Implementing agencies may accept unsolicited proposals for a PPP project on a negotiated basis, if three conditions are met. First, the project has a new concept or technology that is approved by the implementing agency and is not on the list of national or local priority projects. Second, the project does not require a government guarantee, subsidy, or equity stake. And third, the implementing agency puts an announcement in a newspaper detailing the comparative or competitive proposal; here, challengers have 60 working days to submit a comparative proposal. If no complying proposals are received, the original proponent is awarded the contract. If a challenger submits a better price proposal than the one submitted by the original proponent, the proponent has the right to match within 30 working days after receiving the bid results. Should the original proponent fail to match the challenger's price proposal within this period, the contract is awarded to the challenger. But, if the original proponent matches the price proposal of the comparative proponent within this period, the project is awarded to the original proponent. All negotiated PPP contracts require the approval of NEDA's board, which bases its decision on the recommendation of the Investment Coordination Committee.