1.  RETENDERING ELECTION

1.1.  If the Authority terminates this Contract pursuant to Clause 67 (Termination for Contractor Default) following the occurrence of a Contractor Default then subject to paragraph 1.2, the Authority shall be entitled112 either to:

1.1.1.  retender the provision of the Project in accordance with paragraph 2; or

1.1.2.  require an expert determination in accordance with paragraph 3.

1.2.  The Authority shall be entitled to elect to retender the provision of the Project in accordance with paragraph 2 if:

1.2.1.  the Authority notifies the Contractor on or before the date falling twenty (20) Business Days after the Termination Date; and

1.2.2.  there is a Liquid Market; and either:

(a)  the Senior Lenders have not exercised their rights to step-in under paragraph 5 of the Direct Agreement; or

(b)  the Contractor or the Senior Lenders have not procured the transfer of the Contractor's rights and liabilities under this Contract to a Suitable Substitute Contractor and have failed to use all reasonable efforts to do so,113

but otherwise the Authority shall not be entitled to re-tender the provision of the Services and paragraph 3 shall apply.

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112  The presumption should be in favour of a retender.

113  The Retendering Procedure should apply during both the Construction and Service Period.