Corrupt and Fraudulent Practices. As per Central Vigilance Commi ssion (CVC) directives, it is required that selected Respondents/ Suppliers/ Contractors observe the highest standard of ethics during the procurement and execution of such contracts in pursuance of this policy: • “ Corrupt Practice” means the offering, giving, receiving or soliciting of anything of values to influence the action of an official in the procurement process or in contract execution AND • “ Fraudulent Practice” means a misrepresentation of facts in order to influence a procurement proc ess or the execution of contract to the detriment of the Bank and includes collusive practice among Advisory Firms (prior to or after bid submission) designed to establish bid prices at artificial non -competitive levels and to deprive the Bank of the benef its of free and open competition. The Bank reserves the right to reject a proposal for award if it determines that the selected Respondent recommended for award has engaged in corrupt or fraudulent practices in competing for the contract in question. The Bank reserves the right to declare a firm ineligible, either indefinitely or for a stated period of time as per the Bank’s discretion, to be awarded a contract if at any time it determines that the firm has engaged in corrupt or fraudulent practices in com peting for or in executing the contract. 3.18.
