Contract Catalyst.

Descriptions

Financial and insurance services. Credit granting services. Security brokerage services. Surety insurance services. This contract is to set up and manage a fund which will provide performance bonds guarantees jointly with existing providers, or security for performance bond guarantees, or any other model to provide performance bond guarantees determined by the bidders. These will be issued to companies within Tees Valley which covers the Local Authority boundaries of Stockton-on-Tees, Redcar and Cleveland, Darlington, Hartlepool and Middlesbrough. The contract uses Regional Growth Funding provided by the UK government with a target of creating an average of 1 440 jobs by March 2023.Tees Valley Unlimited will manage the contract. Tees Valley Unlimited is the Local Enterprise Partnership for Tees Valley and Stockton-on-Tees Borough Council as its Accountable Body; therefore the contract will be signed with Stockton-on-Tees Borough Council.Total funding for this contract is GBP 9 900 000 which is to be used to provide performance bonds guarantees for companies, primarily in the advanced manufacturing sector. All costs incurred by the fund manager, including the investment return to the fund and fund manager, will be covered by the investments made using the GBP 9 900 000 fund. Tees Valley Unlimited has evaluated a number of potential models for the operation of this fund, but those invited to tender will be asked to submit bids on a commercial model of their choosing which they feel would deliver a viable scheme, and would allow beneficiaries of the fund to bid for larger contracts than they are currently able.We would be looking for companies who either have experience of providing performance bond guarantees, or organisations who have experience of fund management who could manage a fund that can be used to provide security for the performance bond guarantees.We expect to award the contract to between one and three organisations dependent upon the commercial models identified.Further information is available via the NEPO eTendering web portal found here https://www.qtegov.com/systems/nepocms.nsf/vHomepage/fsection?opendocument