2.5.1.1  Development Phase

The length of the Development Phase will be competitively tendered as part of each Respondent's Proposal. The tendered period, being the period between an anticipated date for Financial Close and the Original Date for Commercial Acceptance, is then set out in the Contract Particulars at Contract Close and will be adjusted in accordance with the date on which Financial Close is actually achieved in accordance with the Financial Close Adjustment Protocols. The actual Development Phase is then the period between Financial Close and the Date of Commercial Acceptance and may therefore be longer or shorter than the period initially proposed, depending on whether Commercial Acceptance is achieved before (in circumstances where early Commercial Acceptance is permitted - see section 2.25.4.3) or after the Original Date for Commercial Acceptance. The Date for Commercial Acceptance may be extended for Extension Events under the Project Deed (see section 2.5.1.2 for further discussion). The Date of Commercial Acceptance may occur after the Date for Commercial Acceptance where Project Co is delayed in achieving Commercial Acceptance by the Date for Commercial Acceptance and is not entitled to an extension to the Date for Commercial Acceptance under the Project Deed.

This is shown in Diagram 5 below.

Diagram 5