Description
The West Virginia Purchasing Division is soliciting bids on behalf of the West Virginia Lottery to establish an open-end contract for Blanket Bonding of Limited Video Lottery (LVL) Permit Holders. The contract will provide blanket bonding for permit holders, with a minimum of $2,000 of coverage for each LVL permit. The successful vendor will execute a master bond containing a computerized list of all covered LVL permit holders, indicating the number of video lottery terminals for each permit holder, and a total of all video lottery terminals. The vendor must be licensed to do business in West Virginia, be in good standing with the Insurance Commissioner's Office, and have a Best's "A+" or "A" rating. Some key points about this opportunity include:
* The contract is for a period of one year, with the option to renew for up to two successive one-year periods.
* The vendor must provide a copy of the Best Trend Report for the current year.
* The contract services must meet or exceed the mandatory requirements listed in the solicitation.
* The vendor must designate a primary contract manager responsible for overseeing the vendor's responsibilities under the contract.
* The contract has a potential total value of up to $1,350,000 per permit holder, based on the maximum number of permits that can be held by one permit holder (675).
Some of the benefits of this contract include:
* The opportunity to provide blanket bonding services to the West Virginia Lottery.
* The potential for long-term contract renewal.
* The chance to work with a government agency and provide a critical service to the state.
However, there are also some challenges and considerations that vendors should be aware of, including:
* The need to meet the mandatory requirements listed in the solicitation.
* The requirement to provide a copy of the Best Trend Report for the current year.
* The potential for changes in the contract services or requirements over time.
Overall, this contract presents an opportunity for vendors to provide a critical service to the West Virginia Lottery and to work with a government agency. However, vendors should carefully review the solicitation and contract requirements to ensure that they can meet the necessary standards and provide the required services.