9911796707
TMI BlogMaster Circular for Electronic Gold Receipts (EGRs)X X X X Extracts X X X X X X X X Extracts X X X X ..... cission, 4.1. anything done or any action taken or purported to have been done or taken under the rescinded circulars, including registrations or approvals granted fees collected, registration suspended or cancelled, any inspection or investigation or enquiry or adjudication commenced or show-cause notice issued prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular, 4.2. any application made to SEBI under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular, 4.3. the previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the rescinded circulars have never been rescinded. 5. This Master Circular is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fresh deposit of gold, coming into the vaults, either through imports or through stock exchange/s accredited domestic refineries. 1.7.2.2. The existing deposit of gold lying in the vaults, which meets the aforesaid criteria and has never been out of the vaulting infrastructure, can be considered for conversion into EGR. 1.7.2.3. Vault managers shall ensure that 'gold' to be converted into EGR meets the aforementioned criteria. 1.7.3. Standard of gold: The 'gold' which complies either with LBMA Good Delivery Standard or with the India Good Delivery Standard, or any other standard specified by SEBI, shall be eligible under this framework. 1.7.4. First Tranche ® Creation of EGR: 1.7.4.1. The Vault Manager on receipt of physical gold shall record the relevant information in the common interface and create the EGR. The EGR shall be created at the behest of the depositor (or owner of the gold) intending to convert physical gold into EGR. 1.7.4.2. The Vault Manager shall ensure that no EGR is created without the presence of corresponding physical gold in its vaults. 1.7.4.3. The EGR shall reflect in the demat account of the beneficial owner maintained with the Depositor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ungibility means, the EGR's created by the Vault Manager/s, shall not be linked with the unique bar reference number of the physical gold, i.e., gold deposited against EGR1 can be delivered against conversion of EGR2 into gold (for the same contract specifications). 1.12.2. "Inter-operability between Vault Managers" means the physical gold deposited at one location of a Vault Manager, can be withdrawn from different location of same or different Vault Manager (depending on the availability of physical gold). 1.12.3. The aforementioned provisions would allow the Depositories to facilitate withdrawal of physical gold from the preferred vault location of the buyer, to the extent possible, and possibly, save upon the cost of withdrawal of gold from the vaults. 1.13. Withdrawal Center: To increase the reach of Gold Exchange (or EGR segment), all existing branches of vault managers may be allowed as 'collection and/or withdrawal center', which meets the safety standards, as specified by the SEBI. The details of withdrawal centers shall be available on the websites of Depositories and vault managers. 1.14. Storage (vaulting) and Withdrawal Charges: The storage and withdrawal charges ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idays list, stock exchanges shall suitably consider the views of market participants. Frequent changes in holiday List shall be avoided i.e. once decided, same holidays should be followed every year irrespective of the holidays falling on a working day or a non-working day in that year. The holiday list for EGR should be in line with holiday list for derivatives markets to provide efficient hedging support. 2.2. Transaction charges by the stock exchanges 2.2.1. The stock exchanges shall ensure that transaction charges on the trades executed for EGR on their trading platform, must be equitable and in the interest of investors, as specified for cash segment in SEBI circular no. SEBI/HO/MRD2/MRD2_DCAP/P/CIR/ 2021/0000000591 dated July 5, 2021 and subsequent amendment or supersession thereto through any circular or master circular issued from time to time. 2.3. Framework for Call Auction in Pre-open session 2.3.1. Duration: 2.3.1.1. The pre-open session shall be for a duration of 15 minutes i.e. from 8:45 AM to 9:00 AM, out of which 8 minutes shall be allowed for order entry, order modification and order cancellation, 4 minutes for order matching and trade confirmation and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e itself shall be taken as the equilibrium price. 2.3.5.3. If equilibrium price is not discovered in pre-open session, then the orders entered in the pre-open session will be shifted to the order book of the normal market following time priority. The price of the first trade in the normal market shall be the opening price. 