterly
Quarterly
Review foreign exchange transactions undertaken during the
Monthly
9. review period, if any. Check for compliances to AS 11, 30, 31 & 32 Quarterly
Quarterly
(issued by ICAI) and Foreign Exchange Management Act (FEMA) Quarterly

Check whether provisions of Income Tax Act, 1961 have been Periodicity
Quarterly
10. complied with while deducting Tax at Source.
In case, if in any of the payment, tax is deducted at lower rate,

verify the certificate for lower tax deduction.

11. Check Filing of TDS return and issue of TDS certificates.

12. Checking of other journal vouchers for non-reinsurance
transactions.

13. To check IRDA returns and NL forms

❖ GENERAL

Sub Process

1. Check authorization controls of all Departments, such as Maker

Checker, authentication mechanism, exception reports by systems

is in place.

2. Reporting methodology:

• Concurrent Audit report in respect of Investment shall be put up to the Management for
Information on a monthly basis. Audit Report for other than Investment can be put up
on Quarterly basis.

• Quarterly summary, along with the Action Taken Note (ATN) shall be submitted to the
Audit Committee of the Board.

• The Auditors shall be required to submit the quarterly report as mandated by IRDA. The
Auditors shall also submit to the Audit Committee of the Board, the summarized detailed
analysis report on the activities covered under audit and also any other matter as
directed by the Audit Committee of Board.

• Reconciliation of CSGL/SGL balances and filing certification report with RBI shall be on
a monthly basis.

• Internal Audit Preliminary Report on Findings in the form of inspection queries may be
initially reported and discussed with the concerned Heads of respective Department.
Final Reports prepared based on the conclusions arrived at and incorporating the
corrective actions taken and also audit recommendations etc., should be put up to the
FA/Management and Audit Committee.

3. Monitoring and Control by Audit Committee of Board (ACB)

• The executive summary of Audit reports are put up to the Audit Committee of Board
periodically.

• Action taken Report (ATR) on implementation of approved recommendations and also
the directions by the Audit Committee of Board be made mandatory and integral part of
this process. The Action Taken Report detailing the status shall be reported to the Audit
committee from time to time.

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ANNEXURE 3 - DRAFT AGREEMENT
(To be submitted by the Successful Bidder after issue of Letter of Appointment)

This Agreement (hereinafter together with ………..appendices attached hereto called the Agreement)
is made on …………..day of ……….2021

BY AND BETWEEN

General Insurance Corporation of India, a Company incorporated under the Companies Act, 1956
having Registered office at “Suraksha”, 170 J Tata Road, Churchgate, Mumbai- 400020 (hereinafter
referred to as “GIC Re”) which expression shall unless it be repugnant to the context or meaning
thereof, include its successors, executors, and permitted assigns of the one part.

AND

M/s………….…………… a company/ firm/ LLP registered under the ___________ Act, (hereinafter
referred to as the “Audit Firm”) having their registered office at……………….. which expression shall
unless it be repugnant to the context or meaning thereof, include its successors, executors, and
permitted assigns on the other part.

RECITALS

WHEREAS the General Insurance Corporation of India has requested for the conduct of Internal Audit
of its Investment and Other Non-Reinsurance Operations through RFP dated _________(hereinafter
referred to as “RFP”) which expression shall include all attachments and annexures thereto as well
as all amendments, modifications, alterations, addendums and corrigendum thereto.
AND WHEREAS GIC Re has called for bids from eligible bidders pursuant to the RFP.
AND WHEREAS the Audit Firm represents that it has the necessary resources and experience for
providing “services of Internal Audit of Investment and Other Non-Reinsurance Operations of GIC
Re for Financial Year 2022-23” and has submitted its Bid for providing the required services in
accordance with the terms and conditions set forth herein and, in the RFP, and any other reasonable
requirements of GIC Re communicated from time to time.
AND WHEREAS the Audit Firm has submitted its technical and commercial bid during the e-tendering
process which has been considered as appropriate by GIC Re based on the documents submitted by
the Audit Firm.
AND WHEREAS GIC Re has accepted the bid of the Audit Firm based on the documents submitted
by it according to the evaluation terms and all conditions of RFP and has issued Appointment letter
vide Reference No…………… dated …………… ________.
Now in consideration of the promises and covenants contained in this Agreement, and other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged it is hereby
agreed to, by and between the Parties as under.

NOW THIS AGREEMENT WITNESSETH as follows:

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The following documents shall be deemed to form and be read and construed as part of this Contract
viz.

a) The RFP Document for Appointment of Audit Firm to conduct of Internal Audit of Investment
and Other Non-Reinsurance Operations of GIC Re for FY 2022-23.

b) All amendments to the RFP Document for Appointment of Audit Firm for conduct of Internal
Audit of Investment and Other Non-Reinsurance Operations of GIC Re for FY 2022-23 prior
to submission of bids, queries of bidders, if any.

c) Appointment letter issued by the GIC Re vide Reference No…………… dated …………… and all
correspondence exchanged between the GIC Re and the Audit Firm up to the date of
appointment letter as specifically referred to in the said Appointment letter.

The terms and conditions laid down in the RFP and the Bids of the Vendor shall be read in consonance
with and form an integral part of this Agreement and shall together constitute the entire Agreement.
This Agreement supersedes any prior Contracts/ agreements, understanding or representation of
the Parties on the subject matter.

In consideration of the payment to be made by the GIC Re to the Audit Firm as herein after
mentioned the Audit Firm hereby covenants with the GIC Re to execute and complete the works in
conformity with in all respects with the provisions of the contract.

The GIC Re hereby covenants to pay the Audit Firm in consideration of the completion of the services
the counterpart charges in the manner prescribed in RFP.

(Notwithstanding such association, the Audit Firm will be represented hereunder at all times by
………………………………………………………… which will retain full and undivided responsibility for the
performance of the obligations hereunder and for satisfactory completion of the consulting services
to be performed hereunder.)

DEFINITIONS
The Contract/ Agreement means the agreement entered into between GIC Re and the Audit Firm,
as recorded in the contract form signed by the parties, including all attachments and annexes
thereto, the RFP, the agreed terms as set out in the technical and financial bids and all documents
incorporated by reference therein and amendments, alterations and modifications done to any of
the above from time to time.

The Contract Price means the price payable to the Audit Firm under the Contract for the full and
proper performance of its contractual obligations on its part.
DURATION/ PERIOD OF CONTRACT means the period for which the Audit Firm has been engaged
by GIC Re i.e. from the date of issue of appointment letter till the date of satisfactory submission of
final audit report.

