Cloud-Based (SaaS) Financial Management Software

Transcription

1 We Are Here For Your Benefit REQUEST FOR PROPOSAL for Cloud-Based (SaaS) Financial Management Software Ronda Stegmann Acting Executive Director Project Manager: Lori Woratzeck, Chief Finance Officer Phone: (573) DUE DATE FOR RESPONSES TO RFP: April 12, :30 p.m. Central Daylight Time

2 TABLE OF CONTENTS Page SECTION I - INTRODUCTION... 3 A. Nature of Request... 3 B. Closing Date for Receipt of Proposals... 3 C. For More Information on the RFP... 4 D. MOSERS Information... 4 SECTION II - RESPONDENT QUALIFICATIONS... 5 A. Mandatory Qualifications... 5 SECTION III - REQUIREMENTS... 5 A. General Requirements for Responding to this RFP... 5 B. General Scope of Services... 6 SECTION IV - INSTRUCTIONS FOR SUBMITTING PROPOSALS... 6 A. General Requirements... 6 B. Specific Requirements... 6 SECTION V - SELECTION PROCESS AND EVALUATION CRITERIA... 7 A. Selection Process... 7 B. Evaluation Criteria... 7 SECTION VI - MISCELLANEOUS TERMS AND CONDITIONS... 8 A. Contractual Agreement... 8 B. Right to Reject... 9 C. Open Records... 9 D. Competitive Negotiations of Proposals... 9 Exhibit A RFP Questionnaire Exhibit B Fee Proposal Exhibit C - Chart of Accounts Structure Exhibit D System Requirements Exhibit E - Deliverables Exhibit F - Political Contribution Policy Exhibit G - Federal Work Authorization Policy Exhibit H - Confidentiality

3 SECTION I INTRODUCTION A. Nature of Request The Missouri State Employees Retirement System (MOSERS) is soliciting proposals for the licensing and implementation of a Cloud-based (SaaS) Financial Management Software Solution. Specifically, respondents (also referred to herein as bidders) should propose a solution consisting of the licensing and implementation of a fully integrated system consisting of the following modules: General Ledger Accounts Payable Financial Analytics and Reporting/Ad-hoc Query Bank Reconciliation/Cash Management Accounts Payable Workflow with Invoice Routing Asset Management Budgetary Control Accounts Receivable Expense Management (optional) Budget Preparation (optional) MOSERS will evaluate proposals to determine which respondent can best meet the needs required in this proposal. MOSERS is willing to modify business processes to adapt to a qualified vendor solution and does not anticipate customizations to the product. If the implementation vendor is a separate company from the software vendor, the implementation vendor should act as a reseller of the software with one contract for both the implementation and services. We are currently using PeopleSoft version 8.8 for General Ledger, Accounts Payable and financial reporting. Because these modules are running on an unsupported version, it is our highest priority to replace these first. We also use Sage for fixed asset tracking and PowerPlan for Budget Preparation. We can continue to use these products if replacements are not financially feasible. There are eight users in Finance (Accounting), approximately users for budget reporting and budget preparation and 105 users that could possibly submit expense reports. B. Closing Date for Receipt of Proposals The proposal must be received by 4:30 p.m. Central Daylight Time on April 12, 2018, for the respondent s proposal to be considered. There is no expressed or implied obligation for MOSERS to reimburse a respondent for any expenses incurred in preparing a response to 3

4 this request. MOSERS also reserves the right to request additional information or clarification from any respondent, or to allow corrections for errors or omissions at any time during the evaluation process. C. For More Information on the RFP If you are interested in responding to this RFP and need additional information to prepare a proposal or have specific questions, please contact the project manager as noted on the cover page of this RFP. Any correspondence, including your submission of a response to this RFP, should be ed to the project manager by the date and time specified in Section IV. A. herein. D. MOSERS Information MOSERS is an instrumentality of the State of Missouri vested with the powers and duties specified in state law. MOSERS provides retirement, survivor, disability, and life insurance benefits to its members. MOSERS is responsible for managing an $8 billion portfolio of investments held in trust for the payment of member benefits. MOSERS also administers the state employees deferred compensation plan and a defined contribution plan for certain educational employees, as well as a long-term disability plan and a life insurance plan. For additional general information relating to MOSERS, please refer to the Comprehensive Annual Financial Report (CAFR) for the year ended June 30, 2017, which is available on our website at: MOSERS/Annual- Report.aspx. 4

