- Type
- economic
- Minimum
- Glasgow City Council’s Insurance Requirements are:
Bidder (Service Provider) shall take out and maintain, throughout the period of the contract, Employer’s Liability insurance to the value of at least TEN MILLION POUNDS STERLING (10,000,000 GBP) in respect of any one event and unlimited in the period.
Bidder (Service Provider) shall take out and maintain, throughout the period of the contract, Public Liability insurance to the value of at least FIVE MILLION POUNDS STERLING (5,000,000 GBP) in respect of any one event and unlimited in the period.
Bidder (Service Provider) shall take out and maintain, throughout the period of the contract, Products Liability insurance to the value of at least FIVE MILLION POUNDS STERLING (5,000,000 GBP) in respect of any one event and in the aggregate.
Glasgow City Council also requires that the successful bidder will retain a sufficient level of Professional Indemnity Insurance required to cover any services to be performed within the scope of the contract.
The standard requirement for Glasgow City Council is:
Bidder (Service Provider) shall take out and maintain throughout the period of their services Professional Indemnity insurance to the value of a minimum One MILLION POUNDS STERLING (1,000,000 GBP) in respect of any one event and in the aggregate and to be maintained for 1 year thereafter.
The above insurances shall be with an insurance company registered with Financial Conduct Authority (FCA) in the UK, or equivalent body for EU member states by the council and any organisation shall not sub-let or sub-contract any part of the commission unless the sub-contractor is similarly insured, unless the council agrees otherwise. It is the express responsibility of the lead organisation to ensure this is the case.
Should the Bidder not have the specified insurances at the time of tendering then, the Bidder must certify in their response to this ITT that the specified insurance will be obtained
- Description
- In order to pass the Financial Check section of the contract, it is mandatory for companies to attain the undernoted:-
On receipt of the bids a list of Bidders will be assessed by Finance as follows.
Service Providers must comply with the undernoted financial requirements in order to participate in the tendering process:-
There is a minimum financial requirement that affects trading performance and
balance sheet strength. Financial requirements for trading performance and
balance sheet strength should be calculated on latest filed accounts with Companies
House.
Trading Performance:
An overall positive outcome on EBITDA profits over a 3 year period.
Exceptional items can be excluded from the calculation.
The above would be expressed in the ratio EBITDA/Turnover
Balance Sheet strength:
Net worth of the organisation must be positive at the time of evaluation and
organisation must not be subject to an insolvency process.
Intangibles can be included for purposes of the Total Assets figure.
The above would be expressed in the ratio Total Assets/Total Liabilities
Companies(Service Providers) that are only required to file abbreviated accounts,
must submit full sets of accounts for the last two individual years filed, in order for the three year profitability requirement to be verified.
An applicant(Service Provider should have no outstanding issues, with regard to
statutory filing requirements with Companies House.
Applicants who have been trading for less than the 3 years noted above must
provide evidence that they are complying with the above minimum financial
requirements for the period in which they have been trading.
Applicants who do not comply with the above financial requirements but are part of a
Group, can provide a Parent Guarantee if the Parent company satisfies the financial
requirements stipulated above.
Glasgow City Council reserves the right, at its own discretion, to seek such other
information from the Bidder in accordance with Regulations 61(7) or Regulation 61 (8)
of the Public Contracts (Scotland) Regulations 2015 to prove the Service Provider's
economic and financial standing.
Service Providers will be required to provide adequate assurance of financial strength to successfully complete their contractual obligations and have available their two (2) most recent sets of annual audited accounts including profit and loss information.
The Council reserves the right at its own discretion to seek such other information from the Applicant in accordance with Regulation 61(7) or Regulation 61(8) of the Public Contracts (Scotland) Regulations 2015 to prove the Applicant’s economic and financial standing.
Applicants who are subsequently appointed to the Framework shall, during the lifetime of the Framework Agreement, inform the Council immediately of any material changes to the information provided in their submission in relation to economic and financial standing. The Council notes Regulation 60(9) and 60(11) of the Public Contracts (Scotland) Regulations 2015 and reserves the right to refuse to award a contract following a mini-competition should the Applicant no longer meet the requirements set out in this SPD.
Any Service Provider that fails to achieve or exceed the criteria as stated above will be excluded at this stage.