INTERPRETATION
In this Agreement unless a contrary intention is evident:

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1. the Clause headings are for convenient reference only and may not be used for
interpretation;

2. unless otherwise specified a reference to a clause number is a reference to all its sub-
clauses;

3. unless otherwise specified a reference to a clause or sub-clause is a reference to the clause
or sub-clause of this Agreement including any amendments or modifications to the same
from time to time;

4. a word in the singular includes the plural and a word in the plural includes the singular;
5. a word importing a gender includes any other gender;

6. a reference to a person includes a partnership and a body corporate;
7. a reference to legislation includes legislation repealing, replacing or amending that

legislation;
8. where a word or phrase is given a particular meaning, it includes the appropriate

grammatical forms of that word or phrase which have corresponding meanings.
9. in the event of an inconsistency or conflict between the terms of this Agreement, the RFP

and the Bids, the terms of the RFP shall prevail over and supersede the Bids to the extent
of the terms mentioned in the RFP but not on the terms modified under this Agreement. Any
changes to the terms of the RFP and/or any additions thereto made in this Agreement shall
prevail over and supersede the RFP. In the absence of any inconsistencies, the RFP shall
bind the Parties in addition to terms and conditions of this Agreement.
10. The rule of construction that the contract shall be interpreted against the Party responsible
for the drafting or preparation of the contract, shall not apply.

The expiration or termination of this Agreement shall not affect such of the provisions of this
Agreement as expressly provide that they will operate after any such expiration or termination or
which of necessity must continue to have effect after such expiration or termination, notwithstanding
that the clauses themselves do not expressly provide for this.

CONDITIONS PRECEDENT

This Agreement is subject to the fulfillment of the following conditions precedent by the Audit Firm.

1. The Audit Firm shall at its own expense deposit with GIC Re within 14 days from the receipt of
notification of award of the contract from GIC Re, an unconditional, irrevocable and continuing
Performance Bank Guarantee (PBG) from a scheduled commercial bank acceptable to GIC Re,
payable on demand, or Performance Security Deposit, for the due performance and fulfillment
of this Agreement. The Performance Security Deposit or PBG shall be denominated in the
currency of India, INR. The PBG or Performance Security Deposit shall be valid for a period of
60 days beyond the date of completion of all contractual obligations including warranty
obligations, renewable as may be stipulated by GIC Re.

The PBG or Performance Security Deposit amount shall be INR ________/- (3% of the Contract
Price) and PBG shall be in the format attached as Annexure 7 to the RFP. All charges whatsoever
such as premium, commission etc. with respect to the PBG shall be borne by the Audit Firm.

No interest shall be payable on the Performance Security Deposit or PBG.

In the event of the Audit Firm being unable to service this Agreement for whatever reason or
any breach of the terms of this Agreement, GIC Re would invoke the Performance Security
Deposit or PBG. On reduction of value of Performance Security Deposit or PBG owing to such
invocation, the successful Bidder shall forthwith replenish/restore the Performance Security
Deposit or PBG to its original value. In the event of impending expiry of validity period of bank
guarantee prior to satisfactory completion of performance/execution of contract, the audit firm
to furnish fresh bank guarantee, bearing validity of 3 months, of the same amount, from any

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scheduled commercial bank.

Notwithstanding and without prejudice to any rights whatsoever of GIC Re under this Agreement,
the proceeds of the Performance Security Deposit or PBG shall be payable to it as compensation
for any loss resulting from the Audit Firm’s failure to complete its obligations under this
Agreement.

2. The Audit Firm shall obtain and possess all statutory, regulatory and other approvals required
for the performance of the Services under this Agreement.

3. The Audit Firm shall execute an Integrity Pact with GIC Re which essentially envisages an
agreement committing officials/representatives of the Parties to this Agreement (covered in
terms of the threshold limit set by GIC Re), not to exercise any corrupt influence on any aspect
of this Agreement.

4. The Audit Firm shall furnish the Code of Integrity undertaking in the format attached as Annexure
8 with the RFP.

5. The Audit Firm shall sign the Reciprocal Non-Disclosure Agreement (NDA) in the format attached
as Annexure 4 with the RFP.

GIC Re reserves the right to waive any or all of the conditions specified in this clause in writing and
no such waiver shall affect or impair any right, power or remedy that GIC Re may otherwise have.

VERIFICATION OF DOCUMENTS

Documents and/or reports submitted by the Audit Firm shall be verified as per Standard
Operating Procedure (hereinafter referred to as ‘SOP’) dated 02-02-2016. Notwithstanding anything
contained anywhere in the RFP or the Agreement, non-compliance as per SOP norms will result in
termination of contract or imposition of appropriate liquidated damages for any penalties imposed
on / damages suffered by GIC Re, either pecuniary or otherwise. The said SOP can be downloaded
from the website of GIC Re.

CONFIDENTIALITY

“Confidential Information” will have the same definition as given in the Reciprocal Non-Disclosure
Agreement (NDA) entered into between GIC Re and the Audit Firm.

Either Party shall not use Confidential Information, the name or the logo of the other Party except
for the purposes of this Agreement; The Audit Firm shall sign the Reciprocal NDA as annexed to the
RFP as Annexure 4. The obligations of the Parties in this respect shall be as per the said NDA which
shall survive the termination or expiry of this Agreement.

INDEMNITY

The Audit Firm shall indemnify GIC Re and keep indemnified and hold harmless to the extent of
100% from and against -

a. for any loss or damage, cost or consequences that GIC Re may sustain, suffer or incur on
account of violation/ non-compliance of any statutory requirements in conducting Internal
audit of Investment and Other Non-Reinsurance Operations of GIC Re for FY 2022-23.

b. for any Losses suffered by GIC Re due to any negligence or wrongful act or omission or
willful misconduct by the Audit firm’s Team or any third party in connection with or incidental
to this Agreement.

c. for any acts, deeds or things done by their employees which is outside the scope of work or
authority vested or instructions issued by GIC Re.

d. Any breach of any terms of the Bid, RFP and this Agreement by the Audit Firm or its team
or any third party,

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e. Performance or non-performance under this agreement.

GIC Re reserves its right to cancel the Contract in the event of delay in the performance of
its obligations and may impose liquidated damages for the delay. Due to such delay, any
penalties imposed by any regulator or statutory body either pecuniary or otherwise on GIC
Re, would be borne by the Audit Firm in monetary terms. The indemnity shall be to the
extent of 100% in favor of GIC Re.

In addition to the above, the Audit Firm shall at all times indemnify and keep indemnified
the GIC Re against any and all claims by Employees, Workmen, Contractors, sub-
contractors, suppliers, agent(s), employed engaged or otherwise working for the Vendor, in
respect of wages, salaries, remuneration, compensation or the like.

All claims regarding indemnity shall survive the termination or expiry of this Agreement.

SCOPE OF WORK:

The Scope of Work of this Agreement has been defined in the RFP, the Corrigendum / Addendums/
Amendments issued with respect to such RFP, the Bids and this Agreement from time to time.

