Amendment status not verified — confirm the current text below against the official source.
(1) Every contract entered into by the Execution, Commissioner on behalf of the Corporation shall be entered into in such manner and form as prescribed in this behalf: Provided that (a) the common seal oi the Cor poration shall be affixed to every contract which, if made between private persons should require to be sealed and (b) every contract for execution of any work or the supply of the materials or goods shall be in writing, shall specify— (i). the work to be done or the materials or goods to be supplied $ as the case may be, (ii) the amount to be paid for such work, materials or goods, and (iii) the time within which the contract or speci fied portion thereof shall be carried out, (2) The common seal of the Corporation shall remain in the custody of the Commissioner. (3) No contract executed otherwise than as provided in this section shall be binding on the Corporation. lender