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Tees Valley Combined Authority (TVCA) (the 'Contracting Authority') have awarded a contract for a supplier to supply and deliver appraisal activities. The contracting authority reserves the right to modify the contract in reliance on Schedule 8 paragraph 5 of the Procurement Act 2023 where the contracting authority considers that a “known risk” has arisen. A “known risk” is a risk which could jeopardise the satisfactory performance of the contract but because of the nature of the risk it could not be addressed in the contract as awarded. The following risks have been identified as known risks 12 months with an option to extend for 12 months unless otherwise agreed in writing by the contracting authority. The contract may need to be extended or varied where a delivery risk arises that could not be fully resolved before contract award, and where the change is necessary, proportionate and limited to what is required to complete the services. Any extension or variation must be justified, recorded and approved by the TVCA in accordance with the contract terms and applicable procurement requirements. The number and timing of BHF project business cases requiring appraisal is dependent on
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