Common use of C ontracts entered into by the Owners’ Committee Clause in Contracts

C ontracts entered into by the Owners’ Committee. Subject to provisions in Schedule 7 to the Ordinance, the procurement of supplies, goods, or services by the Owners’ Committee that involves amounts in excess of HK$200,000 (or such other sum as the Secretary for Home Affairs may specify by notice in the Gazette) or an average annual expenditure of more than 20% of the Budget or revised Budget of the Financial Year concerned (or such other percentage as the Secretary for Home Affairs may specify by notice in the Gazette), whichever is the lesser, must be by invitation to tender and the standards and guidelines as may be specified in a Code of Practice referred to in section 20A of the Ordinance will apply to the Owners’ Committee with any appropriate variations.

C ontracts entered into by the Owners’ Committee. Subject to provisions in Schedule 7 to the Ordinance, the procurement of supplies, goods, or services by the Owners’ Committee that involves amounts an amount in excess of or likely to be in excess of HK$200,000 (or such other sum as the Secretary for Home Affairs may specify by notice in the Gazette) or an average annual expenditure of amount which is or is likely to be more than 20% of the Budget or revised Budget of the Financial Year concerned (or such other percentage as the Secretary for Home Affairs may specify by notice in the Gazette)) of the Budget or revised Budget of the Financial Year concerned, whichever is the lesser, must be by invitation to tender and the standards and guidelines as may be specified in a the Code of Practice referred to in section 20A of the Ordinance will shall apply to the Owners’ Committee with any appropriate variations.