Common use of Formulation of the CAT NMS Plan Clause in Contracts

Formulation of the CAT NMS Plan. (i) The Selection Committee shall review the Shortlisted Bids to identify optimal proposed solutions for the CAT and provide descriptions of such proposed solutions for inclusion in this Agreement. This process may, but is not required to, include iterative discussions with Shortlisted Bidders to address any aspects of an optimal proposed solution that were not fully addressed in a particular Bid. (ii) Prior to the approval of the CAT NMS Plan, all Shortlisted Bidders will be permitted to revise their Bids one or more times if the Selection Committee determines, by majority vote, that such revision(s) are necessary or appropriate. (iii) Prior to approval of the CAT NMS Plan, and either before or after any revisions to Shortlisted Bids are accepted, the Selection Committee may determine, by at least a two-thirds vote, to narrow the number of Shortlisted Bids to three Bids, in accordance with the process in this Section 5.2(c)(iii). (A) Each Voting Senior Officer shall select a first, second, and third choice from among the Shortlisted Bids. (B) A weighted score shall be assigned to each choice as follows: (1) First receives three (3) points; (2) Second receives two (2) points; and (3) Third receives one (1) point. (C) The three Shortlisted Bids receiving the highest cumulative scores will be the new set of Shortlisted Bids. (D) In the event of a tie that would result in more than three final Shortlisted Bids, the votes shall be recounted, omitting each Voting Senior Officer’s third choice, in order to break the tie. If this recount produces a tie that would result in a number of final Shortlisted Bids larger than or equal to that from the initial count, the results of the initial count shall constitute the final set of Shortlisted Bids. (E) To the extent there are Non-SRO Bids that are Shortlisted Bids, the final Shortlisted Bids selected pursuant to this Section 5.2(c)(iii) must, if possible, include at least one Non-SRO Bid. If following the vote set forth in this Section 5.2(c)(iii), no Non-SRO Bid was selected as a final Shortlisted Bid, the Non-SRO Bid receiving the highest cumulative votes shall be retained as a Shortlisted Bid. (F) The third party tabulating votes, as specified in Section 5.1(b)(5), shall identify to the Selection Committee the new set of Shortlisted Bids, but shall keep confidential the individual scores and rankings of the Shortlisted Bids from the process in this Section 5.2(c)(iii). (iv) The Participants shall incorporate information on optimal proposed solutions in this Agreement, including cost-benefit information as required by SEC Rule 613.