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PPP projects in water management: Risks and solutions in the Eastern European context
Roderick MackenzieSolicitorPinsent Masons
Public Private PartnershipsPractical Instruments for Regional Development
Riga21 September 2007
Quotes and Definitions
Quotes and Definitions“A concession contract is never accepted it is tolerated”
Quotes and Definitions“A concession contract is never accepted it is tolerated”Market Profile on Legal ServicesGlobal Water Intelligence – February 2005 (Page 19)
Quotes and Definitions“A concession contract is never accepted it is tolerated”Market Profile on Legal ServicesGlobal Water Intelligence – February 2005 (Page 19)
“There is an ongoing need for legal representation in the perpetualstruggle with politicians who want to be seen to gain ground against concession operators rather than complying with theoriginal contract conditions….
Quotes and Definitions“A concession contract is never accepted it is tolerated”Market Profile on Legal ServicesGlobal Water Intelligence – February 2005 (Page 19)
“There is an ongoing need for legal representation in the perpetualstruggle with politicians who want to be seen to gain ground against concession operators rather than complying with theoriginal contract conditions….
Indeed, given the need to build up a defence against this attitude,legal representatives are increasingly considered a “part of theteam” on concessions, where previously they had been moredistinct”
Quotes and Definitions“A concession contract is never accepted it is tolerated”Market Profile on Legal ServicesGlobal Water Intelligence – February 2005 (Page 19)
“There is an ongoing need for legal representation in the perpetualstruggle with politicians who want to be seen to gain ground against concession operators rather than complying with theoriginal contract conditions….
Indeed, given the need to build up a defence against this attitude,legal representatives are increasingly considered a “part of theteam” on concessions, where previously they had been moredistinct”
PPP is the art of allocating risk for any given service provision to theparty within a project team most suitably qualified to manage that risk
Public
Municipality
Public
Municipality
Public
Municipality
PublicPrivate
Municipality
Municipal OwnedWater Company
PublicPrivate
Municipality
Municipal OwnedWater Company
PublicPrivate
Municipality
Municipal OwnedWater Company
PublicPrivate
100% share holder
Municipality
Municipal OwnedWater Company
PublicPrivate
100% share holder
Municipality
Municipal OwnedWater Company
PublicPrivate
100% share holder
Municipality
Municipal OwnedWater Company
PublicPrivate
100% share holder
The Consumer
Municipality
Municipal OwnedWater Company
PublicPrivate
100% share holder
The Consumer(The man who votes for the mayor)
Municipality
Municipal OwnedWater Company
PublicPrivate
100% share holder
The Consumer
Bills
Pays
The Consumer(The man who votes for the mayor)
Municipality
Municipal OwnedWater Company
PublicPrivate
100% share holderTariff Control
The Consumer
Bills
Pays
The Consumer(The man who votes for the mayor)
Municipality
Municipal OwnedWater Company
PublicPrivate
100% share holderTariff Control
The Consumer
Bills
Pays
Bidder
Municipality
Municipal OwnedWater Company
PublicPrivate
100% share holderTariff Control
The Consumer
Bills
Pays
Bidder
Bidder
Municipality
Municipal OwnedWater Company
The Successful Bidder
PublicPrivate
100% share holderTariff Control
The Consumer
Bills
Pays
Bidder
Bidder
Municipality
Municipal OwnedWater Company
The Successful Bidder
PublicPrivate
100% share holderTariff Control
The Consumer
Bills
Pays
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
PublicPrivate
100% share holderTariff Control
The Consumer
Bills
Pays
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
PublicPrivate
100% share holderTariff Control
The Consumer
Bills
Pays
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
PublicPrivate
The ProjectAgreement
100% share holderTariff Control
The Consumer
Bills
Pays
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
Sponsors
PublicPrivate
The ProjectAgreement
100% share holderTariff Control
The Consumer
Bills
Pays
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
Sponsors
PublicPrivate
The ProjectAgreement
100% share holderTariff Control
The Consumer
Bills
Pays
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
Sponsors
PublicPrivate
The ProjectAgreement
Equity
100% share holderTariff Control
The Consumer
Bills
Pays
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
Equity
100% share holderTariff Control
The Consumer
Bills
Pays
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
Equity
100% share holderTariff Control
The Consumer
Bills
Pays
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
DebtEquity
100% share holderTariff Control
The Consumer
Bills
Pays
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
DebtEquity
100% share holderTariff Control
The Consumer
Bills
Pays
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
Direct Agreement
DebtEquity
100% share holderTariff Control
The Consumer
Bills
Pays
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
Direct Agreement
DebtEquity
Builder
100% share holderTariff Control
The Consumer
Bills
Pays
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
Direct Agreement
DebtEquity
Builder Operator
100% share holderTariff Control
The Consumer
Bills
Pays
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
Direct Agreement
DebtEquity
Builder Operator
100% share holderTariff Control
The Consumer
Bills
Pays
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
Direct Agreement
DebtEquity
Builder Operator
100% share holderTariff Control
The Consumer
Bills
Pays
EPC Contract
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
Direct Agreement
DebtEquity
Builder Operator
100% share holderTariff Control
The Consumer
Bills
Pays
EPC Contract O&M Contract
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
Direct Agreement
DebtEquity
Builder Operator
100% share holderTariff Control
The Consumer
Bills
Pays
EPC Contract O&M Contract
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
