Pusuc PRocuREMENT AND DrsrosAL oF Pusuc AssETs No.S/2017 Cap.22:23 according to the criteria set out in section 3(2)(a) of the Joint Ventures Act, namely(i) affordability to the contracting authority; and (ii) value for money; and (iii) provision for the optimum transfer of technical, operational and financial risks to the counterparty; and (d) (iv) competitiveness; determine whether, in accordance with section 31, the bidding is to be held in one stage or two stages. (5) If a joint venture comes into being after a counterparty has been chosen in accordance with subsection (3) or (4), that joint venture becomes the procuring entity in relation to any of its procurement requirements and, despite anything to the contrary in this Act, is empowered to obtain its procurement requirements on the following basis(a) the joint venture shall select or invite potential contractors with which it may wish to enter into any procurement contract, in accordance with such guidelines as it may agree; and (b) the joint venture shall determine and set guidelines for obtaining the most competitive bids from the potential contractors it has selected, including negotiating with each contractor individually; and (c) subject to paragraph (d), in awarding a procurement contract the joint venture must, where the procurement contract involves the expenditure of public funds or the use of State resources, favour the contract that offers either or both of the following(i) the lowest tariff to State; (ii) the largest payment to State; and (d) the joint venture as a procuring entity may contract directly with any potential contractor, or with any of the potential contractors it has selected(i) in the circumstances referred to in section 16 ("Savings") of the Joint Venture Act, where the contractors have already been identified in the joint venture agreement; or (ii) where the procurement requirement is a small project and the cost of competitive process would be prohibitively high given the level of expected returns; or (iii) in any of the cases referred to in section 8(4) of the Joint Venture Act; or (iv) where an urgent procurement requirement must be met in situations of emergency where speed of supply outweighs value for money. (6) Section 54 applies to the proposed award of a procurement contract by a joint venture in terms of subsection (5)(c) that is or is deemed to be especially sensitive or especially valuable. 101 Regulations (1) Subject to this section, the Minister, after consultation with the Minister responsible for finance and the Authority, may make regulations providing for all matters which by this Act are required or are permitted to be prescribed or which, in his or her opinion, are necessary or convenient to be prescribed in order to carry out or give effect to this Act. 96