Potential funders should be given clear guidance on the content and format of the responses that are required. Response requirements are likely to include:
■ a term sheet (and any other supporting documentation) fully describing their proposed financing structure and their detailed terms and conditions of the offer;
■ a letter of support confirming their ability to meet the project's timetable, outlining the resources they will commit to finalising the transaction, confirming their acceptance of the appointed due diligence advisers and describing the level of credit support that has been achieved; and
■ a comprehensive commentary of any issues raised by their review of the project documentation (and preliminary due diligence reports) that they believe are a cause for concern in context of their bid.
Notwithstanding the above response requirements, flexibility should be allowed for in the content and format of responses, in order to encourage potential funders to submit proposals based upon any financing solution that they believe to be economically attractive to the Authority and PB.