Regulation often takes the form of specifications
and performance standards included in the
concession contract itself. These might be set by
the concessioning authority in detail prior to
the initiation of the selection procedure. Or,
they might be defined only in broad terms, with
the bidders required to provide details in their
proposals (for example, maximum price levels,
fee, or expected amount of subsidy to be
received). In the latter case, these elements serve
as a means for comparing the submitted bids,
and then become the performance standards to
be applied to the winning bidder.