Public bidding for the project

(1) Upon finalisation of the scope and structure of the project, the Board shall forthwith cause to be published for wide publicity, in at least two national level newspapers out of which, one shall be a financial or business newspaper; and in one local newspaper, a notice inviting all interested parties to participate in a competitive public bidding. (2) The Board shall be responsible for all aspects of pre-bidding and bidding processes, including: a) fixing pre-qualification criteria on the basis of the clearly identifiable parameters known to Potential bidders, investors, Contractors and the General Public; b) Arranging pre-bid conferences and bid evaluation conferences with the prospective bidders incl. contractors or investors. c) Issuing clear, comprehensive and fair instructions to bidders, which establish the rules of bidding and shall include all relevant Information. d) preparing (or getting prepared) the bid or tender documents, which shall include the following, namely: i. instructions to bidders; ii. pre-qualification or qualification parameters, both technical (indicating experience, specific norms, design and performance standards) and financial; iii. draft Concession Agreement or any other appropriate Agreement, clearly defining the basic relationship between the parties with their inter se rights and responsibilities; iv. bid form; and v. Any other documents, deemed necessary. (3) The instructions to the bidders relating to the bidding shall be clear, comprehensive and fair and shall, as far as necessary and practicable, include the following information, namely: a) general description and objectives of the project; b) basic contractual arrangement under which the implementation of the project shall be undertaken; c) bid submission, procedures and requirements; d) bid and bid security validity period; e) binding milestones; f) method and criteria for the technical and financial evaluation of the Bids; g) Tariff policy, formula and factors to be used for the charge, recovery and appropriation of tolls or rentals by the concessionaire; h) key performance indicators; i) types of defaults and resolution of the same; j) events of termination and associated termination Payments; k) requirements of concerned regulatory bodies, if any; l) monetary rules and regulations governing foreign exchange remittances, if relevant; m) revenue sharing arrangements, if any; and n) Expected commissioning date. (4) Minimum design and performance standards or specifications shall be clearly defined and non-conformity with any of these minimum requirements shall render the bids as non-responsive. (5) Financial parameters shall also be described, which amongst others, shall include, as far as necessary and practicable: a) maximum period of project construction; b) fixed term for project operation and collection of tolls or tariffs or rentals or charges in respect of models of contracts specified in Schedule II; c) The draft Concession Agreement shall clearly define the basic and legal relationship between the parties as well as the rights and responsibilities of the parties involved. Where applicable, the following matters, among others, shall be included: d) bonds, guarantees, insurance, damages; e) warranties, indemnities, limitation of liability; f) schedule and amount of milestone bonding; g) relevant price index to be used; h) force majeure and its consequences; i) effect of changes in circumstances, which may be brought about by, among others, the enactment of new laws or regulations or the change in existing government policies which shall materially affect the financial viability of the project; j) Contract termination and combination; k) the governing laws, manner and procedure for the resolution of disputes including partnering, conciliation, arbitration; l) project monitoring mechanisms including provisions for independent quality control consultants and dispute review experts on a standing basis; and m) Taxes and duties.