3.1 hubco and the Relevant Participant(s) shall, at the start of each stage of the New Project Approval Process for each New Project, agree a programme:
3.1.1 for hubco and the Relevant Participant(s) to meet and agree, no later than 4 weeks after the commencement of that stage:
(a) which elements or components of the projects contained within the Pricing Data are appropriate Comparators for the corresponding elements or components of the New Project in question (excluding the Project Development Fee, to which Schedule Part 4 (Partnering Services Costs) shall apply);
(b) in respect of the elements and/or components referred to in paragraph 3.1.1(a), the adjustment (if any) to be made to the relevant figure or percentage specified in the Pricing Data to reflect variances between the Comparator as identified in the Pricing Data and the details of the New Project, such adjustment to be carried out in accordance with the principles set out in Appendix 1 (Comparator and Initial Pricing Information) to Schedule Part 4 (Partnering Services Costs); and
(c) where, for any one or more element or component of such New Project there is not an appropriate Comparator, appropriate projects to act as a benchmark for such purposes,
and hubco and the Relevant Participant(s) shall attend such meetings and co-operate as may be necessary to reach agreement on said matters; and
3.1.2 for issue to the Relevant Participant(s) of a draft Pricing Report.
Where updated drafts of the Pricing Report are required to be submitted pursuant to paragraph 4.2, hubco and the Relevant Participant(s) shall agree the necessary changes to the programme to reflect such requirements.
3.2 Subject to paragraph 4.6, the price proposed by hubco for each of the relevant elements or components of each New Project to which paragraph 3.1.1(a) above applies shall not exceed the relevant figure (or percentage if applicable) for the relevant Comparator specified in the Pricing Data as adjusted pursuant to paragraph 3.1.1 above.