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Re-negotiations in PPP Transport Infrastructure Projects
Engineering and Construction
Pages 20 (5020 words)
Name of Student Student Number Renegotiation in PPP Projects How an Equitable Re-Negotiation Can be Achieved Which Offers Good Value To Both Principal and Promoter in Transport Infrastructure with respect to PPP Projects Institution Grade Course Instructor’s Name Date Renegotiation in Transport Infrastructure Introduction Globally, there is the tendency of national governments to incorporate the public-private partnerships (PPP) to provide and upgrade infrastructures, as well as public services.
Majority of these engagements are made effective via a group of diverse companies and contractual concessions. According to Smith (2002) the Principal refers to the one responsible for granting a concession and the ultimate owner of the facility after transfer. They are mostly government agencies, or regulate monopolies. On the other hand, the promoter is the organization that is granted the concession to build, own, operate and transfer a facility. In the course of project contractual engagements and project work, the companies and contractual concessions are faced by serious shortcomings calling for renegotiations. According to Estache and Rus (2000), one crucial consideration that is made during the drafting of a concession contract, is that, during all probability of the life of contract, some unpredicted circumstances will arise forcing the parties of the contract to renegotiate. The statement is truly relevant in cases of concession contracts. The logic behind this is due to the long period of the contract, thus making it anticipate all possible contingencies unfeasible for either of the parties. ...
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