2.7 One of the underlying principles of the PFI model is that it is designed to be self-monitoring, whereby the special purpose vehicle (SPV) is responsible for reviewing performance and reporting back to the authority. However, this does not preclude authorities from monitoring PFI projects to ensure the SPV is meeting the contractual obligations. Effective management of the contract throughout the term can reduce the risk of problems arising during the expiry process. We have identified four areas essential to managing the PFI contract - monitoring of maintenance and lifecycle funds; transparency and access rights; involving wider stakeholders; and effective contract management. These are discussed below.