To negotiate the PPP contract and reach financial close, the public contracting authority and its team of advisers need to ensure that key questions related to the PPP contract, financing and ancillary agreements have been adequately addressed. For example,

□ Has a negotiating team been assembled and empowered to take decisions on most issues pertaining to the PPP contract?

□ Have the contracting authority and the negotiating team agreed a negotiating strategy, including an assessment of the position of the contracting authority on key issues and a risk management strategy?

□ Have the legal advisers evaluated the marked-up draft PPP contract, assessing it against its risk allocation and Value for Money implications?

□ Have the financial advisers assessed affordability, project costs, sources and costs of funding, project "bankability" (including private consortium composition, structure, risk distribution and funding plan)?

□ Have the negotiations resulted in terms and conditions that vary substantially and materially from the bid offer and therefore could be open to challenge because they are less favourable or could have resulted in the selection of a different bidder?

□ Have all the legal and administrative requirements of contract award been complied with?

□ Is the PPP contract still affordable and does it represent Value for Money?