Guidance Note - The Participants must have a clear understanding of the Project Owner's objectives of the Project and the nature of the project asset being delivered under the Agreement. The Participants must formally commit to achieving the Project Owner's objectives of the Project (and, in particular, the Project Owner's VFM Statement) (as set out in this clause 2).

The Participants must work collaboratively to develop and agree a methodology or approach in designing, costing (as part of development of the TOC) and constructing the Works which will produce a "value for money" outcome having regard to the Project Owner's VFM Statement. The "value for money" outcome must be able to be demonstrated to the Project Owner, the State and other stakeholders of the Project, and should be assessed and subject to a Value for Money Report at Practical Completion. The Participants must give a real commitment to ensuring that the Project Owner is able to understand the methodology or approach used by the Participants in designing, costing and constructing the Works so that the "value for money" outcome can be demonstrated to the Project Owner.

The Project Owner has a responsibility to provide the Participants with a statement of its VFM proposition that is consistent with the Government approved Business Case.