{"id":82986,"date":"2024-02-01T00:00:00","date_gmt":"2024-02-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/proposed-rule-change-aims-to-make-it-easier-for-govt-agencies-to-tender-procure\/"},"modified":"2024-02-01T00:00:00","modified_gmt":"2024-02-01T00:00:00","slug":"proposed-rule-change-aims-to-make-it-easier-for-govt-agencies-to-tender-procure","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/proposed-rule-change-aims-to-make-it-easier-for-govt-agencies-to-tender-procure\/","title":{"rendered":"Proposed rule change aims to make it easier for gov\u2019t agencies to tender, procure"},"content":{"rendered":"

The Finance Ministry could introduce amendments to the executive bylaws of its <\/strong>government tenders and procurement law in a bid make it easier for government agencies to implement projects abroad and to close public construction works, a document on the proposed changes (pdf)<\/a> shows. <\/p>\n

F<\/strong>resh rules: <\/strong>Government entities will, if the changes go through, have the freedom to waive requirements that bidders provide preliminary or final financial guarantees \u201cdepending on what [the agency] sees as of best interest.\u201d The changes would also give it flexibility on final guarantees and deadlines provided it makes clear the requirements in its initial tender documents. <\/p>\n

Changes to advance payments:<\/strong> Governmental bodies would be allowed to disburse an advance payment of no more than 30% of the total contract for projects and purchases abroad, the amendments showed. An option to disburse an advance payment of no more than 10% of the total contract for projects and purchases in the Kingdom was left unchanged. Deposits are only made when contractors provide guarantees for the deposits; agencies cannot make deposits on extensions or additional works. <\/p>\n

And arbitration:<\/strong> The rules would remove a requirement that theFinance Minister approve clauses on arbitration for overseas contracts on contracts worth less than SAR 10 mn. Both parties can agree on arbitration clauses regardless of the contract\u2019s value. <\/p>\n

The gov\u2019t wants to know what the public thinks:<\/strong> The Finance Ministry has put its proposed rules up for public consultation on the public consultation platform Istitlaa<\/a>. Stakeholders have until 12 February to submit comments.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Finance Ministry has put its proposed rules up for public consultation<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2554],"tags":[10,2661,2553,593],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82986","post","type-post","status-publish","format-standard","hentry","category-regulation","tag-enterpriseam-ksa","tag-procurement","tag-regulation","tag-tenders","wpautop","entry"],"acf":{"mongo_id":"f8110781-ac56-47c3-a66d-14464e4861f1","is_powered_by":false,"story_type":"1","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"With proposed rule change, the Finance Ministry is aiming make it easier for Saudi gov\u2019t agencies to tender, procure","related_issue":[82977],"teaser":"The Finance Ministry has put its proposed rules up for public consultation","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.f7368382-a9c4-448d-b592-46f559ca491c.mp3"},"yoast_head":"\nProposed rule change aims to make it easier for gov\u2019t agencies to tender, procure - 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