CBS Outdoor contract termination

Meeting: 
MQT on 2011-09-14
Session date: 
September 14, 2011
Reference: 
2011/2521
Question By: 
Caroline Pidgeon
Organisation: 
Liberal Democrats
Asked Of: 
The Mayor

Question

What is the cost in terms of contract penalties and lost advertising revenue to TfL of CBS Outdoor terminating their contract because of the delays in upgrading the tube network?

Answer

Answer for CBS Outdoor contract termination

Answer for CBS Outdoor contract termination

Answered By: 
The Mayor

Although Transport for London (TfL) is engaged in discussions with CBS Outdoor (CBSO) regarding the terms of the LU advertising concession, it does not accept that CBSO is entitled to issue a termination notice. TfL has therefore made clear to CBSO that it must honour its obligations under the contract and meet contract payments in full. These discussions are ongoing at a senior level.