The advance funding will be protected by the following elements of due diligence:
1.Middlesbrough Council has first charge on capital assets / improvements funded with the tenant;
2.Only part of the advance payment will be made at the order stage and the balance will be paid on confirmation of receipt of goods; and,
3.Property management is in close liaison with the vendor and the tenant to monitor the purchase and delivery of equipment
•The funding recognises the payment term of the vendor.
•Public monies are protected with monitoring of the transaction and controls into the purchase funds and Council claim on any assets, should the company fall into any.
•The funding objectives and outcomes are consistent with the approved business case and bid for FHSF funding allocation and programme objectives.