18.3  Delay costs

Where the compensation payable to the private party is in the form of delay costs in accordance with section 17.2.5 of Chapter 17 (Compensation Events), in some jurisdictions, the private party may be required to bid a daily rate (which is evaluated and included in the project agreement) for delay costs payable to the private party for delays for which it is entitled to an extension of time. In other jurisdictions, the amount bid may act as a cap rather than a daily rate with the actual amount of the delay costs payable to be determined in accordance with this Chapter 18.