I agree with all your points.
As someone posted earlier, the Vic government and the tender winner/s cannot afford any delays in PASS processing at it could lead to an environmental catastrophe.
None of the stakeholders can afford any delays in the cycle; both physical processing of PASS and the cash cycle.
We know PASS processing is critical; think about all the hoops NAG has jumped through and time it has taken to get to this point. This is NAG's competitive advantage. At the moment there are no alternative for the prospective PASS volume. Switching costs are very high; that is, it is near impossible for JH to quickly change supplier for PASS processing.
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