The Project Deed does not come into full effect and operation until the Conditions Precedent are satisfied or waived by the parties named as the beneficiaries of the relevant Conditions Precedent. However, a limited number of provisions do commence from the time that the Project Deed is executed. Once the Project Deed is executed, it cannot be amended without a formal amending process. Accordingly, price, scope and terms are 'locked-in' from execution.