PRICE AND PAYMENT TERMS

• The Audit Fees shall be payable in four quarterly equal installments. Invoice for each
installment may be raised after satisfactory completion of assignment and submission of
audit report/s, executive summary/s and presentation/s to Audit Committee of
Board/Board.

• The Contract Price shall be equal to the amount specified in the Commercial Bid.

• All Payments shall be made in Indian Rupees only and will be subject to provisions of the
clause Indemnity clause or any other recoverable dues from Audit Firm to GIC Re.

• GIC Re shall be entitled to make recoveries from the Audit Firm’s bill/invoice, the
Performance Bank Guarantee or Performance Security Deposit, or from any other amount
due to the Audit Firm, of the equivalent value of any payment made to it due to inadvertence,
error, collusion, misconstruction, misstatement or mistake.

• Audit Firm shall be deemed to have considered all the costs required for successful
implementation of the Scope of Work as per RFP and this Agreement while submitting the
Commercial Bid. GIC Re will not be liable to pay any extra cost, charges or out of pocket
expenses.

• The Audit firm shall not in any case whatsoever link it’s billing to GIC Re's asset and/or
revenue base.

FORCE MAJEURE

Any failure or delay by selected Bidder or GIC Re in the performance of its obligations, to the extent
due to any failure or delay caused by fire, flood, earthquake or similar elements of nature, or acts
of God, war, terrorism, riots, civil disorders, rebellions or revolutions, acts of governmental
authorities or other events beyond the reasonable control of non-performing party, is not a default
or a ground for termination. The affected party shall notify the other party within reasonable time
period of the occurrence of a Force Majeure Event.

Force Majeure shall not include any events caused due to acts/omissions of any Party or result from
a breach/contravention of any of the terms of the RFP/ Bids, and this Agreement. It shall also not
include any default on the part of a Party due to its negligence or failure to implement the
stipulated/proposed precautions, as were required to be taken under this Agreement.

TERMINATION
GIC Re may, terminate this contract under the following circumstances:

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1. The Audit Firm commits a breach of any of the terms and conditions of the bid.

2. The Audit Firm goes into liquidation, voluntarily or otherwise.

3. An attachment is levied or continues to be levied for a period of seven days upon effects of
the bid.

4. If the Audit Firm fails to complete the assignment as per the time lines prescribed in the
Tender and the extension if any allowed, it will be a breach of contract. GIC Re reserves its
right to terminate the Agreement in the event of delay.

5. if the Audit Firm does not perform satisfactorily or delays execution of the contract, GIC Re
reserves the right to get the balance contract executed by another party of its choice by
giving one month's notice for the same. In this event, the Audit Firm is bound to make good
the additional expenditure, which GIC Re may have to incur in executing the balance
contract. This clause is applicable, in the event of termination as a result of events described
in sub clauses 1, 3, 4, 5, 6, 7, 8 and 9.

6. in case it is found at any stage that the audit firm does not comply with eligibility
requirements.

7. Where it comes to GIC Re’s attention that the Audit Firm (or any member of Audit Firm’s
Team) is in a position of actual conflict of interest with the interests of GIC Re in relation to
any of terms of the Audit Firm’s Bid, the RFP or this Agreement.

8. if the Audit Firm fails to comply with any decision reached consequent upon arbitration
proceedings pursuant to dispute resolution clause hereunder.

9. If at any point of time and for any period the Liquidated damages exceeds 100% of PBG or
Performance Security Deposit submitted by the Audit Firm.

10. If the aggregate of Liquidated Damages levied under the Liquidated Damages clause exceeds
the amount mentioned therein, GIC Re reserves the right to terminate this Agreement by
giving 15 days' notice and pursue other remedies available under this Agreement in addition
to setting off the Liquidated Damages or recovering the same from PBG or Performance
Security.

11. GIC Re reserves the right to recover any dues payable by the Audit Firm from any amount
outstanding to the credit of the Audit Firm, including but not restricted to, pending bills.

The Audit Firm may, subject to approval by GIC Re, terminate this Agreement before the expiry of
its term by giving GIC Re a prior and written notice at least 90 days in advance indicating its intention
to terminate the Agreement.

CONSEQUENCES OF TERMINATION/ EXPIRY

a) In the event of termination of the Contract due to any cause whatsoever, [whether
consequent to the stipulated term of the Contract or otherwise], GIC Re shall be entitled to
impose any such obligations and conditions and issue any clarifications as may be necessary
to ensure an efficient transition and effective business continuity of the Service(s) which the
Audit Firm shall be obliged to comply with and take all available steps to minimize loss
resulting from that termination, and further allow the next successor to take over the
obligations of the Audit Firm in relation to the execution/continue execution of the scope of
the Contract.

b) In the event that the termination of the Contract is due to the expiry of the term of the
Contract, a decision not to grant any (further) extension by GIC Re, the Audit Firm herein
shall be obliged to provide all such assistance to the next successor or any other person as
may be required and as GIC Re may specify, enable the successor to adequately provide the
Service(s) hereunder, even where such assistance is required to be rendered for a
reasonable period.

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c) The termination hereof shall not affect any accrued right or liability of either Party nor affect
the operation of the provisions of the Contract that are expressly or by implication intended
to come into or continue in force on or after such termination.

d) In the event of termination of this Agreement, GIC Re reserves its rights to call for new bids
or award the contract to the next best value bidder of the tendering process.

e) Nothing herein shall restrict the right of GIC Re to invoke the Performance Bank Guarantee
or Performance Security Deposit, and pursue such other rights and/or remedies that may be
available to GIC Re under this Agreement, equity or law.

DISPUTE RESOLUTION MECHANISM

ARBITRATION.

1. Where the Audit Firm is not a Public-Sector Undertaking of the Government of India.

i. In case of any dispute or difference arising out of or in connection with this Agreement,
including those relating to the existence, interpretation and application of the provisions
of this Agreement, the Parties shall first make efforts to settle the dispute or difference
amicably by mutual consultation.

ii. In case the dispute or difference cannot be resolved in the manner stated above, such
dispute or difference shall be referred to and resolved by arbitration. The arbitration
proceedings shall be conducted in accordance with the Arbitration and Conciliation Act,
1996 or any enactment, modification or re-enactment in force at the relevant time.

iii. The seat and venue of arbitration shall be Mumbai, India. The arbitration proceedings
shall be conducted in English language and the laws applicable to the arbitration shall
be the laws of India.

iv. The award of the arbitral tribunal shall be final and binding on the Parties.

2. It is a condition precedent to any right of action or suit upon this Agreement that an arbitral
award shall be first obtained.

3. In the event that these arbitration provisions shall be held to be invalid then all such disputes
or differences shall be referred to the exclusive jurisdiction of the courts at Mumbai.

4. Continuance of this Agreement: Notwithstanding the fact that settlement of dispute(s) (if any)
under arbitration may be pending, the Parties hereto shall continue to be governed by and
perform the work in accordance with the provisions of this Agreement to ensure continuity of
operations.