5 SECTION II - RESPONDENT QUALIFICATIONS A. Mandatory Qualifications Respondents must satisfy all of the following mandatory minimum qualifications as outlined below in order to be considered for the contract award: 1. The respondent must agree to enter into a written contract. 2. The respondent must agree to provide the minimum services as detailed in Section III, as well as comply with all the requirements stated in the RFP. 3. The respondent must provide assurance that the key professionals and/or their organization do not have, nor could they potentially have a material conflict of interest with MOSERS or any MOSERS service providers. 4. The respondent must demonstrate proficiency and experience in providing services specified in Section III. 5. The respondent must agree to comply with the Political Contribution Policy as noted in Exhibit A as well as the Federal Work Authorization Policy noted in Exhibit B. SECTION III REQUIREMENTS A. General Requirements for Responding to this RFP To be considered complete, a submission shall include: 1. A cover letter, including the following: a. Statement indicating that the respondent meets the minimum qualifications in Section II. b. The concluding statement: I hereby certify that I have read the RFP in its entirety and fully understand the requirements listed therein. I further certify that I am an authorized agent of the respondent empowered to submit the response to the RFP and authorized to sign a contract with MOSERS. c. Signature of the authorized agent of the respondent. 2. Completed RFP Questionnaire (Exhibit A). a. Includes affirmative statement that Requirements of Exhibits C, D, and E will be met. 5

6 3. Completed cost document (Exhibit B). Each of the above documents must be submitted in Adobe Portable Document Format (PDF). B. General Scope of Services 1. Implementation of a SaaS financial management solution meeting the requirements of Exhibit E and F. Services will include: a. Project management services b. Consulting services for configuration, design and testing c. Deliverables defined in Exhibit G d. Annual licensing of products selected by MOSERS SECTION IV - INSTRUCTIONS FOR SUBMITTING PROPOSALS A. General Requirements Inquiries: Any questions regarding this RFP must be submitted in writing via to the project manager. To ensure that all respondents have the same information and instructions concerning the preparation of the proposal, all questions received will be responded to in writing and posted on MOSERS website. Timeline of Activities for this RFP Event or Milestone Date RFP issued and posted to MOSERS website March 22, 2018 Proposal due date April 12, 2018 Possible presentations Week of April 16, 2018 Decision made April 20, 2018 B. Specific Requirements All proposals and accompanying documentation become the property of MOSERS and will not be returned. The proposals must be ed no later than 4:30 p.m. Central Daylight Time, April 12, Please refer to the cover page for delivery name and address. 6

7 Each proposal must conform to the requirements of this RFP. Conciseness and clarity of content are emphasized and encouraged. Failure to provide the required information may result in disqualification. MOSERS reserves the exclusive right to determine compliance with these requirements and to exclude from consideration proposals which, in the judgment of MOSERS personnel, do not so conform. A respondent s preparation and submission of a proposal or subsequent participation in presentations or contract negotiations creates no obligation for MOSERS to award a contract or to pay any associated costs. SECTION V - SELECTION PROCESS AND EVALUATION CRITERIA A. Selection Process Designated MOSERS staff will review proposals timely submitted by respondents and rank the proposals submitted for use in determining the recommended bidder, subject to successful contract negotiations. The respondents and MOSERS representatives may discuss the respondent s proposal as part of the evaluation process. The contract will be subject to final approval by the Executive Director. B. Evaluation Criteria Proposals submitted in response to this RFP may be accepted as submitted, or may be used as a basis for further negotiation of specific project details with respondents. In evaluating proposals, MOSERS will consider: 1. Demonstrated competence, knowledge, reputation, and qualifications of the vendor s organization as a whole and of its professional staff; 2. Number of previous successful implementations similar in nature to MOSERS; 3. Quality, conciseness, clarity, and completeness of the proposal; 4. Vendor s ability and willingness to meet the requirements and needs of MOSERS with respect to the requirements outlined in Section III of this RFP; and 5. Reasonableness of fees. 7

