43. This stage follows on immediately from Stage 2 and is more iterative in nature. The emphasis is on identifying market problems early in the process This stage will apply throughout the procurement period, from the issuance of the Official Journal of the European Union (OJEU) notice through to financial close. VFM is judged by:
∙ the quality of the competition;
∙ the success achieved in transferring to the private sector an appropriate level of risk;
∙ the reasonableness and stability of costs emerging from the competition following an efficient procurement process.