Comparing bids can be more complex where different financing solutions are presented and bid documentation should be drafted to facilitate a transparent comparison of all finance solutions or categories of solutions.
One option for the Contracting Authority may be to require bidders to submit a compliant bid based on specific terms (e.g. bank debt), but to permit variant bids as well (e.g. bond financing). The Contracting Authority should bear in mind that preparing two financing offers is costly for bidders and bidders are likely to want to select a financing approach as the bid process reaches the latter stages and a fully developed solution is typically required. As is the case for any tenders that require significant bidder investment, the Contracting Authority may wish to consider whether it is appropriate to reimburse part of the costs associated with preparing financing proposals.
As flagged in Section 9.3.1, specialist expertise is essential to assist in bid evaluation and, as regards bond solutions specifically, to assess differences in placement capability, pricing levels, pricing features and means of managing pricing risk - a process which can be more complicated in bond financings due to the pricing process. See Sections 9.1.2, 9.3.4 and 9.3.5.