Why do we check financial standing?
We need to know about a possible supplier’s financial situation. We want to be sure that a supplier has the financial resources and stability to carry out the required work and that they are likely to be around to complete the contract satisfactorily.
As part of the tendering process for high value contracts we may carry out an evaluation on an applicant’s financial standing. Individual requirements will be set out in the tender documents. As part of the assessment of financial standing we will usually obtain an independent financial appraisal report from Dun & Bradstreet Ltd (DBAI). The report provides us with an overall risk rating score which will be used to help assess the applicant’s financial standing. It is the suppliers responsibility to ensure that the details held by Dun and Bradstreet Ltd are up-to-date and correct and we suggest that you check these prior to applying for any tender where this report will be used.