Suspense Accounts

: This term is applied primarily to certain heads of account, falling under the minor head
“Suspense” of a major head of expenditure, which are reserved for the temporary passage of such transactions as must at once be taken to the account of the sanction or grant concerned, but cannot be cleared finally either
because the relevant payment, recovery, or adjustment is awaited, or because it is necessary to keep an effective watch over the values of any stock materials, until their final disposal. The charges under a suspense account are taken in enhancement of the charges under the major head of expenditure concerned, and the receipts, in reduction thereof.

Lumpsum Contract : lumpsum contract means a contract in which the
contractor agrees to execute a complete work with all its contingencies in accordance with the drawing and specifications for a fixed sum. The following being the essential characteristics of a lumpsum contract:

A schedule of rates is specified in order to regulate the amount to be added to or deducted from the fixed sum on account of additions and alterations not covered by the contract.

Except as provided in clause (a), no allusion is made in the contract to the departmental estimate of work, schedule of rates or quantities of work to be done.

Detailed measurements of the work done are not required to be recorded except in respect of additions and alterations.