Agenda item

Any other business that the Chairman considers urgent

·         Performance Bonds (oral report)  – The Chamberlain to be heard

Minutes:

·          Performance Bonds – Members heard an oral report of the Chamberlain updating Members on the practicalities of using performance bonds.  Officers advised that following the request from the Projects Sub Committee, Officers were exploring the scope to include performance bonds as part of contract tendering process as part of the options appraisal to inform decisions on  whether a performance bond was appropriate/counter productive on a case by case basis. 

 

In response to observations from Members, Officers stated that this was a balancing act as only larger entities were able to deploy on demand bonds and an element of flexibility was needed so that SMEs were not disadvantaged in the bidding process and avoid unnecessarily onerous financial assessments.

 

Members requested Officers ensure that the use of Performance Bonds would be part of the standard options appraisal template used for all future projects and that the Projects Sub Committee be advised accordingly.

 

RESOLVED – That Project Sub Committee be advised that the use of Performance Bonds will be part of the standard options appraisal template used for all future projects.