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International Contracts be Transparent & Well Conceived - Dr. Khalid Ranjha

Islamabad June 30, 2002  The Federal Minister for Law & Justice, Dr. Khalid Ranjha, has said that International Contracts should be transparent and the drafting tasks and the entire preparation of documents be entrusted to those having contractual, technical and procurement expertise. 

            He was speaking at a seminar on Scope, Interpretation and Implication of FIDIC’s Conditions of Contract and Arbitration process in International Arbitration Organized by International Islamic University here today. The seminar was addressed by various national and international organizations concerning contracts. 

            The Federal Minister said that Pakistan is the country worst affected by international Contracts. Our experience with IPP Companies would be sufficient to make as realize the importance of not only Transparency but also of knowledge of the nature and implications of the contract documents. 

            Dr. Khalid Ranjha emphasized that those concerned with the planning and approval of contracts must have knowledge and insight into the contract in order the safeguard our national interests. Unfortunately we have suffered a lot at the hands of those connected with making contracts with international agencies, he added. 

            The Law Minister said that it is high time to address this menace of corruption. Promoting of transparency is need of the hour and we should collectively wage a war against this evil, he added.

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