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Since its rise in the 1980s, BOT model, as a new means for financing and a new way opened up to solve the shortage of capital, has arisen increasing attention among government at all levels, and nowadays it is widely adopted in the field of infrastructure construction. Throughout the past researches on BOT model, most of their main objects are focus on the risk of investment and financing, the pricing model and the concession period, rather than the systematic research of the bidding risk of BOT project. But as a matter of fact, bidding or tender is the first link of the project implementation and also one of the most important parts of the project management. The risk of bidding might influence the whole project severely for uncertainty and risk factors existing in the bidding process tend to affect the follow-up work, or even lead directly to the project’s failure. Generally speaking, BOT projects are mostly infrastructure projects that relate to the social public interests, thus they have the characteristics of great-investment, long-cycle, various- participants and more uncertainty. Therefore, to have scientific risk research and analysis on the BOT project bidding process, bidding method and procedure is necessary, and at the same time, to implement the risk management so as to reduce the bidding rick seems important.This paper is mainly based on the BOT sewage treatment project of L town. Using the literature research and case studies as methods, the paper combines the theoretical analysis with the empirical studies to discuss the bidding operating procedure and the risk management of the BOT sewage treatment project from different angles. Firstly, the related concepts of BOT model, the basic theoretical knowledge and their applications in the sewage treatment project are introduced. Then, the case in this paper will be discussed--the overview of the L town sewage treatment project and the aversion of risk factors when selecting investors to ensure success. On this basis, the analysis of the BOT sewage treatment project access system and entry conditions, the investors timing, the tender and the bid evaluation is followed. Subsequently, the paper outlines the implementation of public bidding work of the L town project focusing on the two key links: the project prequalification and the bid evaluation. Lastly, through the investment evaluation and analysis of the enterprise financial reports handed by enterprises succeeding in the bidding, the conclusion that the project is feasible is obtained. Thus, it proves that projects selected through the public tender are feasible and practical.
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