37. By the time an IPT enters negotiations with a preferred bidder it should have a comprehensive risk matrix which is cross referenced to the project documents (see DPA PPFI Guidance Note: Drafting PFI Contracts) . The risk matrix is a useful précis of the position that has been reached on key risks and although it should never form part of the agreement it can form a useful audit trail of where positions have changed and in what context. It should continue to be updated throughout the process.