Prior to the commencement of a PBDFC (and as early as possible post-selection of the PB), the Authority and the PB should meet to agree and document the following aspects of the proposed process:
■ the PBDFC timetable;
■ the identity of the financial institutions (or "potential funders") that the PB will invite to participate in the PBDFC;
■ the content and format of the information that the PB will provide the potential funders;
■ the elements of the required funding package that will be subject to the competition;
■ the format and content of the responses that will be sought from the potential funders;
■ the framework that will be used to evaluate the bids received; and
■ to the extent not already agreed, the PB's costs of running the PBDFC.
The Authority should seek appropriate advice from its Departmental PFU and also its financial and legal advisers at this early stage (and all future stages) in the PBDFC process.