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| Integrity Pact |
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Integrity Pact is a tool developed by Transparency International which ensures that all activities and transactions between a Company or Government Departments and their suppliers / contractors are handled in a fair, transparent and corruption free manner. It is observed that large scale corruption occurs particularly in Government and Public Sector Undertaking's procurement programs and works contracts. Large scale corruption results in major drain of valuable resources which impedes development process and corrodes morale fiber of the Society. Integrity Pact programme has been launched by Transparency International through a voluntary contract between Buyer and the Seller to eliminate the corrupt practices. Integrity Pact programme has been implemented in many countries and it has been successful in reduction of corruption significantly.
- Improvement in ethics between Buyer and the Bidders.
- Greater transparency in the procurement process and thereby enhancing public trust in procurement process.
- Improvement in credibility of the organization in regard to procurement process.
- Reduction in external interference in matters of tenders for procurement of goods / works / services.
- Reduction in number of representation / complaints.
- Reduction in number of arbitration / legal cases in regard to procurement.
For implementation of Integrity Pact between OIL and bidders, Oil India Limited signed a Memorandum of Understanding with Transparency International India on 29 th November, 2007.
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