2.24 The Service was conscious, from an early stage in the project that risk transfer needed to be carefully considered and its market-sounding exercise in 1996 took initial soundings. This helped identify what risks the private sector was likely to accept, together with those which were likely to be shared and/or retained. The private sector expressed reservations about accepting the transfer of any volume/usage, malicious damage or security risks. The Service used these findings in drawing up its Invitation to Negotiate, and in establishing the proposed allocation of risk and Heads of Agreement. This in turn helped to inform the selection process for the PFI contract.