An Analytical Study On Government Contracts With Reference To India

Swagata Ghosh, B.A. LL.B. (Hons.), Avanish Gupta & Nigamananda Sahoo, B.B.A. LL.B. (Hons.), KIIT School of Law, KIIT Deemed To Be University

ABSTRACT

The subject of government contracts has become increasingly relevant in recent years. The nation has become the road to wealth. In the current stage of the welfare state, the state's financial management is expanding and the state is increasingly taking on a profit-sharing role. Today, a significant number of individuals and businesses benefit from government contracts, quotas, licenses, employment, mining rights, and more. Government contracts can offer attractive economic opportunities, but they also pose certain risks and challenges. To comply with contracts, contractors must manage complex regulations, adhere to strict reporting policies, and meet high standards. In addition, unexpected contract adjustments or cancellations may result from changes in governmental objectives or financial constraints. This makes it more likely that the government will use its power to be haphazardly generous. Not to mention the government and everyone wants them. As a result, certain standards need to be developed to manage and defend individual interests in such wealth and to organize and discipline the governmental discretion to grant such interests. Contracts have become an essential aspect of conducting a wide variety of commercial transactions, as they establish the rights and obligations of all parties involved in the transaction and can seek remedies from the courts in the event of a breach of contract. Public procurement is governed by regulations and laws designed to promote accountability, openness, and fairness in the general procurement process. Therefore, government contracts require careful drafting, negotiation, and dispute resolution to ensure a successful outcome for both parties. Government contracts generally contribute significantly to the economy and are an important source of income for many businesses. However, with the strict rules and controls that come with dealing with governments, contractors must be prepared to handle the unique challenges of this market.