8 If all other considerations are equal, a company whose principal place of business is within the State of Missouri, or who will manage the engagement wholly from one of its offices within the State of Missouri, may be given preference. SECTION VI - MISCELLANEOUS TERMS AND CONDITIONS A. Contractual Agreement The respondent will include a cover letter certifying that the person signing the response to the RFP is authorized to represent the bidder, empowered to submit the bid, and authorized to sign a contract with MOSERS by including the following wording: I hereby certify that I have read the RFP in its entirety and fully understand the requirements listed therein. I further certify that I am an authorized agent of the respondent empowered to submit the response to the RFP and authorized to sign a contract with MOSERS. A copy of this RFP (and any amendments thereto) as well as the successful response to the RFP will be attached to a completed contract. The contract terms will be negotiated between MOSERS and the successful bidder. All respondents are cautioned that a proposal shall be subject to acceptance by MOSERS without further clarification. The successful bidder will be asked to provide a contract template that is customary in the industry. MOSERS legal counsel will review the contract prior to signature by the Executive Director. The contract shall be construed according to the laws of the State of Missouri. The respondent shall comply with all local, state, and federal laws and regulations related to the performance of the contract to the extent that the same may be applicable. The successful bidder will represent that it is an independent organization and shall not represent itself or its employees to be employees of the State of Missouri or MOSERS. Therefore, the successful bidder shall assume all legal and financial responsibility for taxes, FICA, employee fringe benefits, workers compensation, employee insurance, minimum wage requirements, overtime, etc., and agrees to indemnify, save, and hold harmless MOSERS, its trustees, officers, agents, and employees, from and against, any and all loss, cost (including attorneys fees) and damage of any kind related to such matters. The successful bidder may not assign its rights or obligations under the contract without the prior written consent of MOSERS. 8

9 B. Right to Reject Submission of a response to the RFP indicates acceptance by the respondent of the conditions contained in this RFP unless clearly and specifically noted in the response submitted and confirmed in the contract between MOSERS and the respondent selected. MOSERS reserves the right to reject any and all responses to the RFP submitted without any obligation or payment for costs incurred by proposing respondents. MOSERS reserves the right, where it may serve MOSERS' best interest, to request additional information or clarification from any respondent, to allow corrections of errors or omissions, or to discuss points in the response to the RFP before and after submission. MOSERS reserves the right to waive any and all formalities contained within this RFP except for the deadline for filing. Responses to the RFP received late will not be considered. MOSERS reserves the right to retain each response submitted. C. Open Records Copyrighted proposals are unacceptable and will be disqualified as non- responsive. Following the award of a contract, responses to this RFP are subject to release as public information unless the response or specific parts of the response can be clearly shown to be exempt from the Open Records law of the State of Missouri (Chapter 610). If there is concern about this issue, respondents are advised to consult with their legal counsel regarding disclosure issues and take the appropriate precautions to safeguard proprietary information. MOSERS will release a copy of such proposals upon request after entering into a contract. MOSERS assumes no obligation or responsibility for asserting legal arguments on behalf of any respondent to this RFP to maintain any portion of a proposal as a closed record under the Open Records law. D. Competitive Negotiations of Proposals The respondent is advised that under the provisions of this RFP, MOSERS reserves the right to conduct negotiations of the proposals received or to award a contract without negotiations. If such negotiations are conducted, the following conditions shall apply: a. Negotiations may be conducted in person, writing, , fax, or phone. b. Negotiations will only be conducted with respondents that have submitted potentially acceptable proposals. c. Terms, conditions, prices, methodology, or other features of the 9

10 respondent s proposal may be subject to negotiation and subsequent revision. d. As part of the negotiations, the respondent may be required to submit supporting financial, pricing and other data in order to allow a detailed evaluation of the feasibility, reasonableness, and acceptability of the proposal. Respondents may also be asked to provide presentations and/or product demonstrations at the MOSERS office. MOSERS reserves the right to forgo respondent presentations and/or product demonstrations. At MOSERS discretion, Best and Final Offers (BAFOs) may be solicited from respondents after the initial review of proposals and/or product demonstrations (if conducted). BAFOs may include but are not limited to cost, scope changes and staffing changes. MOSERS reserves the right not to solicit BAFOs. 10

11 Exhibit A - RFP Questionnaire Please provide responses to the following questions: 1. Provide the contact information for the primary RFP contact. 2. Provide an overview of the bidder s qualifications and experience with public sector engagements. Confirm that the implementation vendor is a certified implementation partner of the software proposed. 3. Provide a summary of the qualifications of the proposed team members. 4. Detail any ISO accreditations obtained on the software. 5. Provide a copy of the software vendor s most recent SOC 2 report. 6. Confirm that you can accommodate the Chart of Accounts structure listed in Exhibit C. 7. Confirm with an affirmative statement that your software will accommodate the requirements listed in Exhibit D without customizations to the software. If some items cannot be accommodated, detail these exceptions. You do not need to provide information on each item that you are confirming that you can provide, only the exceptions. 8. Confirm that you are willing to provide the deliverables listed in Exhibit E 9. Please provide a summary of the technical environment and processes including backups, redundancy, and security. Is the client given a sandbox or testing environment? How is that environment refreshed? Is there a cost associated with this environment? 10. Give a brief overview of the upgrade process detailing responsibilities of the client vs. responsibilities of the vendor. 11. Please identify three references from similar public sector implementations handled by your firm. 11