2.3.6. Order Execution: Pursuant to the discovery of price in the pre-open session, at the time of order execution, limit orders shall be given priority over market orders. The sequence for executing orders is given below: 2.3.6.1. Eligible Limit orders shall be matched with eligible limit orders. 2.3.6.2. Residual eligible limit orders shall be matched with market orders. 2.3.6.3. Market orders to be matched with market orders. 2.3.7. Pending Orders: 2.3.7.1. In case of pending unmatched orders in pre-open session, they shall be shifted to the order book of the normal market following time priority. 2.3.7.2. Unmatched market orders will shift to the normal market order book as limit orders at a price as discovered in the pre-open session. 2.3.8. Risk Management: The current risk management system for EGR segment shall be applicable to pre-open ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the EGR segment. 2.5.2. Bulk Deals: EGRs bought / sold representing 5% of the market-wide limit shall constitute bulk deal. 2.5.3. Disclosure: 2.5.3.1. The brokers shall disclose to the stock exchange the name of the contract, name of the client, quantity of EGR/s bought/sold and the traded price. 2.5.3.2. The disclosure shall be made by the brokers immediately upon execution of the trade. 2.5.3.3. The Stock exchange shall disclose aforesaid information on the same day after market hours to the general public. 2.5.4. While calculating such bulk deals, stock exchanges may take suitable measures for clubbing such bulk deal positions of clients / members who may be acting in concert to circumvent these provisions. The broad guidelines for clubbing such bulk deal positions are given below. Illustrations indicating guidelines for Clubbing of Bulk Deals: - 2.5.4.1. When a person is a partner in one or more partnership firms and /or is a director in one or more companies and/or is a manager (karta) of a Hindu Undivided Family (HUF), the total executed orders of 2.5.4.1.1. the person as an individual operator, 2.5.4.1.2. the firm or firms in which he is a partner; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Price bands 2.6.1. With the view to ensuring orderly trading and protect market integrity, Stock exchanges shall implement a mechanism of price bands in the EGR segment to prevent acceptance of orders for execution that are placed beyond the price limit set by the stock exchanges. 2.6.2. The initial price limit for the price band shall be set at 10% of the previous closing price. 2.6.3. In the event of a market trend in either direction, the dynamic price bands shall be relaxed by the stock exchanges in increments of 5%. Stock exchanges shall frame suitable rules with mutual consultation for such relaxation of dynamic price bands and shall make it known to the market. 2.6.4. Stock exchanges shall take into consideration the price movement in international market while relaxing the price band. In the event of exceptional circumstances, where there is extreme price movement beyond the initial price limit in the international markets, during trading hours or after the closure of trading on domestic exchanges, the stock exchanges can relax the price band directly by the required level, by giving appropriate notice to the market. 2.7. Investor Protection Fund (IPF) & Investor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2. in case of loss arising from any action or inaction of the Vault Manager that prevents the client from exercising, in whole or in part, their rights while availing vaulting services. 3.1.2.2. In case of utilization of FSD by the Depositories, in part or full, the Vault Manager shall replenish the FSD within seven working days. 3.1.2.3. The FSD maintained by a particular Vault Manager shall be used by the Depositories to settle claims against that Vault Manager only. 3.1.2.4. The FSD maintained with a particular Depository by the Vault Manager shall also be made available to the other Depository for settlement of claims. 3.1.2.5. The settlement of claims shall be done by the Depositories on a pro-rata basis. For example: If a Depository has established loss to its client equivalent to Rs 12 lakhs against a Vault Manager and the other Depository has established loss to its client equivalent to Rs. 8 lakhs against the same Vault Manager, then the FSD shall be utilized for settling claims of both the Depositories on proportional basis i.e. Rs 6 lakhs and Rs 4 lakhs respectively. 3.1.2.6. Any discrepancy noted/ claim received from a client by any of the Depositories shal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emarcation of EGR business from its other businesses. The storage area within the recognized vault shall be free from materials which may adversely affect the quantity or quality of gold. 3.3.1.5 There must be an electronic balance or any other similar balance in each recognized vault for weighing the gold. 3.3.1.6 The recognized vaults shall have communication link with the nearest police station. 