A. The responsible governmental entity may prepare a request for proposal, which may include proposal stipends, and the proposed partnership contract, both of which shall be approved by the responsible governmental entity. After the responsible governmental entity's approval of the request for proposal and the partnership contract, the public project shall be deemed an Approved Partnership Procurement.

B. Partnership contracts may contain the terms and conditions to carry out and effect the purposes of this act, including the duration of the contract, rates or fees for the public project to be provided or methods or procedures for the determination of such rates or fees, standards for the public project to be provided, responsibilities and standards for operation and maintenance of any related public project, required financial assurances, financial and other data reporting requirements, bases and procedures for termination of the contract and retaking of possession or title to the public project, and events of default and remedies upon default, including mandamus, a suit in equity, an action at law, or any combination of those remedial actions.

C. Partnership contracts may also include a requirement for the delivery of performance and payment bonds required for all construction activities, and letters of credit, surety bonds or other security in connection with the development or operation of the qualifying public project, in the forms and amounts satisfactory to the responsible governmental entity.

D. After proposals are received, the responsible governmental entity, using the criteria established in the request for proposal, shall evaluate the proposals submitted and may hold discussions with proposers to further explore their proposals, the scope and nature of the public project, and the various technical approaches they may take regarding the public project.

E. The responsible governmental entity may reject any and all submissions of qualifications or proposals and may terminate the procurement process at any point.

F. The responsible governmental entity shall have the authority to make commercially reasonable changes to the partnership contract. Any such contract may contain the terms and conditions to carry out and effect the purposes of this act.

G. Any submission not selected by the responsible governmental entity shall be considered intellectual property that shall remain the property of the proposer.