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A major criticism of PFI contracts is that they are lengthy (typically around 25 years) and inflexible. Against this background, the government recently targeted second tier contracts as ripe for savings and a Treasury source has this week revealed that PFI/PPP contracts are next in line.
Although the capital element of a project is largely set in stone and underpinned by the rights of funders, the service elements of a PFI or PPP should be as amenable to change as any other services contract.
Good contract managers will already have been looking for efficiencies within the terms of existing contracts – cuts or no cuts – but increasing government focus on reducing PFI charges will lead to actual renegotiation. Particularly where the authority feels the contractor is under-delivering or that the project was over-specified at the outset, and the relationship between the parties (good or bad) means that the authority has the appetite to tackle their contractors.
With its claims to disrupt and transform many areas of our lives, AI is now part of our day to day vocabulary.
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Are you frustrated by Brexit? If so, that’s more than can be said of the European Medicines Agency’s (EMA) £13m a year lease at Canary Wharf.
Last week, the annual Consumer Electronics Show in Las Vegas showcased some emerging consumer technologies - from a sensor which tests food for peanuts to air-bags for your hip.
The Royal Bank of Scotland is current embroiled in a £12billion class action brought by its former shareholders over the bank’s fundraising before its 2008 government bailout.
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