Section 88—Interpretation In this Act, unless the context otherwise requires, “appraising authority" means the relevant Sector Ministry and institution mandated to review the project concept note, Prefeasibility study and feasibility study before the submission of the studies to the Office; "approval authority" includes the entities set out in the second column of the First Schedule and any public body, institution, entity or committee that has the power to give a form of approval at any stage in the public private partnership process; 41 "bid" means a tender, an offer, a proposal or price quotation, given in response to an invitation to participate in a partnership project; "bidder" includes (a) a person that participates in the submission of a response or bid for selection proceedings in respect of a partnership project; and (b) a representative of a person referred to in paragraph (a); "bidders conference" means a forum in which pre-qualified bidders present their comments on the draft request for proposals and the draft contract documents and receive response on the drafts; "bidding documents" means the Request for Proposals and the accompanying documents used for inviting offers for a partnership project, on the basis of which bidders are to prepare and submit their bids "capital cost of the project" includes (a) a one-time expenditure that will be incurred for creating the public private partnership project assets or for substantial modernisation or renovation of any of the existing project assets such as the cost incurred on civil and construction works, purchase of plant, machinery and equipment, installation, commissioning and supervision expenses for the plant, machinery and equipment; and (b) recurring expenses during the project construction period that are capitalised such as interest during construction, project insurance expenses, project management and consultancy fees, debt syndication fees and contingencies; (c) but does not include (i) the cost of land and the expenses for the project incurred by the contracting authority in respect of the resettlement and rehabilitation of affected parties; and (ii) operating expense to be incurred during the operating period; "commercial close" means reaching an agreement on the commercial terms of a public private partnership contract by the parties to the contract prior to completion of the financing; "Committee" means the Public Private Partnership Committee established under section 19; "complaint bond" means a bond required for submission by a person who lodges a complaint or who applies for a review of a decision to the Complaints Panel; "Complaints Panel" means the Complaints Panel established under section 67; "concept note" means a preliminary diagnostic report that presents an initial appraisal of the viability of a potential public private partnership project, from the standpoint of technical, financial, legal, social and environmental considerations and any other relevant considerations from other relevant disciplinary standpoints; "concession fees" mean the entry fee and performance fee as specified in the Project Agreement to be paid by a private party to the contracting authority or the Viability Gap Facility; 42 "contracting authority" includes (a) the Executive, Legislature and Judiciary; (b) constitutional bodies; (c) Ministries, Departments, Agencies and local government authorities; (d) the public service; (e) autonomous agencies; (f) statutory bodies; (g) state owned enterprises and public corporations; and (h) an entity owned by any of the entities under paragraphs (a) to (g) which intends to enter into a partnership arrangement with a private party; "contract award" means the award of a public private partnership contract to a private party by a contracting authority in accordance with the provisions of this Act; "contract management" means the process of managing and administering the public private partnership project from the time the project was agreed at contract signature to the end of the contract term; "data room" means a facility which is set up by the contracting authority containing technical, financial, legal, social, environmental and any other information that is relevant to the pre- qualified private parties to undertake the due diligence that is necessary prior to compiling technical and financial proposals in furtherance of a request for proposals; "diagnostic phase" means the phase of a public private partnership process that entails either the pre-feasibility study, feasibility study or both: “direct agreement" means an agreement between a contracting authority and the provider of funds to a private party; "District Assembly" includes a Metropolitan and Municipal Assembly; “domestic business" means any business that has been registered under the laws of the Republic of Ghana; "end user" means a person who benefits directly from the services of a project undertaken through the implementation of a partnership arrangement; "evaluation criteria" includes the criteria for the scoring framework used for the examination of responses to request for qualification or request for proposals or other related examination of responses to a specific partnership project in order to determine bidders' responsiveness, qualification and suitability for the prospective award of a contract; "evaluation of proposals" means a two-step evaluation of technical and financial proposals by the panel set up in accordance with this Act; "expert" means a person who has specialized and proven knowledge of a relevant discipline or activity and may be in the nature of a consultant; 43 "feasibility study" means a diagnostic study, undertaken with respect to a potential public private partnership project, to appraise in final detail the strategic option adopted by Government based on technical, financial, economic, legal, social and environmental considerations and any considerations from any other relevant discipline prior to the placement of the project on the market; "Feasibility Study Report" means the report which is the outcome of a feasibility study; "financial close" means the date at which all documentation for the financing of project contracts have been signed by the parties to the contract and conditions precedent to the initial drawing of the debt have been fulfilled; "financial commitment" means a direct and contingent liability and commitment assumed by the Government under a partnership agreement; "financial proposal" means a proposal from a private party which indicates the (a) concession fees that a private party proposes to pay to the Government; or (b) tariffs payable to the private party and a tariff escalation formula, with or without a subsidy from Government, as part of the mechanism to establish a financial equilibrium to the public private partnership contract; "forward commitment" means an undertaking by the Government for a future payment; “Guidelines" means the Guidelines issued by the Minister pursuant to section 87; "local content" includes (a) expertise development; (b) utilisation of local expertise, goods and services; (c) the financing and development of local capacities through education and skills transfer; and (d) local equity participation in special purpose entity; "margin of preference" means the specific arithmetical margin made pursuant to this Act and contained in a public bidding document which may prescribe a criterion designed to assist domestic businesses become more competitive in the partnership bids; "marketing a project" means to bring the potential public private partnership project to the attention of potential investors through advertisements, road shows, correspondence and any other appropriate means; "market sounding" means the process of assessing the reaction of the market to a proposed project requirement and the level of market interest in the project; "Minister" means the Minister responsible for Finance; “Ministry" means the Ministry responsible for Finance' “National Infrastructure Plan" means a plan which sets out the Infrastructure objectives of the Medium-Term National Development Policy Framework and serves as a basis for Prioritising infrastructure development for the achievement of national socio-economic development 44 "Net Present Value" means the discounted value of the cash inflows of an investment minus the discounted value of the cash outflows of the investment', "Office" means the Public Private Partnership Office established under section 26; “open book" means a method of procuring an unsolicited project where the contracting authority signs the contract with the original proponent who receives a defined return and must conduct a transparent bidding process for each component of the project in order to get the best price; "partnership" means a public private partnership; "partnership agreement" means an agreement or concession between a contracting authority and a private party for the implementation of a partnership project; "partnership arrangement" means the legal, regulatory, contractual, financial, administrative and other arrangements for and in respect of partnerships; "partnership process" means the series of activities from the initiation of a partnership project to the conclusion of a partnership project; "partnership project" means a project or public service implemented under a partnership agreement between a contracting authority and a private party in accordance with this Act; "pre-feasibility report" means the report that emanates from a prefeasibility study; "pre-feasibility study" means an intermediate diagnostic study undertaken to develop and appraise the viability strategic options of a potential public private partnership project from a technical, financial, economic, legal, social and environmental standpoint and any other relevant disciplinary standpoint; "preferred bidder" means a bidder who is selected by a contracting authority after evaluation of bids based on a predetermined evaluation criterion as the party the contracting authority intends to award a public private partnership contract subject to the completion of negotiations and legal arrang