s.49Purchase agreements
49
Section 49Part 5 — Statutory Authorities and Government Companies

Purchase agreements

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Each statutory authority or government company that is delivering outputs that are being purchased by the Cabinet shall prepare and execute two-yearly purchase agreements with the Cabinet for successive periods of two financial years.
Each purchase agreement shall specify all the outputs the Cabinet is to purchase from the authority or government company, including for each output —
a description of the output to be purchased;
the quantity of the output to be purchased;
the quality of the output to be purchased;
the delivery dates for the output to be purchased;
the place of delivery of the output to be purchased;
the price to be paid for the output to be purchased;
the evidence of delivery to be provided for the output to be purchased; and
the payment schedule.
A draft of each proposed purchase agreement shall be —
prepared in accordance with the timetable established by the Cabinet in accordance with section 16;
available for review by the Cabinet as part of the Cabinet collective review phase of the budget process in accordance with section 20; and
presented to the Cayman Islands Parliament by the relevant Minister or official member at the same time as the plan and estimates for that financial year are presented in accordance with section 24(1).
A finalised purchase agreement shall be —
prepared immediately after completion of the legislative review phase of the relevant budget period;
signed by a member of the Cabinet on behalf of the Cabinet and by the chairperson on behalf of the board, no later than the beginning of the financial year; and
presented to the Cayman Islands Parliament by the relevant Minister or official member on the next sitting day after it has been signed.
Repealed by section 18(f) of the Public Management and Finance (Amendment) (No.2) Law, 2017[Law 28 of 2017].
A purchase agreement for an authority or company may be modified at any time by agreement between the authority or company and the Cabinet.
All modifications under subsection (6) shall be written and presented to the Cayman Islands Parliament.

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