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What is the Risk & Expense Purchase?

April 26, 2017expense purchase risk

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What is the Risk & Expense Purchase?

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The Risk & Expense Purchase is undertaken by the purchaser in the event of the supplier failing to honour the contracted obligations within the stipulated period & where extension of delivery period is not approved. Whenever risk purchase is resorted to, the supplier is liable to pay the additional amount spent by the Govt., if any as compared to the contracted amount.