This part of the classification model asks whether the project company's obligations include significant new capital investment and/or refurbishment of existing assets in the early stages of the project, in particular where consideration of such construction obligations form a key aspect of a potential investor's assessment of the project. A new build obligation ("Build") will differ significantly in complexity and risk profile from construction involving existing facilities ("Refurbish"). The responsibility for procurement and management of major construction, in particular in the early phases of the project where the project revenue stream depends on the timely and successful completion of such capital expenditure, is a key driver of the risk profile for an infrastructure project. These construction obligations create a different risk profile for the project company, including managing construction contractors, increased cost risk and coordinating funding for such investment. The revenue profile of the project will often change significantly after completion of construction, making completion risk key to the financial viability of the project.