Extension of Revenue Collection Contract ("RCC") with Cubic

In 2014, after a competitive tender, TfL entered into the RCC with Cubic Transportation Systems Ltd ("Cubic") for an initial term of 7 years, starting 17 August 2015, with an option to extend for a further 3 years. TfL exercised that option in 2017 and the RCC is now due to expire on 16 August 2025. TfL is in the pre-tender stages of retendering the RCC services. Given the complexity and importance of these services and the time required to complete the competitive tender and handover, and the numerous contingent factors which could delay this process, including anticipated delays in completing the replacement card reader roll-out programme, TfL considers that the RCC needs to be extended by one year, until 16 August 2026 ("Extension") in order to give sufficient flexibility and certainty that these contingent programme risks can be managed appropriately. As explained at IV.1.1 below, TfL considers that the Extension benefits from the exemption in Reg. 88(1)(b) UCR.