It is important, however, to assess value for money by reference to the whole life costs and benefits of the project

3.16  Departments should always take into account the costs and benefits which are expected over the full life of a PFI project when assessing whether the contract represents value for money. This approach should be adopted when assessing the value for money of contractors' original bids and the final contractual terms, and in any subsequent assessments of value for money during the contract period. It is equally appropriate, therefore, for departments to reassess the value for money of a PFI project when faced with a possible refinancing. Where, as a result, a department has concerns about the value for money assessment, it should consider using the benchmarking principles outlined at paragraphs 3.6 to 3.12 as a basis for negotiating a share of refinancing benefits.