Legal consequences of not signing for performing bidding contract

According to information from the press recently, 24 out of 28 successful bidder companies selling rice to the General Department of State Reserves (GDSR) refused to not sign the contract to implement the bidding package (“Contract”). This amendment is because compares to the day of tender opening (12/03/2020), the rice price has increased from 1.200 to 2000 VND per kilo, which arises from the demand in the domestic market and the volume of rice increased rapidly and unexpectedly. The shortage of rice due to the refusal of signing this contract was up to 170.000 tons. From the refusal of the contract, GDSR must hold the tender again to offset the shortage of rice and ensure the target for the national rice reserve. On the side of the business, if multiplying the increased price above with 170.000 tons, we will have 204-340 billion VND. This is the amount that these 24 companies have earned before tax for refusing to sell rice to GDSR.

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