5.3. Contract Summaries for PPPs
In addition to the above public disclosure requirements, a contract summary should also be disclosed to NSW Parliament. The procuring agency must ensure that a contract summary is made available to the Auditor-General for audit within 45 days of the contract becoming effective (that is, within 45 days after all conditions precedents to the contract have been satisfied).
Within 90 days of receipt by the Auditor-General, the audited contract summary must be tabled in Parliament by the responsible Minister. In the case where Parliament is not sitting, the Clerk of the Legislative Assembly should receive the contract summary within 90 days of it being received by the Auditor-General with a view to it being tabled the first day that Parliament is next sitting.
After the summary has been tabled, the agency must advertise the availability of the contract summary in the Public Notices. Contract Summaries will also be placed on the NSW Treasury Website.
Any amendment(s) to the contract that change information contained in the previously published contract summary will need to undergo the same public disclosure requirements of:
• an updated contract summary provided to the Auditor-General for audit within 45 days of the amendment(s) becoming effective;
• advertise the availability of the updated contract summary in the Public Notices.
The contract summary will have two distinct parts:
• Background to the Project, including a summary of the rationale for the project, its value and the parties involved; and
• Elements of the Contract, which summaries the key commercial features of the project.