The PV Standard Project Deeds include an innovation and continuous improvement regime. The purpose of the regime is to provide a framework to ensure that the Services and the Project Assets are providing a suitable and cost effective solution which enables technical efficiencies and developments to be incorporated into the Project so that it does not become out-dated as a result of the length of the contract term. The key features of the regime are:
• together, Project Co and the State will conduct a Project Efficiency Review every 5 years;
• Project Co must produce a Project Improvement Report;
• the State may appoint an independent technical advisor to produce an independent report, which will be at the State's cost unless Project Co failed to provide a Project Improvement Report in accordance with the Project Deed;
• Project Co must co-operate with the independent technical advisor and attend any meetings; and
• the State may at any time issue to Project Co a Modification Request or a Modification Order, or exercise its rights in relation to an Augmentation, in relation to any improvements identified in accordance with the process, in which case the Modification regime or the Augmentation Process Schedule (as applicable) will apply.