Improvement plans in ICV Certificate
1.Improvement plan consideration in ICV Certificate
1a.Evaluation plan
Combination of ICV Certificate and Improvement Plan with higher weightage on Improvement Plan
1b.Governance
ICV Milestone Payment of 5% of project value and Amounts released annually based on compliance with ICV Improvement Plan
1c.Implementation
Immediate implementation on specific agreements. Remaining to be applied by November 2018
Below are the improvement plan consideration by ADNOC for ICV Certificate
1.Improvement plan on particular projects
- Project based Improvement Plan
- Additional requirement from Supplier to engage project auditor to audit project spend for verification purposes
- Project specific ICV to be issued by the Certifying bodies
-Percentage of project value to be held and released progressively as per compliance with ICV targets
2.Improvement plan on All Agreements & other projects
-This will be company based Improvement Plan
-Annual ICV certificates to be issued during full agreement period
-Percentage of agreement value to be held and released progressively as per compliance with ICV targets
More Improvement Plans on ICV Certificate
1.Suppliers to submit the improvement plan with the commercial bid. The improvement plan is considered 01 binding and shall not be revised
2.New consideration shall be implemented by Nov. 2018. ADNOC Group will apply the new considerations partially on some of its major tenders instantly
3.During evaluation, combination of ICV Certificate and
Improvement Plan will be applied to arrive at the overall
score. The supplier with the highest overall score will be
approached first to equate to a target price with the
committed ICV at his own submission
4.The target to be monitored quarterly to ensure the supplier is on track. Any shortfall noticed shall be communicated to the supplier for immediate rectification action plan
5.A milestone of 5% of contract value will be introduced to ensure the ICV achievement. Annual Progressive payments shall be made according to the compliance with the ICV target
6.Supplier to submit the required ICV certificate to prove achievement of the ICV milestone to release the respective payment accordingly
