The Proponent warrants that it will:
(a) exercise proper professional skill, care and Diligence in the development of all aspects of the Project Proposal, and that it will ensure that its Members, employees, contractors and consultants are so qualified and experienced and exercise such professional skill, care and Diligence;
(b) examine and verify the Project Owner's VFM Statement to the extent necessary for the preparation and submission of the Project Proposal under this Agreement;
(c) prepare a Project Proposal that the Proponent honestly and genuinely believes, if the Proponent is selected as the Successful Proponent, will achieve the Project Owner's VFM Statement; and
(d) develop the Project Proposal on the principles that:
(1) the TOC will be developed applying first principles elemental estimating procedures utilising a structure that has been agreed with the Project Owner;
(2) all efforts by the Proponent will be open, transparent and collaborative;
(3) all technical solutions will be robust and fit for purpose, and will satisfy the requirements of the Project Owner's VFM Statement;
(4) to the extent possible, all estimates of production rates, plant, equipment, materials and subcontract procurement costs will be validated by competitive market testing, or will otherwise be established by benchmarking to current industry best practice;
(5) all innovations and technical solutions identified by the Proponent in developing the Project Proposal will be incorporated into the Project Proposal and considered in determining the Risk & Contingency Provisions;
(6) there will be a genuine commitment to innovation and continuous improvement in the development of the Project Proposal and to satisfying the requirements of the Project Owner's VFM Statement;
(7) the Services will be performed in accordance with this Agreement; and
(8) the Works will be performed in accordance with the Project Alliance Agreement.