Download or read book The Renegotiations of Public Private Partnerships in Transportation written by Carlos Oliveira Cruz and published by Springer Nature. This book was released on 2021-02-18 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a theoretical basis for understanding the phenomenon of renegotiations in Public Private Partnerships (PPPs). It analyzes the case of transport projects, and provides empirical evidence from a variety of real-world projects. What drives renegotiations? Why are some projects more likely to be renegotiated than others? What are the outcomes? How can we improve the performance of renegotiation processes? These questions form the core of discussion in this book. PPPs are a procurement model for the delivery of infrastructure and public services that have experienced significant growth over the last three decades, particularly in terms of the development of transportation projects. The empirical evidence suggests that most PPP projects are inevitably renegotiated, i.e., the original contract needs to be adapted to new and unforeseen circumstances. The impacts of these changes on the welfare of the respective stakeholders are frequently asymmetric. Most academic research and professional guidelines are focused on PPP contract design and preparation of the procurement process, and very little has been published on the management and, mainly, the process of renegotiating that will – in all likelihood – occur. This book fills this gap in the academic discussion. Several country-based analyses and case studies from Europe and the Americas provide the reader with practical applications of the theory.
Download or read book Renegotiation of PPP Contracts An Overview of Its Recent Evolution in Latin America written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Public Private Partnerships Renegotiations in Transportation written by Carlos Oliveira Cruz and published by Springer Nature. This book was released on 2022-05-13 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a growing interest in Public-Private Partnerships (PPPs), particularly in infrastructure and public services. Under the scope of PPPs, renegotiations are becoming more relevant, as empirical evidence suggests that most PPP projects are inevitably renegotiated, i.e., the original contract needs to be adapted to new and unforeseen circumstances. Renegotiations have a substantial impact on the contract and performance of a PPP and usually represent significant costs for users and taxpayers. However, very little is known about the management and, mainly, the process of renegotiating that will, very likely, occur. This book provides a set of case-studies of PPP renegotiations in the transport sector. The authors illustrate the Portuguese experience, a country that has been using PPP extensively, particularly in transport. The case studies provide an extensive and detailed analysis on each aspect of the project and the renegotiation. What drives renegotiations? Why are some projects more renegotiated than others? What are the results? How can the performance of renegotiation processes be improved? These and other questions provide the basis for the discussions in this book. The novelty and value of the book come mainly from the extent of information available. Each case-study deals with these questions in much more detail than what is common in the case-studies approach.
Download or read book The RENEGOTIATION of PPP Contracts written by and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mastering the Risky Business of Public Private Partnerships in Infrastructure written by Manal Fouad and published by International Monetary Fund. This book was released on 2021-05-10 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investment in infrastructure can be a driving force of the economic recovery in the aftermath of the COVID-19 pandemic in the context of shrinking fiscal space. Public-private partnerships (PPP) bring a promise of efficiency when carefully designed and managed, to avoid creating unnecessary fiscal risks. But fiscal illusions prevent an understanding the sources of fiscal risks, which arise in all infrastructure projects, and that in PPPs present specific characteristics that need to be addressed. PPP contracts are also affected by implicit fiscal risks when they are poorly designed, particularly when a government signs a PPP contract for a project with no financial sustainability. This paper reviews the advantages and inconveniences of PPPs, discusses the fiscal illusions affecting them, identifies a diversity of fiscal risks, and presents the essentials of PPP fiscal risk management.
Download or read book ITF Roundtable Reports Public Private Partnerships for Transport Infrastructure Renegotiation and Economic Outcomes written by International Transport Forum and published by OECD Publishing. This book was released on 2017-02-24 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public-private partnerships (PPPs) are an important vehicle for private participation in infrastructure investment, delivery and management. Renegotiations are an integral part of the PPP process but their prevalence varies markedly in different parts of the world. Renegotiations can be ...
