Regulation 54. Time when estimate is valid

(1) The estimate shall be valid at the moment at which the concession notice is sent or, in cases where such notice is not provided for, at the moment at which the contracting authority or the contracting entity commences the concession award procedure, for instance by contacting economic operators in relation to the concessions.

(2) The determination of whether a concession exceeds the threshold established under Schedule 3 is that if the value of the concession is twenty per cent higher than its estimated value, then the valid estimate shall be the value of the concession at the time of the award.