3.3.2 The Vault Manager shall ensure that the recognized vaults are physically and operationally suitable for proper storage of gold and have the following minimum safety and security features: 3.3.2.1 CCTV (Close Circuit Tele Vision) monitors 3.3.2.2 Indoor and Outdoor IR (Infra-Red) Cameras 3.3.2.3 Sensors: Vibration, Smoke, Movement etc. 3.3.2.4 Panic Switches and Alarm Systems 3.3.2.5 Recoding systems such as DVR (Digital Video Recording) System and have DVR located in a secured place/ area (pre-vault Area/Packing Area) under lock and key. 3.3.2.6 Interlocking doors in the premises to reach the strong rooms - Mantrap 3.3.2.7 Interlocking Panel for steel doors 3.3.2.8 Electromagnetic locks for steel doors 3.3.2.9 Control Panel with auto dialer 3.3.2.10 Video ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed should be marked to market on replacement value on an ongoing basis. 3.5 Reconciliation between Depositories and Vault Manager 3.5.1 The Depositories and the Vault Manager shall devise procedures for carrying out reconciliation between the stock of physical gold deposited with the recognized vaults and the corresponding electronic record of EGRs in the Depository system. The reconciliation should be done at the end of day on a daily basis. 3.5.2 In case the reconciliation is not confirmed by the recognized vault at the end of day, the Depositories shall not allow requests for fresh deposits into or withdrawal from the concerned vault. 3.5.3 In case of any discrepancy between the stock of physical gold and the electronic record of EGRs, the Depositories, in coordination with the Vault Manager, shall identify and resolve such discrepancies at the level of the recognized vault. The Depositories and the concerned vault shall strive to resolve such discrepancies before the start of the next trading day. However, in case of any delay in resolution, the Depositories shall disallow any fresh deposit of gold into or withdrawals from the concerned vault. If one Depository disallow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... livery and other related charges shall be collected by the Vault Manager directly from the depositor/beneficial owner during the deposit and physical withdrawal of gold. 3.7 Procedure in case of Default in payment of storage charges 3.7.1 In case of default in payment of storage charges by the depositor/BO, the procedure, as may be specified by the Depositories, shall be followed. 3.8 Procedure for ensuring safety of the gold from fire, theft, burglary etc. 3.8.1 Risk management 3.8.1.1 The Vault Manager must have processes to periodically inspect the physical systems of its recognized vaults with a view to preserve the gold against which it has issued EGRs. 3.8.1.2 Inspection staff must be independent of the employees/ staff deputed at the vault which is being inspected. 3.8.1.3 The Vault Manager shall ensure to maintain records of all persons entering into and exiting from the vault premises. 3.8.1.4 There must be a central system of recording the names of employees and staff who are in custody of the locks and keys of recognized vaults. 3.8.1.5 The Vault Manager must have processes to ensure that the gold against which EGRs have been issued, is never moved outs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e vault. The vault manager shall immediately intimate the Depositories about the incident. 3.8.4 Procedure in the event of theft/ burglary 3.8.4.1 The Vault Manager shall have processes for action to be taken in the event of burglary, theft, break-ins, etc. 3.8.4.2 The Vault Manager shall ensure that the officials of the vaults intimate the local and nearest police station and the designated officials of the Vault Manager and Depositories on immediate basis. 3.8.4.3 A copy of the FIR shall be obtained and the necessary process should be initiated to make claim from the insurance company. 3.9 Indemnification in case of loss/damage 3.9.1 In case of loss/damage of the gold either due to unavoidable circumstances or otherwise, such as negligence of the Vault Manager, the Vault Manager shall be liable to indemnify for the loss/damage. 3.9.2 To deal with such scenarios, the Vault Manager shall have a procedure in place to replenish the lost/damaged gold in such a manner that: 3.9.2.1 the replenished gold is of purity and weight equivalent to the lost/damaged gold, 3.9.2.2 the replenished gold is as per LBMA or India good delivery standard, 3.9.2.3 the gold can be trac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... recognized vaults shall be carried out by the Depositories on an annual basis, as per the schedule mutually agreed upon between the Depositories and the Vault Manager. 