Contract Summary

This is an Awarded Contract document involving the State of Florida, Department of Management Services (DMS), and Bank of America (BOA). The contract represents a master agreement for financial services and is identified as contract number R321169. The agreement establishes terms under which Bank of America will provide services to the State of Florida and potentially other eligible entities within the state system.

Bank of America will provide merchant acquiring services, payment processing, and related financial transaction services under this contract. The agreement includes pricing structures based on transaction volumes and service categories, with rates determined through competitive procurement. The contract includes standard renewal and option periods typical of state master agreements, allowing for extended terms upon mutual agreement. Pricing, payment terms, discounts, and specific service level requirements are detailed in the contract documents and associated price schedules. The contract is funded through departmental budgets and transaction-based fees, with costs distributed among using agencies based on actual service utilization. Additional salient terms include compliance with state procurement regulations, insurance and bonding requirements, data security standards, and provisions for contract administration through the Department of Management Services.