3.1 Any Participant or one or more Participant jointly wishing to procure a New Project ("Relevant Participant(s)") shall submit a written request for hubco to produce a Stage 1 Submission for that New Project, including:
3.1.1 indicative funding proposals setting out the maximum available capital and/or revenue which can be committed to that New Project (the "Affordability Cap");
3.1.2 any requirements in relation to a New Project that must be satisfied as part of a Stage 1 Submission and/or Stage 2 Submission, including any governmental or similar approval requirements (for example the requirement to comply with the Scottish Government's Capital Investment Manual process), funding approvals or grant conditions ("Specific Requirements"); and
3.1.3 a clear and objective Project brief setting out the scope of the work to be undertaken, supported by relevant information which is commensurate with any previous development work undertaken on the New Project. This should include any initial agreement that may be in place between the Participant and any relevant Government body (whether pursuant to the Scottish Capital Investment Manual process or otherwise), and may also include design information, tenants' requirements, business cases or other such information.
(a "New Project Request"). From time to time, the Relevant Participant(s) may have undertaken a significant degree of preparatory work relative to a New Project which would reduce the scope of the Project Development Partnering Services required to be provided for such New Project pursuant to this Schedule Part 5 (Approval Process for New Projects). In such circumstances:
(a) the Relevant Participant(s) shall indicate this in the New Project Request and shall provide details of the work done to date, any revised requirements for the Stage 1 Submission and/or Stage 2 Submission (or, in relevant cases, whether a Stage 1 Submission is required at all) and any proposed risk allocation including proposals for novation or otherwise of the design and/or other consultancy contracts which the Relevant Participants may have in place;
(b) hubco and the Relevant Participants shall agree the appropriate adjustments to the process set out in this Schedule Part 5 (Approval Process for New Projects) and Schedule Part 6 (New Project Pricing Report) necessary to reflect the circumstances of the Project, including timing and details of the proposed Project Development Fee (it being agreed that the Parties' intentions are for this process to be applied with least practicable adjustments); and
(c) the period for hubco's confirmation under paragraph 3.3 shall be increased to thirty (30) Business Days.
3.2 hubco shall be entitled to raise queries and request clarifications from the Relevant Participant(s) following receipt of a New Project Request so that hubco is able to fully assess the request and provide a meaningful response. The Relevant Participant(s) shall provide all reasonable assistance and co-operation in this regard.
3.3 hubco shall confirm in writing within twenty (20) Business Days of receipt of a New Project Request whether or not it will submit a Stage 1 Submission to the Relevant Participant(s). If hubco confirms that it does not intend to submit a Stage 1 Submission (or fails to give the confirmation referred to in this paragraph 3.3):
3.3.1 where the reason for not proceeding is that the Affordability Cap provided by the Relevant Participants is unrealistically low, hubco and the Relevant Participant(s) shall work together in good faith to seek to agree an alternative Project brief and/or Affordability Cap which can form the basis for a revised New Project Request. Failing an agreement on such terms within six (6) months of hubco's original confirmation, the Relevant Participant(s) shall be entitled to procure such New Project outside the terms of this Agreement and shall not be or be deemed to be in breach of Clause 9 (Exclusive Nature of this Agreement) unless such New Project is a Qualifying Project and they commence to procure such New Project prior to the expiry of ten (10) years from the Commencement Date at a substantially greater cost than the Affordability Cap (adjusted, for these purposes to reflect changes in MIPS or BCIS TPI (as specified by the Relevant Participant(s)) from the date of the New Project Request); and
3.3.2 in all other cases, the Relevant Participant(s) shall be entitled to procure such New Project outside the terms of this Agreement and shall not be or be deemed to be in breach of Clause 9 (Exclusive Nature of this Agreement).
3.4 Any specific requirements of the Relevant Participant(s) for demonstrating value for money in respect of a specific New Project shall be notified to hubco as a Specific Requirement.