(a) At any time during the Required Period22 the Agent may issue a written notice (the "No Liquid Market Notice") to the Authority setting out the reasons why the Agent does not believe that a Liquid Market exists.
(b) On or before the date falling fourteen (14) days after the date on which a No Liquid Market Notice is received by the Authority, the Authority shall notify the Agent of its opinion as to whether or not a Liquid Market exists. Where the Authority believes that a Liquid Market does exist, such notice shall set out the reasons for the Authority's belief. If the parties do not agree whether or not a Liquid Market exists, then either party may refer the dispute to be determined in accordance with Clause 34 (Dispute Resolution) of the Contract.23
(c) If the parties agree or it is determined in accordance with Clause 34 (Dispute Resolution) of the Contract that no Liquid Market exists, the Contract shall automatically terminate and the provisions of Clause 23.2.9 (No Retendering Procedure) of the Contract shall apply.24
(d) If any dispute relating to this Clause 4 is determined under Clause 34 (Dispute Resolution) of the Contract, the Required Period shall be extended by the period of time spent determining such dispute under Clause 34 (Dispute Resolution).
______________________________________________________________________________________________________________
22 The Agent should only be permitted to issue a No Liquid Market Notice to the Authority during the Required Period. Any dispute as to whether or not a Liquid Market exists after the last day of the Required Period should be determined in accordance with Clause 23.2.7 (Retendering Election and Liquid Market) of the Contract.
23 Any dispute should be determined under the dispute resolution procedure (see Section 34.2). The dispute resolution procedure in the Contract will need to apply mutatis mutandis to the Funders' Direct Agreement.
24 The compensation payable to the Contractor in such circumstances will be determined in accordance with the procedure set out in Clause 23.2 (No Retendering Procedure).