3.11.3 The Depositories shall employ experienced and knowledgeable personnel for carrying out the inspection/physical verification of the Vault Managers/ recognized vaults and the same shall not be outsourced. 3.11.4 The Depositories shall carry out surprise inspections of Vault Managers or/and its recognized vaults as and when such exigencies arise. 3.11.5 The Depositories shall have a detailed manual for carrying out the inspections/physical verification in the recognized vaults and their Vault Mangers. 3.11.6 The Depositories shall forward to SEBI any adverse findings in the inspection report of the Vault Manager/recognized vaults along with corrective measures taken by the Vault Manager/recognized vault, in response to those adverse findings. 3.12 Grievance Redressal 3.12.1 The Vault Managers and Depositories shall put in place an Investor charter including a grievance redressal mechanism to handle investor complaints. 3.12.2 The Vault Managers are required to redress all the complaints related to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e B. 3.13 Disclosures by the Vault Manager and Depositories 3.13.1 The Vault Manager shall disclose the following information on their website: 3.13.1.1 Details about the recognized vaults including location, contact details of designated officials, etc. 3.13.1.2 Charges related to Storage, deposit and withdrawal 3.13.1.3 Any other charges 3.13.1.4 Any other information as considered by the Vault Manager 3.13.2 The Depositories shall disclose the following information on their website: 3.13.2.1 List of registered Vault Managers and their corresponding recognized vaults providing vaulting services to the EGR segment. 3.13.2.2 Contact details of the designated officials of the Vault Managers 3.13.2.3 Details about the storage and other charges of Vault Mangers 3.13.2.4 Any other information as considered relevant by the Depositories. B. Modalities for Vault Managers and Depositories 3.14 In terms of the VM Regulations, the Vault Managers are mandated for creation and extinguishment of EGR. The modalities for deposit of gold, creation of EGR, withdrawal of gold and extinguishment of EGR are as follows: 3.15 Common Interface: 3.15.1 The Depositories shall c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... display relevant information related to EGRs to the other Depository in the interface for ease of reconciliation. 3.16 Deposit of Gold and creation of EGR 3.16.1 Procedure 3.16.1.1 The Depositories shall allow the depositor to place deposit request in the interface by selecting the details such as Vault Manager, recognized vault, quantity to be deposited, the purity and weight of the gold to be deposited and details of authorized representative. The Depositories may specify additional details to be entered by the depositor in the system. 3.16.1.2 Once a deposit request is placed, a deposit request letter containing the details entered by the depositor shall be generated by the system. The deposit request shall remain active for three working days. 3.16.1.3 The deposit request along with the details of the depositor and/or his authorized representative will also be reflected to the concerned Vault Manager and the recognized vault in the system. 3.16.1.4 Before accepting the gold for deposit, the Vault manager shall verify the following documents and keep electronic and physical record of the same: 3.16.1.4.1 Proof of Identity (POI) and Proof of Address (POA) of the dep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after 03:00 PM, EGR shall be made available for trading on the second working day of such deposit. 3.16.3 Procedure to deal with errors in recording data 3.16.3.1 In the case of any inconsistency/error in recording data in the system committed by the Vault Manager during creation of EGR, the Vault Manager shall ensure that such errors are detected before or during reconciliation at the end of the day. As a corrective measure, the Vault manager shall immediately make a representation to the Depositories for rectification. The concerned Depository shall immediately initiate correction in the system and update the portal before the EGRs are made available for trading. 3.16.3.2 The concerned Depository shall inform the other Depository about such incorrect / wrongful entry and the corrective action taken thereon to rectify such errors in the EGR. 3.17 Recording of EGRs created by the Vault Manager 3.17.1 Creation of ISIN 3.17.1.1 The Depositories shall create an International Securities Identification Number (ISIN) as per Association of National Numbering Agencies (ANNA) guidelines. 3.17.1.2 ISIN shall comprise of the following characteristics: G + Purity Where: G= ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Vault Manager shall release the gold as intimated in the system and record the details of the gold released for withdrawal in the system. 