5.2  Process

The invitation to submit a binding bid signals a commitment by government to deliver the project by way of a public private partnership arrangement, subject to achievement of a best value for money outcome. Government should reserve the right to deliver the project by way of traditional procurement practices should the public private partnership alternative not represent value for money.

The key elements of the binding bid stage, illustrated in Figure 7 and described in further detail below, are:

∙  notification of the outcome of the expression of interest process

∙  finalisation and issue of binding bid documentation

∙  communication with proponents

∙  evaluation of binding bids

∙  consideration by Cabinet

∙  financial close

∙  preparation of project agreements summary.

Figure 7 - Key elements of stage five