; and (B) experience with performance-based contracting and achieving project milestones and targets. (8) Role in delivering the intervention. (9) How the intermediary would monitor program success, including a description of the interim benchmarks and outcome measures. 403. Awarding social impact bond contracts (a) Timeline in awarding contract Not later than 6 months after receiving an application in accordance with section 402, the lead agency shall determine whether to enter into a contract for a social impact bond project with a State or local government. (b) Considerations in Awarding Contract In determining whether to enter into a contract for a social impact bond project (the application for which was submitted under section 402) the lead agency, in consultation 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, shall consider each of the following: (1) The value to the Federal Government of the outcome expected to be achieved if the outcomes specified in the contract are met at the appropriate quantitative levels. (2) The ability of the State or local government in collaboration with the intermediary and the service providers to achieve the outcomes at the appropriate quantitative levels. (3) The savings to the Federal Government if the outcomes specified in the contract are met at the appropriate quantitative levels. (4) The savings to the State and local governments if the outcomes specified in the contract are met at the appropriate quantitative levels. (5) The expected quality of the evaluation that would be conducted with respect to the contract. (c) Contract Authority (1) Contract requirements In accordance with this section, the lead agency, in consultation 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