Kathmandu: The construction companies responsible for building a parapet and installing floodlights at the Tribhuvan University (TU) Cricket Stadium in Kirtipur are facing penalties for not meeting their project deadlines. These companies are required to pay a daily fine of Rs 200,000 as stipulated in their contract agreements, which impose a penalty of 0.05 percent of the total project budget per day of delay.
According to National News Agency Nepal, Narayan Prasad Mainali, the spokesperson at the Ministry of Urban Development, stated that BKOI-KCDC-BG JV is tasked with constructing the parapet, while Vishan Ishwori Joint Venture is handling the floodlight installations. The projects were initially budgeted at Rs 492.5 million for the parapet and Rs 473.7 million for the floodlights, with a completion deadline of July 14.
The construction firms were notified of the penalties starting from July 15, and these will continue until the completion of the projects, as confirmed by Chakravarti Kantha, Chief of the Federal Secretariat Construction and Management Office. The terms of the contract allow for an extension of up to 200 days, with a potential fine of 10 percent of the total project cost if the new deadline is also missed. Failure to meet this extended deadline will result in the companies being blacklisted.
Kantha mentioned that the companies have committed to finishing the projects within a month. Currently, the parapet project has achieved 63 percent fiscal progress and 77 percent physical progress, with 4,000 chairs already installed. The floodlight installation has reached 29 percent fiscal progress and 45 percent physical progress.