A few precisions should be made on the application of the model:
• A project need not include each parameter; in fact many projects do not include each of the parameters indicated.
• If a project satisfies more than one row in a given column, reference is made to the bottom row. Therefore a toll road project involving both Build and Refurbish would be referred to as a Refurbish project. This is because the bottom row represents the greater amount of risk allocated to the project company, and therefore reflects better the key issues associated with that parameter.
• There is a clear level of subjectivity to the application of this model, and therefore its results should be considered accordingly. For example, where the project company bears an obligation to finance the project, but the amount of financing required (beyond that available from project revenues) is not relatively significant, the model should not reference "Finance". This will entail a subjective assessment as to the relative significance of the amount of financing required from the project company.