3.18.1.8 The Vault Manager shall take an acknowledgment receipt from the BO/authorized representative and simultaneously extinguish the EGR corresponding to the gold. 3.18.1.9 The Vault Manager shall intimate the extinguishment of EGR to the Depositories to carry out extinguishment of such EGR from the demat account of the Beneficial Owner. 3.18.2 Cut-off time 3.18.2.1 The Vault Manager shall allow withdrawal of gold from 10:00 AM to 03:00 PM. 3.18.2.2 The requests for withdrawal of gold made into the recognized vault during the specified time shall be processed by the Vault Manager on the same working day. Chapter 4. Product Specifications 4.1 The stock exchanges may launch products / contracts subject to complying with the following guidelines: 4.1.1 Any person desirous of dealing in EGR on the stock exchange shall deposit the gold with the registered Vault Managers, in the 'deposit unit', which shall be specified by the stock exchanges. 4.1.2 The trading of EGR shall take place on stock exchanges, in the 'trading unit', which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es of the Central Government 2%/5%/10% (Note 'k') No limit Units of liquid mutual funds or government securities mutual funds (by whatever name called which invest in government securities) 10% No limit Other Liquid Assets Liquid (Group-I) Equity Shares (Note 'd') Same as the VaR margin for the respective shares (Note 'd') Limit on Stock Exchange's exposure to a single issuer (Note 'e') Mutual fund units other than those listed under cash equivalents Same as the VaR margin for the units computed using the traded price on Stock Exchange, if available, or else, using the NAV of the unit treating it as a liquid security Corporate Bonds having rating of AA or above (or with similar rating nomenclature) by recognized credit rating agencies Fixed percentage based or VaR based Haircut. A higher haircut may be considered to cover the expected time frame for liquidation. To begin with the haircut shall be a minimum of 10% Not to exceed 10% of the total liquid assets of the clearing member. (Note 'e') Gold ETF /Bullion (Note 'j') 20% Gold ETF/Bullions as collateral for any clearing member shall not exceed 30% of the total liquid assets of the clearing member (Note 'f') ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Losses shall be collected in the following manner: 5.3.1 The Stock Exchanges shall collect/adjust mark to market losses (MTM) from the member/broker before the start of the trading of the next day. 5.3.2 The MTM losses shall be collected/adjusted from/against the cash/cash equivalent component of the collateral deposited with the stock exchange. 5.3.3 The MTM losses shall be collected on the gross open position of the member. The gross open position for this purpose would mean the gross of all net positions for all the clients of a member including his proprietary position. For this purpose, the positions of all the clients of a broker would be grossed. Further, there would be no netting across two different settlements. 5.3.4 There would be no netting off the positions and setoff against MTM profits across 2 rolling settlements i.e. T day and T-1 day. However, for computation of MTM profits/losses for the day, netting or setoff against MTM profits would be permitted. 5.3.5 The MTM losses so collected shall be released along with the pay-in, including early pay-in of EGR. 5.4 VaR Margin 5.4.1 Computation of VaR Margin The VaR Margin is a margin intended to cover th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nnot be anticipated or were not anticipated while designing the risk management system. If ad-hoc margins are imposed with any degree of regularity, Clearing Corporations should examine whether the circumstances that give rise to such margins can be reasonably anticipated and can therefore be incorporated into the risk management system mandated by SEBI. Clearing Corporations are encouraged to analyse these situations and bring the matter to the attention of SEBI for further action. 5.6.2 Any additional margins that the Clearing Corporations may impose shall be based on objective criteria and shall not discriminate between members on the basis of subjective criteria. 5.7 Margin provisions for intra-day crystallised losses 5.7.1 The intra-day crystallised losses shall be monitored and blocked by Clearing Corporations from the free collateral on a real-time basis only for those transactions which are subject to upfront margining. For this purpose, crystallised losses can be offset against crystallised profits at a client level, if any. 5.7.2 If crystallised losses and applicable margins (as defined above) exceed 90% of the free collateral available with the Clearing Corporati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of margins:
For each member
'a'
Per day penalty as %age of 'a'
( X X X X Extracts X X X X X X X X Extracts X X X X ..... T+1 settlement.
