• Prequalification The authority creates a longlist of bidders to provide outline solutions • Shortlist The authority shortlists bidders (usually three or four) based on their outline solutions • Detailed bids solutions. The authority then selects the final (usually two) bidders to continue dialogue with • Final tenders Once the authority believes that all elements of the project have been fully negotiated, they close dialogue and call for final tenders • Preferred bidder appointment Following preferred bidder appointment, the bidder and authority can only clarify, specify and fine tune the bid. Substantial changes are not allowed, and changes must not distort competition or cause discrimination • Financial close Those on the shortlist are invited to enter dialogue and provide detailed
Performance support : Lenders will typically require there to be a parent company guarantee from a creditworthy parent, together with a third party performance bond for a proportion of the contract price from an investment grade financial institution. Dispute resolution : The project company will want the D&B contract to include a mechanismwhich ensures that disputes under the project agreement and the D&B contract relating to the same subject matter are resolved consistently. PFI/PF2 – procurement The procurement process used for most PFI or PF2 projects is competitive dialogue under the Public Procurement Regulations. This is part of the EU public procurement regime (see Public Procurement ), and seeks to ensure that value for money is enhanced and innovation promoted by maintaining a competitive element throughout the substantive negotiation of a project, whilst giving effect to the principles of equal treatment, non- discrimination and transparency. The key stages of competitive dialogue are as follows: • OJEU notice A notice about the project is placed by the public authority in the Official Journal of the EU
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