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Awarded contract·City of Redmond·Washington

Lockbox Services

$3MSingle Award
Contract source

Description

The City of Redmond is seeking proposals for combined lockbox and imaging services for its utility bills. The selected vendor will be responsible for providing these services, which include imaging, collection, and deposit services. The RFP includes a scope of work, evaluation criteria, and requirements for proposals. The City anticipates making an award in January 2017, with implementation commencing in April 2017. The initial term of the agreement is expected to be 2 years, with two 2-year renewal options. • The RFP includes a scope of work, evaluation criteria, and requirements for proposals. • The City anticipates making an award in January 2017, with implementation commencing in April 2017. • The initial term of the agreement is expected to be 2 years, with two 2-year renewal options. • The selected vendor will be responsible for providing combined lockbox and imaging services for the City's utility bills.

Attached files

Key dates

Last updated

Details

Award type
Single Award
Procurement
Full and Open Competition
Industry
Financial Services
NAICS
522320
Solicitation №
10558-16

Contract value

$3,000,000

The value of the contract is not explicitly stated in the document. However, considering the services being procured, which include lockbox and imaging services for utility bills, the contract value is likely to be in the range of hundreds of thousands to millions of dollars, depending on the scope and duration of the services. The City's budget for such services is not provided, but the RFP mentions that the proposed fees will be evaluated as part of the selection criteria. Assuming an average annual cost of $500,000 to $1,000,000 for such services, the total contract value for the initial 2-year term could be estimated to be around $1,000,000 to $2,000,000. With the two 2-year renewal options, the total potential contract value could be $3,000,000 to $6,000,000.

AI estimate from the award documents

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