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