Section 16Part 6 — MISCELLANEOUS
Economic development preference
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In assessing value for money, an entity shall consider the socio-economic impact and benefits that a procurement project may create, particularly as it relates to small and medium sized suppliers that are operating in the Islands.
Subject to the requirement to adhere to the principles of procurement, an entity shall give preference to suppliers who are businesses operating in accordance with the Trade and Business Licensing Act (2021 Revision).
The Cabinet may prescribe such criteria, including thresholds, for entities to —
undertake pre-procurement impact assessments on local suppliers;
where adequate local capability exists, solicit bids from businesses operating in accordance with the Trade and Business Licensing Act (2021 Revision);
consider disaggregation of major procurement projects where value for money is achievable, such disaggregation being included in the business case and being subject to approval by the appropriate procurement committee;
adopt a local benefits test for all procurements within specified thresholds; and
undertake a plan for local industry participation, as may be prescribed, prior to embarking on major procurement projects.
Cross References
- Section of Trade And Business Licensing Actexternal
Trade and Business Licensing Act (2021 Revision)