Download or read book Renegotiation of PPP Contracts written by and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Soft budgets and renegotiations in public private partnerships written by Eduardo Engel and published by . This book was released on 2009 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public-private partnerships (PPPs) are increasingly used to provide infrastructure services. Even though PPPs have the potential to increase efficiency and improve resource allocation, contract renegotiations have been pervasive. We show that existing accounting standards allow governments to renegotiate PPP contracts and elude spending limits. Our model of renegotiations leads to observable predictions: (i) in a competitive market, firms lowball their offers, expecting to break even through renegotiation, (ii) renegotiations compensate lowballing and pay for additional expenditure, (iii) governments use renegotiation to increase spending and shift the burden of payments to future administrations, and (iv) there are significant renegotiations in the early stages of the contract, e.g. during construction. We use data on Chilean renegotiations of PPP contracts to examine these predictions and find that the evidence is consistent with the predictions of our model. Finally, we show that if PPP investments are counted as current government spending, the incentives to renegotiate contracts to increase spending disappear.
Download or read book Infrastructure Public Private Partnerships written by Carlos Oliveira Cruz and published by Springer Science & Business Media. This book was released on 2013-05-18 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic development and social welfare depend on the existence of effective and efficient infrastructure systems, particularly in health, energy, transportation and water, many of which are developed and managed through Public-Private Partnerships (PPPs). However, empirical evidence suggests some pitfalls in the use of these PPP arrangements. This book addresses these issues, focusing on mostly three key questions: How to improve the robustness of the decision-making process leading to the option of PPP? How to improve contract management as the longest phase of the process? How can contracts be improved to accommodate uncertainty and avoid harmful renegotiations? The authors explore the concept of flexible contracts, the uncertainty modeling for improving the robustness of the decision-making process, and develop an overall framework for effective contract management, along with a comprehensive analysis of current renegotiation patterns. The ultimate goal is to improve the contractual performance, as well as the overall infrastructure management and social welfare.
Download or read book The Renegotiation of PPP Contracts written by and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the experience, high incidence, lesson learned and reflections on the issue renegotiations in Latin America, based in the evolution of PPP contracts through the last 25 years. The paper also shows how countries via new PPP laws, regulations, norms and specific platforms can reduce the incidence and the incentives to renegotiate contracts. Based in experience in the last two decades, many countries in the region have improved renegotiation practices and regulations/framework through their PPP legislation and associated regulations, such as Peru (2008), Chile (2010), Colombia (2011) or Mexico (2012.) The preliminary findings show advances in the implementation of platforms to address renegotiations and new trends in the renegotiations of contracts particularly in complex projects and where governments are providing financial or credit enhancement, such as sharing risk or co-financing.
Download or read book Renegotiating Public Private Partnerships written by Joaquim Sarmento and published by . This book was released on 2016 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a growing concern about the frequency of renegotiations in Public Private Partnerships (PPPs). We focus our research on the Portuguese experience and study 254 renegotiation events of 35 PPP contracts since 1995, and examine the triggers of renegotiations and who initiates them. We also investigate whether both the public and private sector learn from successive renegotiations in terms of the timing of renegotiations, contract design, regulatory change, and bargaining power extraction. We show that previous experience in renegotiations reduces the likelihood of renegotiations, and that electoral cycles and political connections lead to strategic behavior of both the public and the private sectors. The bargaining power seems to be mostly held by private firms who are often able to extract the rents what they set out to get at the beginning of negotiations by starting negotiations in the year prior to elections, and especially when they built out political connections. The learning from renegotiations on the public sector's side, in terms of contract design and execution of regulatory change seems modest.
Download or read book Default and Renegotiation written by I-Tsung Tsai and published by . This book was released on 2007 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: (Cont.) (3) For any given initial capital investment, the agent's optimal cost-reducing effort decreases with the magnitude of debt. (4) For any given initial capital investment, the agent's optimal cost-reducing effort increases with the magnitude of a performance bond when the contract is one with no positive self-enforcement effect. The theoretical result is consistent with the conventional wisdom that internal equity and performance bond generally enhance the agent's devotion to a PPP contractual relationship. This research also contributes a (subjective) PPP contract valuation method that takes into account the underlying agency problem.
