Based upon review of the completed Third File, a decision was made by the Supervisory Committee (and CEDA, unless CEDA waived this approval step) to pursue a Privatization procurement for a specific project. The Third File, however, is a projection of the technical and commercial outcomes expected from the Privatization procurement, based on the best information and assumptions available at that point of time. Once a preferred bidder has been identified and final negotiation(s) have concluded, the Third File projections of the technical and commercial outcomes expected from the Privatization procurement can be replaced by the actual outcomes of the Privatization procurement.
These outcomes are reflected in the Fourth File, or Final Business Case. The Fourth File is a complete update of the Third File, and the requirements in terms of content and format are identical.
In preparing the Fourth File, the Work Team shall:
a) Include an affirmative statement that all information is complete and up-to-date, to the best of the Work Team's knowledge at the time of Fourth File submittal to the Supervisory Committee.
b) Update all project-specific information (need, benefits, beneficiaries, etc.) to reflect any new information available since the preparation of the Third File.
c) Update all economic factors (inflation rate, currency exchange, energy costs, etc.) to reflect current projections at the time of Fourth File submittal.
d) Update project technical information to reflect the specifics of the preferred bid, and reflect any differences in project output or quality from those assumed in the Third File.
e) Update the project financial information to reflect differences in cost or revenues; update the financial models.
f) Update the identification of government budgetary requirements, shareholding, contingent support, other obligations, etc., if any.
g) Update the project risk allocation, and identify any additional risks which may be assumed by the government.
h) Update the description of the contract to reflect any changes from the contract structure and payment mechanism from that projected in the Third File.
i) Update the Value for Money analysis.
j) Update the documentation to reflect any other material changes from Third File assumptions or projections.
k) Append the agreed form Privatization Contract and related documentation (including any direct agreements) post negotiations together with comparison version of the agreed form Privatization Contract and the Privatization Contract issued with the RFP.
The Work Team shall also prepare a Fourth File Summary Report which identifies all the material differences between the Third File and Fourth File, to facilitate review by the Supervisory Committee and CEDA. These documents shall be submitted to the Supervisory Committee for review and approval.