Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
1. RISK MANAGEMENT STRATEGY List of risks associated with the scheme: o There are no volume guarantees attached to this scheme. All risks regarding the uptake in the car parks are borne by Impregilo. o The access road off of Alexandra Parade requires redevelopment to cater for the Accident and Emergency Unit and the opening of the multi-storey car park. Once work starts this is programmed to take 6 months which is 6 months less than the build period for the multi-storey car park. Planning consent for the improvements is pending but to minimise the risk of compensation having to be paid by the Trust for a delay in opening the car park the Trust will not sign up to financial and legal close until planning consent has been provided. In addition any compensation for delay in excess of what the Trust receives through contractor insurances will be provided by extending the period of the concession in excess of a normal 30 year period. The Trust will only face immediate financial compensation claims if the delay period is over one year. o Whilst the multi storey car park will provide a better service for patients and visitors, there will be an increase in charges. As patients and visitors will pay the same charges as in the public car parks surrounding the area, there is little risk of strong reaction from the public or visitors. However, as car parking charges for the multi storey scheme will be considerably higher than the current charges paid by staff, there is a risk of adverse publicity and of possible non use of the car park. However as volume risk is borne by the contractor. this would become the contractor’s risk. o The project is considered reasonably low risk for the SPV but should there be default in any way regarding debt repayment to the senior debt providers then the Trust is required to satisfy that debt. If the default is as a fault of the operators, Impregilo, then the Trust has recourse for full compensation through a parent company guarantee from Impregilo SpA. o The Trust has covered the risk relating to the state of the assets at handback by implementing into the contract certain maintenance requirements and monitoring procedures throughout the life of the project. On commencement of the 25th year of the operating period and on the commencement of each year subsequent Impregilo are required to deposit £100,000 into a joint interest bearing account. This account will be used to fund any repair and maintenance work required to maintain the car park in properly maintained working order through to its handover to the Trust.