with the Council and the head of any Federal agency administering a similar intervention or serving a population similar to that served by the project, may enter into a contract for a social impact bond project with a State or local government if the lead agency determines that each of the following requirements are met: (A) The State or local government agrees to achieve an outcome specified in the contract at the appropriate quantitative level in order to receive payment. (B) The Federal payment to the State or local government for each outcome specified is less than or equal to the value of the outcome to the Federal Government over a period not to exceed 15 years, as determined by the lead agency, in consultation with the State or local government. (C) The duration of the project does not exceed 15 years, unless the lead agency grants an extension pursuant to paragraph (3)(B). (D) The State or local government has demonstrated, through the application submitted under section 402, that, based on prior rigorous experimental evaluations or rigorous quasi-experimental studies, the intervention can be expected to achieve each outcome specified in the contract at the appropriate quantitative level. (E) The State, local government, intermediary, or service provider has experience raising private or philanthropic capital to fund social service investments (if applicable to the project). (F) The State or local government has shown that each service provider has experience delivering the intervention, a similar intervention, or has otherwise demonstrated the expertise necessary to deliver the intervention. (2) Payment The lead agency shall pay the State or local government only if the independent evaluator described in section 405 determines that the social impact bond project has met the requirements specified in the contract and achieved an outcome specified in the contract. (3) Limitation