16. Eurorail CTRL and LCR entered into negotiations with the Department over the specific terms of the contract. They carried out further work on their bids, including a due diligence process to satisfy themselves of the value of the assets they would acquire and further reviews of estimated passenger numbers. They also responded to changes proposed by the Select Committee of the House of Commons, which was considering the Hybrid Bill.
17. In December 1995, these two consortia submitted their final bids for the project reflecting the negotiations and further work. Two months later, LCR was awarded the concession as the selected private sector promoter, having best met the Government's criteria. LCR signed the contract which underpinned the design, construction, finance and maintenance of the link and the operation of Eurostar UK services with the Government on 29 February 1996. This contract, formally known as the Development Agreement, is one of a number of agreements that were signed between the parties over a myriad of issues ranging from changes in circumstances to land provisions. Under the Development Agreement, LCR was obliged to build the Link to minimum performance standards and in return would receive grants from the Government. The grant payments were to be linked to construction performance, with a proportion held back until completion and compliance with the minimum standards agreed. At the time, it was expected that construction would start in 1998 and that the Link would open in 2003.