A preferred Proponent is selected from the competitively bid Final Project Proposals and the Owner will negotiate, if necessary, until the Proposal meets the requirements of their VfM Statement.
The Owner retains the second Proponent until the preferred Proponent's Final Project Proposal is accepted. This allows the Owner to revert to the second Proponent if they cannot reach agreement with the preferred Proponent.
The Final Project Proposal is evaluated against separate project-specific and pre-determined selection criteria based on the four components (project solution, team, commercial arrangements and TOC) including the observations of the Owner Participants over the selection phases.