5.1 The aim of the Stage 3 assessment, which runs as a continuous assessment from the issue of the OJEU Notice to contract award, is to ensure that both procuring authorities and sponsoring departments are fully appraised of market conditions and can identify any market problems early on in the procurement process, in order to effectively evaluate whether there is any erosion of VfM.
5.2 The Stage 3 assessment is more iterative in nature and applies throughout the procurement process from the issuance of the OJEU Notice through to Financial Close of the project. Stage 3 involves a series of ongoing 'checks' to ensure VfM. The objectives of Stage 3 are outlined below in Box 5.1:
| Box 5.1: Objectives of Stage 3 • Ensure that a robust competitive procurement process takes place and there is a healthly level of competition • The financial viability and capability of bidders are sufficient to achieve VfM • Feed back market intelligence to projects in earlier stages of planning and procurement • Confirm that the proposed risk sharing is appropriate and deliverable • Ensure that the Procurement process is efficient and equitable so that the costs emerging from competition and reasonable and stable • Determine if there is market abuse or failure • Determine the appropriate project structure and level of financial flexibility |