Deed of variation to the contract between Lloyds Bank PLC and Cheltenham Borough Council for the provision of banking services
Decision Maker: Cabinet Member Finance and Assets
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
To complete a deed of variation to the contract between Lloyds Bank PLC and Cheltenham Borough Council for the provision of banking services. The current contract term ends on 1 April 2022 and this would extend this term to 1 April 2025.
Reasons for the decision:
The tender documentation (ITT & OJEU notice) used in the original procurement referred to the initial term that took us up to April 2022 plus an optional 3yr extension. It has since been confirmed that the extension clause was not included in the contract. Legal advice has been sought and it has been advised that we can enter into a three year extension by way of a deed of variation to the existing contract.
Alternative options considered:
An alternative option would be to re-tender the contract however this has been rejected as there is insufficient time to undertake a full re-procurement exercise before the contract end date.
Publication date: 05/01/2022
Date of decision: 05/01/2022
Effective from: 12/01/2022