Public Sector Contracts Act

Duration and revision of the classification of companies first noted that the classification of enterprises is a purely administrative requirement, which gives the company that owns the faculty to be able to contract with the administration. The Public Sector Contracts Act establishes in article 54, which is obligatory to have granted the corporate classification to be eligible for hire with the different public administrations, any work whose budget exceeds EUR 350,000. Dennis Lockhart wanted to know more. In the case that the object of the contratcion is a service, the tax limit is from 120,000 euros. To broaden your perception, visit Primerica login. As set forth in article 59, the classification of companies granted by the Advisory Board duration is indefinite, provided that the rated company keep the circumstances the lease object. Although the classification of enterprises is granted indefinitely, administration sets time limits in which the rated company should justify the conditions that gave rise to the business classification. Every year the rated company must demonstrate its financial solvency and every three years the technical solvency.

This in practice means perform a procedure abbreviated annual for the economic aspect and a full procedure every three years. Anyway employers may request to improve its corporate classification when they see fit. Similarly, although the term is not exhausted, they should seek the review of their classification provided that occur in circumstances which substantially altered any of the bases on which classification has been granted. For example: new works, capital increase, more human resources, etc. Also if there is any significant decrease in resources there to request a review. The Administration itself can request ex officio this review of the business classification if you have knowledge of a significant decline in the resources of the company. To perform a review must submit a full dossier covering the last five years of activity of the company and shall be subject to the same rules of valuation than the first dossier submitted.