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Home » OOH News » MSRDC provides rebate for outdoor advertising contracts till January 2021

MSRDC provides rebate for outdoor advertising contracts till January 2021

By M4G Bureau - August 28, 2020

The corporation has completely waived off the payment of instalment from March end to June; 25% for July to September quarter and 50% for quarter ending December to be paid

Maharashtra State Road Development Corporation (MSRDC) has considered the request made by Outdoor Advertisers Association to grant rebate and extension to all advertisement contracts considering Covid19 global pandemic.

The corporation has waived off the payment of instalment from March 23, 2020 to June 30, 2020, the complete lockdown period.

Understanding the current market situation, the corporation has also given relaxation on the fee payment for next two quarters. For July to September quarter, the media owners will have to submit 25% of compensation amount to be paid for the respective period. Whereas, for quarter ending December, 50% of the amount has to be paid to the corporation.

“In addition to above, 10% mandatory increase in the rent as per the original contract, may not be levied,” said the official document received by Media4Growth. “However, January, 2021 onwards, compensation will be charged as per the terms of original contract.”

Along with providing relief, the corporation has also included a condition that if a media owner once accept the relief, then it will not be allowed to exit the contract, otherwise the benefit will be withdrawn.

In case any media owner doesn’t want to accept this relief and want to surrender the contract, then the foreclosure clause will be made applicable. However, the waiver of the payment of compensation during the lockdown period will be admitted, the document said.

All the members of the association are asked to submit contractwise representation about MSRDC ‘s decision within a period of 15 days.

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