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Awarded contract·Department of Management Services·Florida

Fuel Card Program

Won by Wex Inc.$1MSingle Award
Contract source

Awarded vendors

  • Wex Inc.

Description

The Fuel Card Program contract is between the Department of Management Services and Wex Bank for the provision of fuel card services. The contract has a term of 5 years, from April 6, 2021, to December 31, 2025, with the option to renew. The contract includes various terms and conditions, such as payment and pricing, contract management, and compliance with laws. The contractor is required to provide quarterly sales reports and comply with state and federal laws. Some key aspects of the contract include: * The contractor will provide fuel card services to customers, including state agencies and eligible users. * The contract includes a pricing schedule, with basis points offered for standard volume incentives, prompt payment incentives, and national annual volume incentives. * The contractor is required to comply with state and federal laws, including those related to E-Verify and background checks. * The contract includes provisions for contract management, including the requirement for the contractor to submit quarterly sales reports and comply with state and federal laws.

Attached files

Key dates

Starts
4/6/2021
Ends
12/31/2027Renews
Duration
5 years

Last updated

Details

Award type
Single Award
Procurement
Full and Open Competition
Industry
Energy and Utilities
NAICS
454311
Solicitation №
78181701-21-NASPO-ACS

Contract value

$1,000,000

The value of the contract is not explicitly stated, but it can be estimated based on the pricing schedule and the term of the contract. The contract includes basis points for standard volume incentives, prompt payment incentives, and national annual volume incentives, which could result in a significant revenue stream for the contractor. Assuming an average annual spend of $100 million, the contractor could earn up to 20 basis points (0.20%) in incentives, resulting in an estimated annual revenue of $200,000. Over the 5-year term of the contract, the total estimated revenue could be around $1 million. However, this is a rough estimate and the actual value of the contract could be higher or lower, depending on various factors such as the actual spend and the contractor's performance.

AI estimate from the award documents

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