Amendment status not verified — confirm the current text below against the official source.
Power of the corporation to enter into contracts.-(1)The corporation may enter into any contract and perform any obligation specified under the contract for the purposes of carrying out into effect provisions of this Act. (2) Subject to the rules made in this behalf, the following provisions shall apply with respect to the making of contract for any of the purposes of this Act, namely:- (a) Every contract concerning the affairs of a particular zone shall be made on behalf of the corporation by the Zonal Commissioners for amounts not exceeding five crores; (b) Every contract concerning the affairs of the entire corporation, pertaining to the affairs of a particular zone exceeding the amount five crores and pertaining to such affairs, which overlaps two or more zones, shall be made on behalf of the corporation by the Chief Commissioner; (c) Subject to delegation of power no contract shall be entered into by the Zonal Commissioner without the prior approval of the zonal committee; (d) Subject to delegation of power no contract shall be entered into by the Chief Commissioner without the prior approval of the Mayor; and (e) No contract shall be entered by the corporation without following such procedure as may be prescribed and the provisions of the Karnataka Transparency in Public Procurements Act, 1999 (Karnataka Act 29 of 2000). (3) The procedure prescribed under this section shall apply if the corporation chooses to amend the terms of the contract or vary the price of such contract. (4) The corporation shall make available a common seal, which shall be affixed on every contract entered into by the Chief Commissioner or the Zonal Commissioner on behalf of the corporation. (5) No contract executed otherwise than as provided under this section shall be binding on the corporation. 65