Amendment status not verified — confirm the current text below against the official source.
Contracts by Board - With respect to the making of contracts by the Board for the purposes of this Act, the following provisions shall have effect, namely:- (a) Every contract shall be made on behalf of the Board by the Chief Executive Officer or an Officer authorised by the Board; (b) No contract for leasing waterfront, waterway and jetty and corresponding infrastructural facilities thereof for a term exceeding five years shall be made without prior approval of the Government on such terms and conditions as it may think fit; (c) No contract for the acquisition or sale of immovable property or for the lease of any such property for a term exceeding thirty years, shall be made unless it is previously approved by the State Government, on such terms and conditions as it any thinks fit; (d) Every concession or lease or licence agreement or such other commercial arrangement with any developers and/or operators for development, construction, finance, operation and maintenance of port and/or port terminals and /or related infrastructure and / or industrial infrastructure in port areas shall be in accordance with the provisions contained in the Andhra Pradesh Infrastructure Development Enabling Act, 2001 wherein the Board shall be the deemed Infrastructure Authority under section 3 of the said Act: Provided that a developer or as the case may be a bidding consortium so selected shall have proportionate net worth of not less than equity component of the estimated cost of the project as certified by a reputed financial institution as may be prescribed; (e) The form and manner of executing contracts on behalf of the Board shall be such as may be prescribed by rules; (f) Any contract made in contravention of the provisions of this Act and the rules made hereunder shall not be binding on the Government. CHAPTER – V WORKS AND SERVICES TO BE PROVIDED AT NON-MAJOR PORTS BY THE BOARD