Vietnam: 03 general principles of procurement contracts under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership

Vietnam: 03 general principles of procurement contracts under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership​ (Illustrative Image)

Decree 95/2020/ND-CP stipulates 03 general principles of procurement contracts under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership in Vietnam as follows

1. The contract signed between the parties is a civil contract; agreed upon in writing to establish the responsibilities of the parties in performing the entire scope of work under the contract. The contract becomes effective and complies with the laws of Vietnam, and serves as a legislative document binding the responsibilities of the parties during the contract's performance once signed by the parties.
2. The content of the contract must be made in the forms specified in the bidding documents and the request for proposals and must be in line with the contract negotiation results, and the results of selecting contractors based on the requirements of the procurement package and the guidance of the specialized state management agency.
3. Before signing the contract, the parties may agree to use arbitration to resolve any disputes arising during the contract's performance. The arbitration-related content must be specifically stipulated in the contract.

Additionally, this Decree specifies that the contract price must be clearly specified in the contract along with the principles of managing changes and adjustments (if any). The contract price must be detailed to an appropriate level in the contract price schedule, as specified in the bidding documents and request for proposals, and must be negotiated and finalized before signing the contract.

Details are available in Decree 95/2020/ND-CP effective August 24, 2020.

Ty Na

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