12 Exhibit B Fee Proposal The services listed in Section III of the RFP under Scope of Services should form the basis for the proposed fees in the table below. The method of payment will be set forth in a contract to be entered into with the selected firm. Fees may be negotiated in the course of the search process depending on the variance from the other proposals. The proposed fees shall be guaranteed for the duration of the contract. Specify the implementation cost and annual licensing fee for each module listed in the table below. Please incorporate travel costs into the fee proposal. If your modules are named or grouped differently, please indicate the functions included in your modules. Please indicate if the cost is a per user fee or a site license. General Ledger Accounts Payable Modules Implementation Cost Annual Licensing Fee Financial Analytics and Reporting Ad-hoc Query Bank Reconciliation/Cash Management A/P Workflow and Invoice Repository Asset Management Budgetary Control Accounts Receivable Budget Preparation Expense Management 12

13 Exhibit C Chart of Accounts Structure MOSERS currently has two separate charts of accounts one for the Retirement Company and one for the Insurance Company. The same structure is used for both; however, not all numbers are used in both. We plan to implement only one chart of accounts in the new system. Business Unit used to track retirement transactions vs. insurance transactions. A fund could also be used for this purpose. MOSERS has the following funds: o MSEP Fund (fiduciary fund) o Judicial Fund (fiduciary fund) o Insurance Fund (proprietary fund) o Deferred Compensation Fund (fiduciary fund) All funds must be self-balancing and establish due to/due from entries for reimbursements between funds. Department used to track administrative departments. Budgetary authority, invoice approval, and expense approval should generally be dictated by the general ledger department. Account used to track the object of the expense, such as salaries, supplies, or type of revenue. Project used as a further breakdown of expenses. Product Used as a further breakdown of expenses. Currently used to track legal expenses by billing matter and types of insurance payments. At least two additional chart of accounts elements should be available for future use. 13

14 Exhibit D System Requirements General/Technical 1. Solution should be a fully Cloud-based SaaS solution. 2. Data should be inaccessible by other clients. 3. Must provide a testing environment that can be accessed as needed by the client. 4. Federal and State tax updates should be provided regularly with the client having the ability to determine when the update will be loaded and tested. 5. Upgrades should be provided regularly with the client having the ability to determine when the upgrade will be applied and tested. Ability for the client to determine if an upgrade will be applied. 6. Must provide seamless integration with Microsoft Office products such as Excel, Word and Outlook with secured click-through capabilities from Excel to the application. 7. Ability for a user to bookmark favorites or modify their landing page to display most used functions. 8. Must provide built-in workflow for transaction approvals and reminders. 9. Product must be easily configurable to allow for seamless upgrades. 10. Product should work with Active Directory. 11. Product should allow for two-step sign-in verification. 12. Product should provide well-documented API s that allow for easy access and integration to third-party products. General Ledger 1. Must provide the capability for the chart of accounts elements detailed in Exhibit C. 2. Ability to import journal entries from various file types including Excel and text files. 3. Ability to mask journal entry numbers by subsystem source, such as A/P or A/R, but still maintain the same sequential numerical structure. 14

15 4. Ability to require self-balancing funds with due to/due from accounts used to track amounts due between funds. 5. Ability to accept the next sequential journal entry number or enter your own (based upon security limits). 6. Ability to copy an existing journal entry to a new journal entry using the same or a different date. Ability to reverse the signs of the original journal when creating the new journal or to keep the original sign. 7. Ability to reverse or un-post a journal entry. 8. Ability to require certain chart of account elements for all transactions (for example, fund and account is required for every transaction) but to only require others based upon certain criteria (for example, a product is always required if the legal expense account is used). 9. Ability to re-close a month or year as many times as needed. Ability to have multiple fiscal years or months open at one time. 10. Ability to define multiple fund balance/retained earnings accounts and identify which of these specific revenue and expense account will update during the year-end close process. 11. Ability to require a second level of approval for certain journal entries based upon a source, initiating user, or other identifying item. 12. Ability to control budgets at a department and account rollup level based upon the chart of accounts. 13. Ability to track statistical items in the primary or secondary ledger. These would follow the same chart of accounts as the financial transactions. Examples could be hours, FTEs, number of retirees paid, number of items printed, etc. 14. Provide for unlimited number of lines available in an imported or manually created journal entry. 15. General Ledger inquiries should allow the user to search transactions by date, chart of account element or elements, fiscal year, fiscal year/period or other user defined criteria. Ability to easily drill to the source transaction. 16. Ability to export inquiry results to excel. 17. Ability to edit and post journals on an individual or batch basis. 18. Should not have limits on amount fields. 15

