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Welcome, Monday, Jun 17, 2024

Integrity Pact

The Integrity Pact is a tool designed and launched by Transparency International, a non - profit organization, aimed at reducing corrupt practices during procurement through an agreement between the buying agency and prospective vendors/bidders for specific procurements. The agreement seeks commitment from the persons / officials of both the parties, not to exercise any corrupt influence on any aspect of the procurement. Only those vendors / bidders who enter into such an integrity pact with the buyer qualify to participate in the bidding process. Integrity pact, in respect of a particular procurement, covers all the stages of the transaction from invitation of bids till the final execution.

Integrity Pact is implemented through a panel of Independent External Monitors (IEMs), who ensure that the concerned parties comply with their respective obligations under the Integrity Pact. Any complaint relating to any aspect of the procurement can be made with IEMs.

The Board of Directors of STC has already approved implementation of Integrity Pact in respect of all major procurements made through the tender process above a threshold value of Rs. 5 crore. The Integrity Pact will however not apply to back-to-back transactions made on behalf of the Associates.