NO AGENCY

The relationship between the Parties shall be that of independent contractor and contractee. Neither
Party shall be deemed to be an agent of the other in connection with the exercise of any rights
hereunder, and neither shall have any right or authority either express or implied to assume or
create any obligation or responsibility on behalf of the other.

The Audit Firm shall comply with all laws, rules and regulations applicable to the services being
procured hereunder and all applicable laws, rules and regulations to which it may be subject from
time to time.

However, if due to any deeming fiction or if the law otherwise provides for a situation where GIC
Re may be held vicariously or otherwise liable for acts of Audit Firm, the Audit Firm shall protect,
indemnify and hold harmless GIC Re in respect of any losses, costs, damages whether direct or
indirect arising out of the failure, omission or non-observance of any laws, rules or regulations
which it was expected to comply with hereunder or any act of the Audit Firm which as a reasonable
person, it should not have committed.

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SUB- CONTRACTING:
The Audit Firm shall not subcontract to perform any of the work, service or other performance
required of the successful Bidder under the contract without the prior written consent of GIC Re.
The Audit Firm shall not permit anyone other than its personnel to perform any work/ service under
the contract. Further, formation of consortium or association of Firms/Companies and engaging sub
consultants is not allowed and such proposals will be disqualified at the evaluation stage itself.

JURISDICTION
Subject to the Dispute Resolution Clause, the Courts of India at Mumbai have exclusive jurisdiction
to determine any proceeding in relation to this Agreement.

ENTIRE AGREEMENT
The terms and conditions laid down in the RFP and the Bids of the Vendor shall be read in
consonance with and form an integral part of this Agreement and shall together constitute the
entire Agreement. This Agreement supersedes any prior contracts/ agreements, understanding or
representation of the Parties on the subject matter.

GOVERNING LAW
The validity, construction and performance of this Agreement shall be governed by and construed
in accordance with the laws of India.

COMPLIANCE WITH LAWS
The Audit Firm shall comply with the laws in force in India in the course of performing this
Agreement.

CONFLICT OF INTEREST
The Audit Firm shall disclose to GIC Re in writing, all actual and potential conflicts of interest that
exist, arise or may arise (either for the Audit Firm or the Audit Firm’s Team) in the course of
performing the Services as soon as practical after it becomes aware of that conflict.

SEVERANCE
In the event any provision of this Agreement is held to be invalid or unenforceable by a court of
competent jurisdiction, then the remaining provisions of this Agreement will nevertheless remain
in full force and effect. The Parties agree to negotiate in good faith a substitute, valid and
enforceable provision which most nearly effects the Parties' intent in entering into this Agreement.

GOVERNING LANGUAGE
The Agreement shall be written in English language. All correspondence and other documents
pertaining to this Agreement that are exchanged by the Parties shall be written in English language
only.

PUBLICITY
The Audit Firm agrees not to advertise, publish or disclose the existence or terms of this Agreement
or that it has contracted to furnish the Services described in this Agreement, without the prior
written consent of GIC Re. In particular, the Audit Firm shall not make or permit to be made a
public announcement or media release about any aspect of this Agreement including its existence,
unless GIC Re first gives the Audit Firm its written consent.

COMPLIANCE WITH INFORMATION SECURITY POLICY
The Audit Firm shall follow the Information Security Policy of GIC Re. In case the Audit Firm is found
to be in violation of the said policy, GIC Re reserves the right to terminate the contract in addition

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to any other remedies for breach, injunctive relief and indemnity as per the contract and the
applicable laws.

NO ASSIGNMENT
The Audit Firm shall not transfer any interest, right, benefit or obligation under this Agreement
without the prior written consent of GIC Re and any purported attempt to do so shall be deemed
void.

NOTICES
A “notice” means;

i. a notice; or
ii. other communication required to be in writing under this Agreement.
All notices, requests or consents, permissions, approvals or other communications provided for or
permitted to be given under this Agreement shall be in writing and shall be deemed effectively
given when personally delivered or mailed by pre-paid certified / registered mail, return receipt
requested, addressed as follows and shall be deemed received two days after mailing or on the
date of delivery if personally delivered to:

To GIC Re, at:
General Insurance Corporation of India,
Suraksha, 170, J Tata Road, Churchgate,
Mumbai – 400020.
Phone: 022-22867166

To Vendor at :
<Name:>
<Address:>
<Phone:>
<Email:>
Any Party may change the address to which notices are to be directed to it by notice to the other
party in the manner specified above. A notice served on a Representative as per clause “Agreement
Administration” is taken to be notice to that Representative’s Party

WAIVER
1. Any waiver of any provision of this Agreement is ineffective unless it is in writing and signed
by the Party waiving its rights.
2. A waiver by either Party in respect of a breach of a provision of this Agreement by the other
Party is not a waiver in respect of any other breach of that or any other provision.
3. The failure of either Party to enforce at any time any of the provisions of this Agreement
shall not be interpreted as a waiver of such provision.

MODIFICATION
Any modification of this Agreement shall be in writing and signed by an authorized representative
of each Party and annexed to the Agreement as addendum.

CO-OPERATION

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Each party to this Agreement agrees to execute and deliver all documents and to perform all further
acts and to make any and all further steps that may be reasonably necessary to carry out the
provisions of this Agreement and transactions contemplated thereby.

SURVIVAL
Notwithstanding any expiration or termination of this Agreement, the provisions of this Agreement
that are either by express language meant to survive or impliedly meant to survive termination,
shall survive such expiration or termination.

ANTI FRAUD AND CORRUPTION
It is the GIC Re’s policy that GIC Re as well as the Audit Firm observe the highest standard of ethics
and propriety during the procurement process, execution of the contract, the contract duration and
thereafter (hereinafter referred to as the ‘Contract Cycle’.).

DEFINITIONS:

In pursuance of this policy, GIC Re defines, for the purpose of this provision, the terms set forth
below as follows:

i. “Corrupt Practice” means the offering, promising, giving, receiving or soliciting, directly or
indirectly, anything of value, either tangible or intangible, which a person is not entitled to,
to influence or which has the potential to influence the action of an official during the
Contract Cycle;

ii. “Fraudulent Practice” means the following:
a) a misrepresentation or omission of facts or submission of fake or forged
documents in order to influence any component of the Contract Cycle;
b) an intentional act of commission or omission designed to deceive, resulting in
GIC Re suffering a loss and/or the perpetrator achieving a gain.

iii. “Collusive Practices” means a scheme or arrangement whether formal or informal, between
two or more bidders, with or without the knowledge of the GIC Re, designed to establish
prices at an artificial, noncompetitive levels or which affects submission or non-submission
of bids;

iv. “Coercive Practices” means harming or threatening to harm, directly or indirectly, persons
or their property to influence their participation in a procurement process, or affect the
contract cycle ;

Misdemeanor for this purpose shall include Corrupt, Fraudulent, Collusive and Coercive practices
which shall carry meanings as per the definitions above.

