Cap" 22:22 Jouqr VsNrunss . Ns. 6/?S15 servi,ce provided by it to enable the counterparty to recover its investment together with a fair return thereon; "value for moneSr" in relation to a joint venture agreement, means that the agreement will result iu a net benefit to users or consumers of the facility or service availed by the completion of the agreed project in terms of cost, delivery, price, quality, quantity, timeliness or risk transfer, or any combination thereof. (2) In this Act, "joint venture agreement" means an agreement between contracting authority and a (a) counterpafiy, approved under this Act, in terms of which the counteqprty rnderlakes to perform a contracting authority's function on behalf of the contractitg authority for a specified period; and (b) the counterparty receives a benefit for performing the function by rvay a of(i) compensation from funds appropriated by Parliament; or (ii) funds obtained by way of loan by the contracting authority; (iii) user levies; or or (iv) revenue generated from the project; or (v) any combination of the foregoing; and (c) the counterparty is liable for the risks arising from tlre.performance of its function; and (d) public resources may be transferred or made available to the counterparty; and includes any of the types of agreement specified in Part FART II of the Schedule. II Jon{r VsNrr"rRE UNTI 3 Joint Venture Unit There is hereby established for the purpose of this Act a unit to be known as the Joint Venture Unit, which shall be a department of the Ministry and shall be under the control and supervision of the Secretary. ( 1) (2) The functions of the Unit shall (a) be- to consider project proposals submitted to it and assess whether or not they- (i) (ii) (iii) are affordable to the contracting authority; and provide value for money; and provide for the optimum transfer of technical, operational and financial risks to the counterparty; and (iv) are competitive: and to make recommendations on such proposals to the Committee; (b) to examine requests for project proposals to ensure they conform with the approved feasibility studies; and (c) (d) to advise Government on joint venture projects gerrerally; and to develop best practice guidelines in relation to all aspects of joint ventures: and (e) to assist the Committee to formulate policy in relation to joint venture projects; and r37