58. Any contract for the execution or performance of any work or service or for the supply of any articles or materials for a Development Council which involves an estimated expenditure of more than five thousand rupees, or which will or is expected to endure for more than one year, shall, if entered into in Sri Lanka, be reduced to writing, and signed by the Chairman and the District Secretary on behalf of the Council, and sealed with the common seal of the Council, and, in addition to such other matters as may be deemed necessary for inclusion in. any such contract, shall specify -
| (a) the work or services to be executed or performed or the articles or materials to be supplied; |
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| (b) the price or rate to be paid for the work, service, articles or materials ; |
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| (c) the time or times within which the work or service is to be completed, or the articles or materials are to be supplied ; and |
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| (d) any penalty or penalties to be imposed in case of breach. |
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Sri Lanka Consolidated Acts