MEASURES TO BE TAKEN BY THE GIC RE:
a. GIC Re will be within its rights to terminate this Agreement with the Audit Firm for any
Misdemeanor during the Contract Cycle, ban/blacklist/debar the Audit Firm from this
and further procurements and the like.

b. GIC Re will be within its rights to take any other action against the Audit Firm deemed
appropriate as per the terms of the RFP and this Agreement as well as the law of the
land.

MEASURES TO BE TAKEN BY THE AUDIT FIRM:
a. The Audit Firm shall during the entire Contract cycle, comply with the provisions of the
Anti-Fraud Policy of GIC Re and not commit any Misdemeanor.

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b. The Audit Firm shall procure the compliance with the above obligations (as mentioned
in a.) from its associated persons, officers, employees, agents, subcontractors or
independent contractors as may be used for the fulfilment of its obligations under the
RFP and this Agreement during the entire Contract cycle.

c. If the Audit Firm gains knowledge of any conduct by any of its associated persons,
officers, employees, agents, subcontractors or independent contractors which
constitutes a Misdemeanor or non-compliance of the Anti-Fraud Policy, or if it has
reasonable suspicion of the existence of such conduct, it shall immediately inform GIC
Re of such knowledge and if requested by GIC Re, provide information it may reasonably
require regarding such conduct.

IN WITNESS WHEREOF the parties hereto have caused their respective common seals to be hereunto
affixed (or have hereunto set their respective hands and seals) the day and year first above written.

Binding Signature of Binding Signature of
General Insurance Corporation of India Audit Firm
Witness: Witness:

1. 1.

2. 2.

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ANNEXURE 4 – FORMAT OF RECIPROCAL NON-DISCLOSURE AGREEMENT

(To be executed on a non-judicial stamp paper of Rs.100/-)

This Reciprocal Non Disclosure Agreement (“NDA”) is entered into on this ___ day of ______ 2021,
by and between:
_________________________, a Company incorporated under the Companies Act, 1956 or
2013, having its registered office at ______________________________________, hereinafter
referred to as “the Audit Firm_______ ” which expression shall, unless it be repugnant to the
meaning and context thereof, include its successors, and permitted assigns of the one part;

and

General Insurance Corporation of India, a company duly incorporated and existing under the laws
of India, having its registered office at “Suraksha”, 170, J. Tata Road, Churchgate, Mumbai –
400020, India, hereinafter referred to as “GIC Re” which expression shall, unless it be repugnant to
the meaning and context thereof, include its successors, and permitted assigns of the other part.

Hereafter, referred to individually as a “Party” and collectively as the “Parties”. For purposes of
this NDA, the party receiving Confidential Information (as defined herein below), shall be referred
to as the “Receiving Party” and the party providing the Confidential Information shall be referred
to as the “Disclosing Party”.

WHEREAS, the Audit Firm is inter alia engaged in the business of _____________________

AND WHERAS, GIC Re is engaged in the business inter alia, of Reinsurance and Risk Management
related activities.

AND WHEREAS the Audit Firm and GIC Re are in the process of consultations and discussions for
exploring business opportunities as per the Scope of Work under GIC Re’s Request for Proposal
dated __________and to eventually enter into a detailed Agreement for the same. (“Purpose”)

AND WHEREAS to facilitate the ‘Purpose’, certain Confidential Information (as defined below) will be
required to be shared between the Parties.

AND WHEREAS, the Parties wish to protect the Confidential Information (as defined herein below)
from any unauthorized use or disclosure in accordance with the terms and conditions of this NDA.
NOW, THEREFORE, in consideration of the promises and covenants contained it is agreed as
follows:

A. Definition of “Confidential Information”

a) “Confidential Information” means any information disclosed to, received by, otherwise
accessed by or coming to the knowledge of the Receiving Party to this NDA, either orally or
in writing, whether disclosed directly or indirectly that:
i. is by its character or nature or by the circumstances in which it is
disclosed/received/ assessed and/or it came to knowledge, such that a reasonable
person under like circumstances would treat it as confidential; or
ii. Is designated by the disclosing party as confidential or identified in terms
connoting its confidentiality; or

Page 38 of 49
iii. Is proprietary to the Disclosing Party and not generally known to the public,
whether in tangible or intangible form, whenever or however disclosed; or

iv. The Disclosing Party considers confidential.

and includes but is not limited to, the following types of information and other information
of a similar nature (whether or not reduced to writing): discoveries; inventions; concepts;
software in various stages of development; designs; drawings; flowcharts; specifications;
techniques; models; data; database; source code; object code; documentation; methods;
processes; policies; procedures; information related to processes; technologies or theory;
know-how; marketing techniques and materials; marketing and development plans;
business plans; strategic plans; development tools; reports; business records; project
records; projections; performance results related to past, present or future business
activities of Disclosing Party, its affiliates, subsidiaries and affiliated companies; business
manuals; customer/vendor names and other information related to customers/vendors,
price lists, pricing policies; financial information; and any scientific or technical or
commercial information, information and trade secrets;

b) Confidential Information also includes information disclosed to the Receiving Party by third
parties on behalf of the Disclosing Party.

c) Confidential Information shall include any copy, abstract, extract, sample, note or module
of any Confidential Information and any part or any extract or summary or derivation
thereof;

B. Information not categorized as “Confidential Information”
The obligation imposed, under this NDA, on Receiving Party shall not apply to information which:
a) Receiving Party can demonstrate by prior existing records, was within Receiving Party's
legitimate possession prior to the time of disclosure;

b) was within the public domain/ public knowledge prior to disclosure, or comes into the public
domain/ public knowledge through no wrongful act, fault, negligence or breach of this NDA
on the part of the Receiving Party;

c) is independently developed by the Receiving Party without reference to or reliance upon
Confidential Information of the Disclosing Party;

d) Is or becomes lawfully available to Receiving Party on a non-confidential basis from an
independent third-party source (after diligent inquiry) who is free to divulge such
information.

Provided, the Receiving Party understands and agrees that:
i. Any information known only to a few people to whom it might be of commercial interest
and not generally known to the public is not public knowledge;

ii. A combination of two or more parts of the Confidential Information is not public
knowledge merely because each part is separately available to the public.

C. Restriction on Disclosure
Except as otherwise expressly permitted under this NDA, the Receiving party shall hold and keep
in strictest confidence any and all Confidential information and shall not directly or indirectly, in
any way:
a) disclose, reveal report, publish, duplicate, copy, transmit or otherwise use or disseminate in
any manner whatsoever any Confidential Information of the Disclosing Party;

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b) use the Confidential Information of the Disclosing Party (i) for Receiving Party’s own benefit
or that of any third party, (ii) to the Disclosing Party’s detriment, or (iii) for any purpose
other than for achieving the Purpose;

c) commercially exploit any Confidential Information of the Disclosing Party;

d) acquire any right in, or assert any lien against, the Confidential Information of the Disclosing
Party; or

e) Refuse for any reason to promptly return all Confidential Information of the Disclosing Party
if instructed to do so.