16 Accounts Payable 1. Ability to charge an invoice to multiple funds, but pay from the bank account of one fund/company. The system should track a due to/due from item. 2. Ability to force invoice entry controls to prevent duplicate payments. For example, spaces are not allowed in an invoice number. 3. Ability to pay via check or ACH. Bank NACHA files should be generated for ACH payments and a positive payment file for checks. 4. Ability to pay from multiple bank accounts. 5. Vendor master file should be effective dated with controls to prevent duplicate vendors. 6. Ability to combine multiple invoices for the same vendor into one payment or to separate if necessary. 7. Ability to control the description that flows to the general ledger from an A/P entry. 8. Ability to run an open invoice report and tie to the general ledger. 9. Provide for automatic check numbering by bank account. 10. Allows for check formatting per standard banking specifications. 11. A/P invoice inquiry should allow for searches based upon date, vendor, invoice number or other user defined criteria. 12. A/P payment inquiry should allow for searches based upon payment date, vendor or other user defined criteria. 13. Ability to export all inquiry results to excel. 14. Ability to provide warnings or edits for duplicate vendors or invoices. 15. Ability to route items for approval based upon budgetary department, amount, user or other pre-defined criteria. 16. Ability to void and reissue a check without closing the liability. 17. Ability to void a check and close the liability. 16

17 18. Ability to create paper or electronic 1099-MISC forms Accounts Payable Workflow/Invoice Retention 1. Ability to process invoices through an integrated workflow. Should include easy methods to add scanned or ed images into the workflow including pre-populating fields using OCR. 2. Should provide easily configurable approval rules based on user, department, amount, etc. 3. Invoices should be stored indefinitely based upon client rules. 4. Invoice copies should be viewable to a user via transaction drill downs from the application. Asset Management 1. Ability to define depreciation rules based on asset type. 2. Ability to calculate depreciation and post entries to the general ledger. 3. Ability to automatically calculate gain/loss amounts upon disposition. 4. Ability to transfer assets between departments and assign the user responsible. 5. Ability to import information from a portable barcode scanner 6. Ability to generate asset listings by department as of a given date. Bank Reconciliations/Cash Management 1. Ability to import cleared check information from the bank 2. Ability to export issued check files for import into the bank s positive pay system. 3. Ability to identify stale dated checks based upon client rules. 4. Ability to generate outstanding check reports as of a given date. 5. Ability to enter cash receipts and generate bank deposit information. 6. Ability to apply cash receipts to receivables. 17

18 Budgetary Control 1. Ability to track actuals against budgeted amounts. 2. Ability to set budgetary control at a detailed or roll up level. 3. Ability to provide warnings or a hard stop when budget levels are exceeded. Financial Analytics and Reporting/Ad-hoc Query 1. Ability to easily customize core financial statements. 2. Users should be able to easily create reports using tools provided within the application. 3. Ad-hoc query capabilities should be available within the system without using a third party query tool. 4. Data should be readily available to end users via dashboards without running reports. 5. Chart of Accounts rollup (tree) structure that allows reports to automatically include new accounts, departments, etc. without modifying the report layout. Accounts Receivable 1. Ability to track amounts due from various individuals. 2. Ability to generate reminder statements electronically or via paper. 3. Ability to track payments made by source, date, etc. 4. Ability to reverse payments that do not clear the bank. Expense Management 1. Ability for end users to enter their own expense reimbursement requests and track progress of approvals, payments, etc. 18