Download or read book A Decision Support System for the Re equilibrium of PPP Contracts written by Amira Mohamed Shalaby and published by . This book was released on 2014 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Public Private Partnership (PPP) contracts tend to have longer contract durations compared to other conventional procurement methods. Due to their prolonged nature, PPP contracts are extremely prone to contract renegotiation along their lifecycles in comparison to other forms of contracts with shorter durations. The common outcomes of the renegotiation process may include: increasing the service charges, increasing the concession period, or paying a lump sum amount to the party of concern in order to maintain a fixed rate of return and keep the return on equity constant. In this research, a framework is developed in order to calculate the renegotiation process outcomes and facilitate the decision making process of choosing the optimum scenario that preserves the rights and the interests of all the stakeholders. This is done using a weighted sum model to calculate the weights and ranks of a number of factors influencing the stakeholders' decisions. A Decision Support System (DSS) is developed with the aid of Microsoft Excel 2013, Visual Basic for Applications (VBA) programming language, and the Precision Tree 5.5 for Excel add-in. The data for the model is obtained from a case study of a wastewater treatment plant in Egypt. The results obtained from the model are close to the ones obtained from the Independent Financial Expert (IFE) of the wastewater treatment plant.
Download or read book Renegotiating PPP Contracts written by Sérgio Domingues and published by . This book was released on 2014 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Public private Partnerships Policy and Practice written by H. K. Yong and published by Commonwealth Secretariat. This book was released on 2010 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public-Private Partnerships Policy and Practice is a comprehensive reference guide on PPP theory and practice for senior policy-makers and other public sector officials in developing countries. The guide focuses on the key lessons learned - and emerging best practice - from successful and failed PPP transactions over the past thirty years. The guide avoids jargon and explains relevant concepts in non-specialist language. Key points are summarised at the beginning of each section and provide an overall high-level outline. References are provided throughout and at the end of each section to allow the reader to access further information on specific issues.
Download or read book Public Private Partnerships Infrastructure Transportation and Local Services written by Germà Bel and published by Routledge. This book was released on 2016-04-14 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public–private partnerships (PPPs) are arrangements between government and private actors with the objective of providing public infrastructure, facilities and services. Three fundamental questions frame the use of PPPs at the local level: What do PPPs look like? What gives rise to the use of PPPs? And, what are the outcomes of PPPs? The articles in this book provide insightful answers to these questions. In addition, the contributions in the book identify lines of research that invite further investigation, namely: problems related to the degree of risk transfer; the challenges posed by renegotiation; and evaluation of PPPs’ results. The content of this book will be of interest for scholars, policy analysts, and policy makers. This book was published as a special issue of Local Government Studies.
Download or read book Public Private Partnership Projects in Infrastructure written by Jeffrey Delmon and published by Cambridge University Press. This book was released on 2011-01-31 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investment in infrastructure is critical to economic growth, quality of life, poverty reduction, access to education, healthcare, and achieving many of the goals of a robust economy. But infrastructure is difficult for the public sector to get right. Public-private partnerships (PPPs) can help; they provide more efficient procurement, focus on consumer satisfaction and life cycle maintenance, and provide new sources of investment, in particular through limited recourse debt. But PPPs present challenges of their own. This book provides a practical guide to PPPs for policy makers and strategists, showing how governments can enable and encourage PPPs, providing a step-by-step analysis of the development of PPP projects, and explaining how PPP financing works, what PPP contractual structures look like, and how PPP risk allocation works in practice. It includes specific discussion of each infrastructure sector, with a focus on the strategic and policy issues essential for successful development of infrastructure through PPPs.