D. Permitted Disclosures

Receiving party is permitted to:

a) disclose relevant aspects of the Disclosing Party's Confidential Information to the Receiving
Party’s directors, officers, employees, consultants, attorneys and auditors solely to the
extent necessary for achieving the Purpose; provided, that

1. before disclosing any Confidential Information of the Disclosing Party, all persons or
entities receiving Confidential Information shall be bound by obligations of
confidentiality towards the Disclosing Party no less restrictive than those of this NDA.
Such persons shall be strictly prohibited from making any use, publishing or otherwise
disclosing to others, or permitting others to use for their benefit or to the detriment of
the Disclosing Party, any of the Confidential Information.

2. The Receiving Party shall use the same care to avoid disclosure or unauthorized use
of Confidential Information as it uses to protect its own confidential information, but
in no event less than reasonable care including but not limited to execution of a
confidentiality agreement with the persons or entities receiving Confidential
Information. Receiving Party shall establish and maintain reasonable security
measures to provide for the safe custody of the Information and to prevent
unauthorized access to the Confidential Information.

3. All such Confidential Information shall be labeled as confidential.

b) Disclose relevant aspects of the Disclosing Party's Confidential Information if legally
compelled or required to disclose any Confidential Information of the Disclosing Party in
connection with any legal or regulatory proceedings. In such case, the Receiving Party will
immediately notify the Disclosing Party so as to allow the Disclosing Party a reasonable
opportunity to seek appropriate protective measures or other remedies prior to disclosure
or waive compliance with the terms of this NDA. The Receiving Party shall cooperate with
any attempt by the Disclosing Party to seek judicial protection for such Confidential
Information

c) Disclose relevant aspects of the Disclosing Party's Confidential Information with the prior
written consent of the Disclosing Party.

E. Effects of Unauthorized Disclosure.

a) The Receiving Party will be liable for the acts and omissions of, and any loss, theft or
unauthorized/inadvertent disclosure or use of Confidential Information by, any person or
entity that received Confidential Information from or through the Receiving Party.

b) Receiving Party acknowledges and agrees that the misappropriation or misuse of Confidential
Information of the Disclosing Party will result in irreparable and continuing damage to the
Disclosing Party for which there may be no adequate remedy at law. In the event of such a
breach by the Receiving Party leads to Disclosing Party suffering or incurring losses,
damages, claims or expenses the Disclosing Party shall be entitled to legal as well as
equitable relief, as appropriate, including but not limited to an injunction, in addition to any
monetary relief in the form of indemnification.

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c) The Receiving Party will promptly report to the Disclosing Party any disclosures of
Confidential Information otherwise than as permitted by this NDA and any breaches in
security that may affect or has the potential to affect the Disclosing Party or its Confidential
Information of which it is aware and will specify the corrective action to be taken.

F. Return of documents

Upon written demand by the Disclosing Party, the Receiving Party shall promptly and in any
event within 14 days of receipt of such request, at its own cost:

a) procure the return or return to the Disclosing Party all Confidential Information supplied
which the Receiving Party has in his possession or under his control which includes but is
not limited to all tangible material embodying the Confidential Information provided, each
and every copy of Confidential Information and copies that have been converted to
computerized media in the form of image, data or word processing files wither manually or
by image capture or in any other form of storage

b) destroy or have destroyed all copies received or made of the Confidential Information; and

c) promptly thereafter provide a certificate signed by an officer of the Receiving Party certifying
compliance with the obligations point (a) and (b) above.

G. Title And Proprietary Rights

Notwithstanding the disclosure of any Confidential Information by the Disclosing Party to the
Receiving Party, the Disclosing Party shall retain exclusive title and all intellectual Property and
Proprietary rights in the Confidential Information. No license under any trademark, patent or
copyright or application for same which are now or thereafter may be obtained by Disclosing
Party is either granted or implied by the conveying of Confidential Information. The Receiving
Party shall not conceal, alter, reverse-engineer, decompile, disassemble, obliterate, mutilate,
deface or otherwise interfere with any software, trademark, trademark notice, copyright notice,
confidentiality notice or any notice of any other proprietary right of the Disclosing Party on any
copy of the Confidential Information, and shall reproduce any such mark or notice on all copies
of such Confidential Information. Likewise, the Receiving Party shall not add or emboss its own
or any other mark, symbol or logo etc. on such Confidential Information.

H. No Warranty

All Confidential Information is provided “as is”. In no event shall the Disclosing Party be liable
for the inaccuracy or incompleteness of the Confidential Information. None of the Confidential
Information disclosed constitutes any representation, warranty, assurance, guarantee or
inducement by Disclosing Party to the Receiving Party with respect to the fitness of such
Confidential Information for any particular purpose.

I. No Commitment

The disclosure of Confidential Information does not, and is not intended to represent a
commitment by the Disclosing Party to enter into any business relationship with the Receiving
Party or with any other entity. If the Parties desire to pursue business opportunities, they will
execute a separate written agreement to govern such business relationship.

J. Term

This NDA shall commence from the date set forth above and expire with the termination or
expiration of the Agreement for conducting Internal Audit of Investment and Other Non-
Reinsurance Operations of GIC Re for FY 2022-23, unless earlier terminated in writing by both
Parties.

The provisions of this NDA shall however apply to any Confidential Information which may have
been disclosed in connection with the discussions and negotiations regarding the Purpose, prior
to the date first mentioned above.

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Notwithstanding the foregoing, the Receiving Party’s duty to hold in confidence the Confidential
Information that was disclosed during the Term and the obligations under this NDA shall remain
in effect at all times and shall survive any termination/expiry of this NDA or the Agreement.

K. Arbitration

The Arbitration proceeding shall be as per the procedure laid down in the Agreement (Annexure-
3).

L. Governing Law and Jurisdiction

a) The validity, construction and performance of this NDA shall be governed by and construed
in accordance with the laws of India.

b) Subject to the provisions of Arbitration clause, the Parties agree to submit to the jurisdiction
of a court of competent jurisdiction at Mumbai, India and to comply with all requirements
necessary to give such court the jurisdiction.

