The Provision of Insolvency Practitioner Services

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                "description": "Glasgow City Council invites tender bids for the Provision of Insolvency Practitioner Services. The contract will be awarded to a sole supplier. The contract is expected to run for five years, commencing 1 October 2019 and ending on 30 September 2024, with an optional 1 year extension.",
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            "performanceTerms": "KPI's for The Provision of Insolvency Practitioner Services will be listed under Section 4.12 within the ITT document (found within the buyers attachment area within PCS-T) but may be amended dependant on the specific requirements of the contract throughout the term of the contract."
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                    "description": "Financial Requirements Bidders 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 should be calculated on latest filed accounts with Company House. Trading Performance Ratio An overall positive outcome on pre-tax profit to Turnover over a 3 year period. Exceptional items can be excluded from the calculation. Balance Sheet Strength Net worth of the organisation must be positive. Intangibles can be included for purposes of the Total Assets figure. Bidders 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. Bidders 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. Bidders will be required to provide adequate assurance of financial strength to successfully complete their contractual obligations, and have available their two most recent sets of annual audited accounts including profit and loss information. Glasgow City Council's Insurance Requirements are: Employer's Liability The organisation/consultant shall take out and maintain throughout the period of their services Employer's Liability insurance to the value of at least TEN MILLION (10,000,000GBP) POUNDS STERLING in respect of any one claim and unlimited in the period. Public Liability The organisation/consultant shall take out and maintain throughout the period of their services Public Liability insurance to the value of at least FIVE MILLION (5,000,000GBP) POUNDS STERLING in respect of any one claim and unlimited in the period. Professional Indemnity Insurance Requirements The 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. Professional Indemnity The organisation/consultant shall take out and maintain throughout the period of their services and for a further 6 years on completion of their service, Professional Indemnity insurance to the value of a minimum FIVE MILLION (5,000,000GBP) POUNDS STERLING in respect of any one claim and unlimited in the period. The organisation/consultant should provide evidence of a Financial Liability package that covers their business risks. This package may include Directors' & Officers' Liability, Forged Transfers, Fidelity Guarantee, etc. The above insurances shall be with an insurance company registered with Financial Conduct Authority (FCA) in the UK, or equivalent body for other 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"
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