An contract is betwwen Buyer and Seller Throgh Contract agreement or Purchase Order. The MSME ACT 2006 though it is introduced in good faith to support the SSI units in getting the payments due with interest.,. In Government purchase orders it is highly not possible to settle the payment within 45 days as stipulated in the act due to various constrains. Some ssi units after receiving full payments, though belatedly,claiming interest which crosses double time the principle amount.. and in the law no time frame is fixed for claiming interest. That means a supplier can claimi nterest even after 10 years of closing the contract agreement. Also the act almost says the contract agreement terms will not come in to force while applying the act. May i know who is having powers to amend certain conditions of the act?