19 2. Ability to define reimbursement rules based upon type of expense. 3. Ability to define approval rules based upon user s department and amount of request. 4. Ability to request pre-approval track whether a trip was pre-approved when expense reimbursements are entered. 5. Ability to issue cash advances and easily apply amount against a future expense reimbursement. 6. Ability to use federal per diem reimbursement amounts if required. 7. Ability to track expenses against a trip without reimbursement to the traveler (such as a registration fee paid through accounts payable). 8. Use of a mobile app to easily add pictures of receipts to a request. Budget Preparation 1. Ability to track prior iterations of the budget. 2. Ability to display actuals for one or more prior years. 3. Ability to add notes on an expense budget item. 4. Ability to forecast salary and benefit amounts based upon rates and other pre-set rules. 5. Ability to track changes made by others in the approval hierarchy. 6. Ability to easily export data for the production of a budget document. Data Conversion 1. MOSERS wishes to covert at least ten years of monthly general ledger balances to the new system. Internal staff will be available to export data from PeopleSoft, crosswalk ledger data to new chart of accounts and build journal imports. 19

20 Exhibit E Deliverables At a minimum, the bidder will be responsible for the following deliverables during the project. A. Comprehensive Project Plan Detailed listing of tasks for the entire project that includes the following for each task: due date, responsibility, predecessors. Tasks to include in the project plan will include all migration, implementation and training activity, deadlines, milestones, sign offs, review periods, and deliverables. B. System Design Documents Implementation work product that identifies both the business process decisions as well as system configuration decisions for each business process and system feature. C. Testing Scripts Test scripts based upon the functional requirements and system design documents for each business process and system configuration. D. Training Documentation Complete end-user system manual that describes and illustrates how to use the application. The training documentation shall include screen shots for all configured business processes. E. Interfaces - The Proposer shall successfully replicate the interfaces that are currently being used in the existing PeopleSoft environment if still required. Inbound: Journal entries from Excel and text files Cleared check files from the banks Invoice creation from current Eclipse system * Budget import from PowerPlan* Outbound: ACH files from A/P to the banks Issued check files from A/P to the bank s positive pay system Ledger export to PowerPlan* Payments file loaded into the MOSERS accountability portal Invoice attributes loaded back to Eclipse system* *Interfaces that could be eliminated with new system 20

21 Exhibit F - Political Contribution Policy The Executive Director shall advise all external service providers in writing that the Board of Trustees has taken the position that it is inappropriate and unethical for any outside service provider to make any political contribution with the intent of influencing a purchasing, hiring or firing decision made at MOSERS and shall provide a copy of this policy to all current service providers. The Executive Director shall also notify all external service providers that a violation of this policy may lead to termination of employment or prohibition from hiring. If the Executive Director has reason to believe that this policy may or will be violated by an external service provider, the Executive Director shall require the external service provider (including owners and key employees) to disclose political contributions made to any incumbent or candidate for state office in the last two years and shall provide written notice to the Board in the event the disclosure reveals any such contributions were so made. 21

22 Exhibit G - Federal Work Authorization Policy The Executive Director shall advise all external service providers where the purchase of goods or services is in excess of five thousand dollars that as a condition for the award of contract, the external service provider shall be enrolled and participate in a federal work authorization program with respect to the employees working in connection with the contracted services and shall not knowingly employ any person who is an unauthorized alien in connection with the contracted service. 22

23 Exhibit H: Confidentiality The respondent that receives the contract award shall maintain all files and any other information provided by MOSERS necessary to provide the services herein in a secure and limited access area, under the strictest confidence and, accordingly, will not alter or disclose such files or other information except as provided herein. Upon the completion of the services, all such information and materials provided by MOSERS (hereafter Confidential Information ) will be returned to MOSERS unless otherwise directed by MOSERS. The respondent that receives the contract award will not disclose any of the Confidential Information in whole or in part without the prior written consent of MOSERS, unless required to do so by a court order or by law, in which case the respondent shall notify MOSERS in writing prior to making any such disclosure. The respondent that receives the contract award shall further limit access to Confidential Information to those of its employees, officers, and directors who reasonably require such access in the performance of their duties for MOSERS and shall take all such necessary precautions and exercise the same duty of care that advisor would undertake to prevent the disclosure of its confidential and proprietary information. In the event the respondent that receives the contract award breaches any provision of this confidentiality provision, MOSERS will be entitled to seek any relief and remedy available at law or in equity. In the event that respondent that receives the contract award discloses any Confidential Information in breach of this provision or applicable law, the parties recognize and agree that MOSERS will suffer irreparable injury and that MOSERS will, therefore, be entitled to obtain injunctive relief without the obligation to post a bond. The remedies herein provided and those otherwise available at law or in equity shall be cumulative, and no one remedy will be construed as exclusive of any other. *********************End of Document********************** 23