14.5.3  Procedure for variations to Base Case Financial Model

(a)  Promptly after it becomes aware of a variation event, the private party must submit a modified Base Case Financial Model for endorsement by government, giving full details of the assumptions and calculations used.

(b)  The private party must provide government with full and complete access to any electronic copies of the calculations required to amend the Base Case Financial Model.  In addition, the private party must promptly provide any other additional information requested by government in relation to the variation event and any necessary amendments to the Base Case Financial Model.

(c)  Government may:

(i)  agree with the variation event;

(ii)  disagree with all or any aspect of the submission by the private party; or

(iii)  require the modified Base Case Financial Model to be reviewed by an independent expert in accordance with the dispute resolution procedures.

(d)  Once the modified Base Case Financial Model is agreed or is determined by the independent expert:

(i)  the private party must provide a certificate from an auditor confirming an independent audit of the modified Base Case Financial Model on terms acceptable to government; and

(ii)  the modified Base Case Financial Model will be endorsed and become the Base Case Financial Model under the project agreement.

(e)  Government's review, rejection or direction in respect of the Base Case Financial Model will not entitle the private party to bring any claim against government.