Before commencing the procurement of a BSC Agent Contract, BSCCo will prepare, in discussion with the Panel, and obtain the Panel’s approval of a statement of the approach to be adopted by BSCCo in the procurement and the criteria (consistent with the applicable Contract Principles) to be applied in prequalifying and/or shortlisting bidders for the contract and for the selection of a bidder to whom the contract will be awarded; has the meaning given to that term in Section E2.7.1;