At the end of this phase, the authority has in place an enforceable and effective contract, duly executed after the accomplishment of prior conditions.
In some processes, financing has been arranged within this phase (as a prior condition to contract signature), while in other processes it will be arranged before construction commences. This can be either because of a condition embedded in the contract or as a practical consideration, since the standard approach by any investor will be to only commence work after financial close.
It is good practice for the procuring authority to conduct a “lessons learned” review of the tender process to identify examples of good practice and areas for improvement in future projects. Where relevant, the lessons learned should be shared with any central PPP agency and with other procuring agencies of the same government that are undertaking PPPs. In some instances, it may be beneficial to also make a subset of the lessons available to the public to better inform bidders for future projects.
The end of this phase represents the start of the life of the contract and the concurrent "contract management" period. Therefore, although the tender and award phase may have come to an end, the public-private partnership is only just beginning.
As explained in the next chapter, a contract management strategy must be established at contract signature. It is usual for the preparatory work and the establishment of the contract management framework to be done in parallel with contract signature and even during the bid preparation stage.
Throughout the contract management period (either during the Construction Phase or the Operations Phase), the contract may be affected by risk events, potential disputes, and potential changes in the scope of the contract or in the service requirements.