Job Openings

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Available Positions:


Legal Advisory Services 

REQUEST FOR PROPOSAL 

1. Background

The Innovative Startups and SMEs Fund (ISSF) aims to increase early stage equity finance for innovative small and medium size enterprises (SMEs) in Jordan. ISSF puts into practice the first recommendation of the Jordanian Economic Policy Council to set up a fund to facilitate financing for innovative startups and SMEs in an effort to increase the level of startups with high-growth potential.  The fund was established and is to be managed based on best international investment practices.

The ISSF will invest in Jordanian innovative companies and in funds, incubators, accelerators and service providers seeking to support SMEs, entrepreneurship and the innovation space.The ISSF was created with contributions from the Central Bank of Jordan and the World Bank bringing the total capital of the ISSF to US$98 million.

The ISSF’s initial investment strategy will be to use a combination of direct investments in SMEs alongside private investment funds seeking to leverage financing on specific deals, and indirect investment in SMEs through funds. Initial selection criteria for all investments, Financial Management detailed guidelines, and an overview of the Fund can be found in the Project Operations Manual (POM) here.

2. Mission and Objective

ISSF is soliciting proposals from local qualified legal firms with international affiliation to conduct legal services relating to ISSF’s investment activities in companies and funds, including reviewing and negotiating contracts and agreements, managing legal formalities, providing legal risk management analysis and consultations. It should be noted that the companies and the funds in which ISSF invests may be internationally domiciled. Below is a detailed scope of work.

3. Scope of Work

The following scope of work is to be conducted by an entity who can manage all of the below requirements:

3.1 Investment in Companies:

    • Review of transaction documents prepared by the Target Company and provide a risk-based overview and comments on the key terms and conditions
    • Review of legal due diligence report prepared by the lead investor
    • Issuing legal opinion in relation to:
      1. The approvals required to conclude the transaction including any approvals by third parties or entities under governing law
      2. Advice on the key risks and mitigants, and enforce-ability of the terms, in the
        transaction documents.

3.2. Investments in Funds:

    • Review and completion of the transaction documents prepared by the Fund and provide a brief and comments on the key terms and conditions.  The transaction documents will include:
      1. Subscription Agreement
      2. Limited Partnership Agreement
      3. Side Letter
      4. Other documents that may be required under the applicable governing law
    • Issuing legal opinion in relation to:
      1. The approvals required to conclude the transaction including any approvals by third parties or under governing law
      2. Advice on the key risks and mitigants, and enforce-ability of the terms, in the transaction documents

The bidding firms shall have an affiliation with, or be part of, an international firm that will ensure the full scope of the legal services will be provided, as the domiciliation of the above companies and funds will dictate

4. Duration of Engagement:

One year from signing the legal agreement by both parties.

5. Proposal Contents:

The proposal should include the following:

5.1 Financial Proposal

The financial proposal will provide a detailed cost breakdown of all the items mentioned in this document under “Scope of Work”. The fee quotation should be presented for one transaction for each of the items under the Scope of work 3.1 and 3.2 above. The work under this Scope of Work will not be less than 5 transaction in total throughout the Duration of the Engagement.

The fee quotation should be based on a lump sum amount for each transaction type (Company or Fund). Please do not limit your fee quotation to an hourly charge.

5.2 Technical Offer

A detailed description of the required actions is expected to be undertaken by Service Provider to successfully implement and deliver the activities identified in the scope of work within the given time frame.

5.3 Past Performance and Profile

    1. Performance: provide a list of firms’ clientele base of similar scope.
    2. Profile: a brief on related team member and their expertise.

6. Confidentiality

A Non-Disclosure Agreement will be singed as an appendix to the agreement to be signed with the awarded firm.

7. Deadline for Application July 29th, 2020 at 12:00 PM

Proposals should be submitted by hand to the ISSF office located in the 3rd Circle, Tawfiq Abu Al-Huda St, Middle East Insurance Company Building, 1st Floor.