5.14 Shortfall of Margins/ Pay-in of funds by Members
5.14.1 Margin shortfall: In case of any shortfall in Margin, the terminals of the broker shall be immediately deactivated for fresh positions and shall only be allowed to square-off existing positions.
5.14.2 Pay-in shortfall:
5.14.2.1 In cases where the amount of shortage in a settlement for a clearing member is in excess of the deposit specified as per Table 2 of Clause 7 in Schedule VI of Securities and Exchange Board of India (Stock Brokers) Regulations,1992, the clearing facility of the member shall be withdrawn and the EGR pay-out due to the member shall be withheld.
5.14.2.2 In cases where the amount of shortage exceeds 20% of the deposit but less than the deposit on six occasions within a period of three months, then also the clearing facility of the member shall be withdrawn and the EGR pay-out due to the member shall be withheld.
5.14.2.3 Upon recovery of the complete shortages, the member shall be permitted to provide clearing facility subject to his providing a deposit equivalent to his cumulative funds shortage as the 'funds shortage collateral'. Such deposit shall be kept with th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... if desired.
ACTIVITY SCHEDULE
5.18 Rolling settlement
Settlement of EGR shall be on T+1 rolling basis. Transactions shall be settled on gross basis at the clearing member level. Netting shall be done at client level. The funds shall be settled on gross basis at member level.
5.19 Activity Schedule for T+1 Rolling Settlement
The activity schedule is as under:
Sr. No.
Day
Time
Description of activity
1
T
Trade Day
By 2.00 AM
Completion of process and download provisional obligation files to stock brokers/ custodians by the Clearing Corporation.
2
T+1
By 2.00 PM
Funds and EGR pay-in
By 4.30 PM
Funds and EGR pay-out
Custodian confirmations shall happen before beginning of T+1.
5.20 Settlement of Funds
5.20.1 Clearing Corporation shall empanel clearing banks based on various financial and operational criteria. Clearing members shall open single settlement account with any of the clearing banks.
5.20.2 The paying member shall have clear funds in settlement account on settlement day. The Clearing Bank shall debit the paying members' account. in accordance with electronic instructions received from Clearing Corporation. The Clearing Bank shall credit th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unds
Auction settlement for T day trade
3
By T+1
Auction session
4
By T+2
Pay-in/pay-out and close-out of auction
5.23.2 In case of bank holidays, when multiple settlements (say S1 and S2) are conducted on the same day (say Tm), on the working day immediately following the day(s) of the closure, the auction session shall be as under:
5.23.2.1 The auction of first settlement (S1) shall be conducted on the same day (Tm) and settled by next day (Tm+1).
5.23.2.2 The auction for the second settlement (S2) shall be conducted on the next day (Tm+1) along with the shortages/auction of that day. The settlement of the same shall happen by the subsequent day (Tm+2).
5.24 Close-out Procedure
5.24.1 The Close-out Procedure shall be as below:
"The close out Price shall be the highest price recorded in that EGR on the Stock Exchange from the date of trading and up to the date of auction/close out
OR
3% above the latest available closing price at the exchange on the day on which auction offers are called for
WHICHEVER IS HIGHER
5.25 Proceeds from Auction/ Close-out
5.25.1 The proceeds from Auction/ Close-out shall be used to settle the claim of the aggrieved party. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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