7  Approval Criteria

7.1  For the purposes of this Section 4 (High Value Changes), Approval Criteria means the criteria against which any Stage 1 Approved Project is to be judged by the Authority in determining whether it achieves Stage 2 Approval.  The criteria are:

7.1.1  whether the costs of the Stage 1 Approved Project are within the Target Cost notified to Project Co by the Authority;

7.1.2  whether it has been demonstrated that the Stage 1 Approved Project provides value for money assessed in accordance with the measures identified by the Authority in accordance with paragraph 2.1.4 of this Section 4 (High Value Changes); 

7.1.3  whether the Authority, acting reasonably, is satisfied that the High Value Change Stage 2 Submission meets the High Value Change Requirements; 

7.1.4  whether any material changes or amendments to the relevant Project Document(s) as detailed pursuant to paragraph 4.3.1 of this Section 4 (High Value Changes) are acceptable to the Authority, acting reasonably; and

7.1.5  whether the High Value Change Stage 2 Submission contains all the information required pursuant to paragraph 4.3 of this Section 4 (High Value Changes) (or as otherwise agreed by the parties).