M. Miscellaneous

a) No failure or delay by the Disclosing Party in exercising or enforcing any right, remedy or
power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
or enforcement of any right, remedy or power preclude any further exercise or enforcement
thereof or the exercise or enforcement of any other right, remedy or power.

b) This NDA shall not be assignable or transferable by either Party without the written consent
of the other Party.

c) This NDA supersedes all prior discussions and writings with respect to the subject matter
hereof, and constitutes the entire agreement between the Parties with respect to the subject
hereof. No waiver or modification of this NDA will be binding upon either Party unless made
in writing and signed by a duly authorized representative of each Party and no failure or
delay in enforcing any right will be deemed a waiver.

d) In the event that any of the provisions of this NDA shall be held by a Court or other tribunal
of competent jurisdiction to be unenforceable, the remaining portions hereof shall remain in
full force and effect.

e) Upon 45 days written notice, the Disclosing Party may audit the use of the disclosed
resources. The Receiving Party agrees to co-operate with the Disclosing Party’s audit and to
provide reasonable assistance and access to information.

f) The Receiving Party shall not export, directly or indirectly, any technical data acquired from
the Disclosing Party pursuant to this NDA or any product utilizing any such data to any
country for which the Indian government or any agency thereof at the time of export requires
an export license or other government approval without first obtaining such license or
approval.

g) Any notices or communications required or permitted to be given hereunder may be
delivered by hand, deposited with a nationally recognized overnight carrier, electronic mail,
or mailed by certified mail, return receipt requested, postage prepaid, in each case to the
address of the other party indicated below. All such communications and notices shall be
deemed to have been given and received (i) in the case of personal delivery or electronic
mail, on the date of such delivery, (ii) in case of delivery by a nationally recognized overnight
carrier and in mailing, within a reasonable period of such mailing.

IN WITNESS WHEREOF this NDA has been executed by the duly authorized representative of each
Party on the day and year first above written.

_____________________________________________________________________

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By: ________________________
Name: _____________________
Title: ______________________
GENERAL INSURANCE CORPORATION OF INDIA
By: ________________________
Title: _______________________
Date: ______________________

Page 43 of 49
(On letter head of Bidder)

ANNEXURE 5 – DECLARATION FORMAT

DECLARATION

I_______________________ Son of Shri ________________________ working as__________________ in
__________________ (name of the firm and firm address in full be mentioned), hereby solemnly affirm and
declare that I have been authorized by the firm to sign the tender. I, hereby declare and certify, on behalf of the
firm, that my firm/company is eligible to apply for this tender and we have accepted all the terms & conditions
mentioned in the RFP dated _______ and we shall abide by all the terms & conditions of appointment
letter/Agreement/RFP in the event of acceptance of my/our Bid.

I further declare that M/s. __________________ (Name of the Firm)/any of its
partners/relatives/employees/representatives/agents shall not, under any circumstances, be deemed to have
any employer-employee relationship with GIC Re Officials. I also declare that I/We do not possess any place of
profit in GIC Re. I declare that our firm is/was not prohibited/debarred/blacklisted by any Government
Department/ CPSU/ SPSU/ Banks/ Autonomous Bodies/ Statutory Bodies including but not limited to IRDA, MCA,
RBI, SEBI, ICAI, ICSI, C&AG etc.

I also declare that none of the GIC Re officials have any vested interest in the applicant audit firm. I undertake
to sign contract with GIC Re on behalf of our Firm as per Draft Agreement (Annexure – 3) and Non-Disclosure
Agreement (Annexure – 4) attached in the RFP.

I declare that all information submitted by me is true and correct to the best of my knowledge. I/We have no
objection if enquiries are made about my work/clients listed by me/us.

Place: ____________ Signature of Authorized Signatory of the firm/
Dated: _________________ Proprietor etc. with Seal & Stamp.

Name: __________________________
Designation: _____________________
Membership No.: __________________

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ANNEXURE 6 – E-TENDER PROCESS

1. Vendor Registration:
a. Bidders are required to enroll on GIC e-Procurement portal by https://gicre.eproc.in Enrolment
on the GIC e-Procurement portal is free of charge.

b. During enrolment / registration, the bidders should provide the correct/true information
including valid email-id & mobile no. All the correspondence shall be made directly with the
contractors/bidders through email-id provided.

c. As part of the enrolment process, the bidders will be required to choose a unique username
and assign a password for their accounts.

d. For e-tendering process, bidder should possess valid Digital Signature Certificate (Class 3B
Certificates with signing & encryption copy) which can be obtained from SIFY/ TCS/ nCode/
eMudra or any Certifying Authority recognized by CCA India on eToken Smart Card.

e. Upon enrolment on GIC e-Procurement portal for e-tendering, the bidders shall register their
valid Digital Signature Certificate (DSC) with their profile.

f. Only one valid DSC should be registered by a bidder. Bidders are responsible to ensure that
they do not lend their DSCs to others which may lead to misuse and should ensure safety of
the same.

g. Bidders can then log into the site through the secured login by entering their user ID password
and the password of the DSC / eToken.

Note: Those bidders who have already enrolled in the e-Procurement portal are not required
to follow step 1.

2. Preparation of Bids by Registered Vendor:
a. For preparation of bid, Bidders shall search the tender from published tender list available on
site and down load the complete tender document and should take into account corrigendum
if any published before submitting their bids. In case, clarifications are required, eTender
Helpdesk may be contacted. Contact details are specified in eTender Document.

b. Bidders should keep the bid documents ready in advance that are needed to be submitted as
indicated in the tender document in PDF format only.

c. Bidder shall go through the tender carefully to understand the documents required to be
submitted as part of the bid. Any deviation from the terms and conditions of the tender may
lead to rejection of the bid.

d. Bidders shall submit their bids through online e-tendering system to the Competent Authority
well before the bid submission end date and time (as per Server System Clock). The Competent
Authority will not be held responsible for any sort of delay or the difficulties faced during the
submission of bids online by the bidders.

e. Bidder should follow the server time being displayed on bidder’s dashboard at the top of the
tender site, which shall be considered valid for all actions of requesting, bid submission, bid
opening, etc. in the e-tender system.

3. Submission of Bids by Registered Vendor:
a. Bidder should log into the site well in advance for bid submission so that he / she uploads the
bid in time i.e. on or before the bid submission time.

b. While submitting the bids online, the bidder shall read the terms & conditions of e-Tender
Notice / tender document and accept the same in order to proceed further to submit his/her
bid.

c. Bidder should deposit the EMD as per the instructions specified in the E-tender Notice / e-
tender document on or before the last date & time mentioned in the E-tender Notice / e-tender
document, otherwise the uploaded bid will be rejected. The bidders claiming exemption as a
MSME/NSIC/ Make in India/ Start-ups registered unit shall upload the scanned copy of valid
MSME/NSIC/Make in India/ Start-ups registration confirming as manufacturer of e-tendered
item.

d. Bidder shall digitally sign and upload the required bid documents one by one as indicated in
the e-Tender Notice / tender document according to specified cover.

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e. Bidders shall note that the very act of using DSC for downloading the e-Tender Notice / tender
document and uploading their offers is deemed to be a confirmation that they have read all
sections and pages of the e-Tender Notice / tender document without any exception and have
understood the complete e-Tender Notice / tender document and are clear about the
requirements of the e-Tender Notice / tender document.

f. Bidders shall submit their bids through online e-tendering system to the Competent Authority
well before the bid submission end date and time (as per Server System Clock). The Competent
Authority will not be held responsible for any sort of delay or the difficulties faced during the
submission of bids online by the bidders.

g. Bidder should follow the server time being displayed on bidder’s dashboard at the top of the
tender site, which shall be considered valid for all actions of requesting, bid submission, bid
opening, etc. in the e-tender system.

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ANNEXURE 7 – FORMAT OF PERFORMANCE BANK GUARANTEE

DRAFT PERFORMANCE BANK GUARANTEE (PBG)

TO BE EXECUTED BY THE Successful Bidder

(To be executed on a non-judicial stamp paper of Rs.100/-)

To,
General Insurance Corporation of India,
170, "Suraksha",
J. Tata Road,
Churchgate,
Mumbai - 400 020.

In consideration of the General Insurance Corporation of India, a Company registered under the
Companies Act 1956, and having its Registered Office at “Suraksha”, 170, J. Tata Road, Churchgate,
Mumbai- 400 020, (hereinafter referred to as ‘GIC Re’), having entered into an Agreement dated
……….……. for Appointment of Firm for conducting Internal Audit of Investment and Other Non-
Reinsurance Operations of GIC Re for Financial Year 2022-23 (hereinafter referred to as “the
Agreement” ) with………… (the selected Bidder’s name and address) (hereinafter referred to as "the
Audit Firm”),and the Audit Firm, having agreed to provide a guarantee for its performance in the
form of an unconditional, irrevocable and continuing Performance Bank Guarantee as per the terms
and conditions of the Request for Proposal dated …….. (hereinafter referred to as “the RFP”) and the
Agreement, for the due fulfillment by the Audit Firm of the terms and conditions contained in the
RFP and the Agreement,

1. We, __________________________________ (Name of the bank and full address)
(hereinafter referred to as "the Bank") at the request of the Audit Firm do hereby undertake
to pay to GIC Re an amount not exceeding Rs.______- (Rupees
_______________________________only) caused to or suffered by GIC Re by reason of
any breach committed by the Audit Firm of any of the terms and conditions contained in the
Agreement.

2. We, __________________________________ (Name of the bank and full address) do
hereby undertake to pay the amounts due and payable under this guarantee without any
demur, merely on a demand from GIC Re stating that the amounts claimed is due by way
of loss or damage caused to or would be caused to or suffered by GIC Re by reason of breach
by the Audit Firm of any of the terms and conditions contained in the Agreement or by
reason of the Audit Firm’s failure to perform the Agreement. Any such demand made on the
Bank shall be conclusive as regards the amount due and payable by the Bank under this
guarantee. However, our liability under this guarantee shall be restricted to an amount not
exceeding Rs.___________/- (Rupees ________________only).

3. We ____________________________ (Name of the bank and full address) undertake to
pay to GIC Re any money so demanded notwithstanding any dispute or dispute raised by
the Audit Firm in any suit or proceeding pending before any Court or Tribunal relating hereto
our liability under this guarantee being absolute and unequivocal. The Payment so made by
us under this guarantee shall be a valid discharge of our liability for payment thereunder
and the Audit Firm shall have no claim against us for making such payment.

4. We, ____________________________ (Name of the bank and full address) further agree
that this guarantee shall remain in full force and effect during the entire tenure of the said
Agreement till 60 days after all the contractual obligations of the Audit Firm are completed
and till all the dues of GIC Re under or by virtue of the Agreement have been fully paid and
its claim authorities satisfied or discharged by the Audit Firm.

Page 47 of 49
Unless a claim or demand under this performance bank guarantee is made or presented to
the Bank within six months from the expiry of this Bank Guarantee, all the rights of GIC Re
under this guarantee shall cease and the Bank shall be released and discharged from all
liability hereunder.

5. We, ___________________ (Name of the bank and full address) further agree with GIC Re
that GIC Re shall have the fullest liberty without our consent and without affecting in any
manner our obligations hereunder to vary any of the terms and conditions of the Agreement
or to extend time of performance of the Audit Firm under the Agreement or from time to
time to postpone for any time the powers exercised by GIC Re against the Audit Firm and to
forbear or enforce any of the terms and conditions relating to the Agreement and we shall
not be relieved from our liability by reason of any variation, or extension being granted by
the GIC Re to the Audit Firm or by any such matter or thing whatsoever which under the
law relating to sureties would but for this provision, have effect of so relieving us. We further
agree to waive notice of any such change, addition or modification.

6. Any claim which we, _____________________________________________ (Name of the
bank and full address) may have against the Audit Firm shall be subject and subordinate to
the prior payment and performance in full of all obligations of it hereunder. The Bank will
not, without prior written consent of GIC Re, exercise any legal right or remedy of any kind
in respect of any such payment or performance so long as the obligations of it hereunder
remain owing and outstanding, regardless of the insolvency, liquidation or bankruptcy of the
Audit Firm or otherwise howsoever. We, the Bank, will not counter claim or set off against
its liabilities to GIC Re hereunder any sum outstanding to the credit of GIC Re with it.

7. This guarantee will not be discharged due to the change in the continuation of the Bank or
the Audit Firm.

8. We, _________________________ (Name of the bank and full address) undertake not to
revoke this guarantee during its currency except with the prior consent of GIC Re in writing.

9. Notwithstanding anything contained herein:-

a. Our liability under this Bank Guarantee shall not exceed Rs.________/- (Rupees
____________________only).

b. This Bank Guarantee shall be valid upto _______(date) and
c. We are liable to pay the guaranteed amount or any part thereof under this Bank

Guarantee only and only if GIC Re serves upon us a written claim or demand within
six months from the expiry date of this Bank Guarantee.
10. Our obligation to pay hereunder is as principal debtor and not as surety and it shall not be
necessary for GIC Re “to proceed against” the Audit Firm “before proceeding against” the
Bank and the Guarantee herein contained shall be enforceable against the Bank
notwithstanding any other security which GIC Re may have obtained or may obtain from the
Audit Firm at the time when proceedings are taken against the said Bank in any manner
whatsoever.

11. This Performance Bank Guarantee shall come into force immediately and shall be valid up
to 60 days after all contractual obligations of the Audit Firm including warranty obligations
are completed.

12. We have the power to issue this Guarantee in your favor and the undersigned who are
executing this Guarantee have the necessary power to do so on behalf of the Bank.

Page 48 of 49
Dated this ………day of …... 2021 for ___________________________ (Name of the bank)
(Signature of the authorized officer of the Bank)
Name and designation of the officer
Seal, name & address of the Bank
Witnesses:
1………………………………………………………
2………………………………………………………

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