Direct Agreement
DebtEquity
Builder Operator
100% share holderTariff Control
The Consumer
Bills
Pays
EPC Contract O&M ContractInterfaceAgreement
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
Direct Agreement
DebtEquity
Builder Operator
100% share holderTariff Control
The Consumer
Bills
Pays
EPC Contract O&M ContractInterfaceAgreement
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
Direct Agreement
DebtEquity
Builder Operator
100% share holderTariff Control
The Consumer
Bills
Pays
EPC Contract O&M Contract
Term – 25 years (for example)
InterfaceAgreement
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
Direct Agreement
DebtEquity
Builder Operator
100% share holderTariff Control
The Consumer
Bills
Pays
EPC Contract O&M Contract
Term – 25 years (for example)
InterfaceAgreement
2-3 yr build
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
Direct Agreement
DebtEquity
Builder Operator
100% share holderTariff Control
The Consumer
Bills
Pays
EPC Contract O&M Contract
Term – 25 years (for example)
InterfaceAgreement
2-3 yr build 22-23 yr operation
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
Direct Agreement
DebtEquity
Builder Operator
100% share holderTariff Control
The Consumer
Bills
Pays
EPC Contract O&M Contract
Term – 25 years (for example)
InterfaceAgreement
2-3 yr build 22-23 yr operation
Shareholders’Agreement
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
Direct Agreement
DebtEquity
Builder Operator
100% share holderTariff Control
The Consumer
Bills
Pays
EPC Contract O&M Contract
Term – 25 years (for example)
InterfaceAgreement
2-3 yr build 22-23 yr operation
Shareholders’Agreement
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
Direct Agreement
DebtEquity
Builder Operator
100% share holderTariff Control
The Consumer
Bills
Pays
EPC Contract O&M Contract
Term – 25 years (for example)
InterfaceAgreement
2-3 yr build 22-23 yr operation
Shareholders’Agreement
Insurance
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
Direct Agreement
DebtEquity
Builder Operator
100% share holderTariff Control
The Consumer
Bills
Pays
EPC Contract O&M Contract
Term – 25 years (for example)
InterfaceAgreement
2-3 yr build 22-23 yr operation
Shareholders’Agreement
Insurance
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
Direct Agreement
DebtEquity
Builder Operator
100% share holderTariff Control
The Consumer
Bills
Pays
EPC Contract O&M Contract
Term – 25 years (for example)
InterfaceAgreement
2-3 yr build 22-23 yr operation
Shareholders’Agreement
InsuranceSecurityBlanket
Municipality
Municipal OwnedWater Company
The Project Co(SPV)
BanksSponsors
PublicPrivate
The ProjectAgreement
Direct Agreement
DebtEquity
Builder Operator
100% share holderTariff Control
The Consumer
Bills
Pays
EPC Contract O&M Contract
Term – 25 years (for example)
InterfaceAgreement
2-3 yr build 22-23 yr operation
Shareholders’Agreement
InsuranceSecurityBlanket
Any problems?
• The position of the Sponsors in the water sector has already been presented in the quotations at the start of this presentation.
• The Bank is getting anxious about the consumer, his relationship with the Mayor, the tariff negotiation mechanism and the impact on the availability payment.
• But what about the Mayor?
Any problems?
• The position of the Sponsors in the water sector has already been presented in the quotations at the start of this presentation.
• The Bank is getting anxious about the consumer, his relationship with the Mayor, the tariff negotiation mechanism and the impact on the availability payment.
• But what about the Mayor?PPP is the art of allocating risk for any given service provision to theparty within a project team most suitably qualified to manage that risk
The Mayor
• Not looking forward to ongoing negotiation on tariff to support the availability payment
• Constraints on public spending prevent direct contracting of capital works projects
• EU Accession requirements necessitate the proposed expenditure in order to comply with environmental directives
• Typically, any Mayor faces the need to authorise capital works on water and wastewater infrastructure of, potentially €50m to $150m
• Privatisation is a dirty word
The nature of municipal services
• Water is intensely political as a municipal service, not least owing to essential nature of water to life itself
• However, it is not unique as municipal solid waste faces similar challenges (public health, unwillingness of consumer to pay)
• District heating also faces challenges and levels of operational complexity comparable to water and solid waste
• Do nothing is not an option, as the State will be fined by the European Commission at the end of any derogations periods
• Can we find an alternative solution?
The Hybrid Lease
• Hybrid – a cross between two species• Concession form (as previously detailed)• Lease – Common Law real property concept
– Lord Templeman in Street v Mountford [1985] AC 809 at p816
• Exclusive possession (for free use and enjoyment)• for a term (defined period of time)• at a rent
• A similar concept is available in Civil Law• The French water industry is based on lease
mechanisms through the affermage contract
Municipality
Municipal OwnedWater Company
PublicPrivate
100% share holder
Municipality
Municipal OwnedWater Company
PublicPrivate
100% share holder
Infrastructure Assets
Municipality
Municipal OwnedWater Company
PublicPrivate
100% share holder
Infrastructure AssetsPeople
Municipality
Municipal OwnedWater Company
PublicPrivate
100% share holder
Infrastructure AssetsPeople
Municipality
Municipal OwnedWater Company
PublicPrivate
100% share holder
Infrastructure AssetsPeople
Bills
Pays
Municipality
Municipal OwnedWater Company
PublicPrivate
100% share holder
Infrastructure AssetsPeopleRevenue stream
Bills
Pays
Municipality
Municipal OwnedWater Company
PublicPrivate
100% share holder
Infrastructure AssetsPeopleRevenue stream
Massive capex demand
Bills
Pays
Municipality
Municipal OwnedWater Company
PublicPrivate
Infrastructure AssetsPeopleRevenue stream
Massive capex demandImpaired creditworthiness
Bills
Pays
100% share holder
Municipality
Municipal OwnedWater Company
PublicPrivate
Infrastructure AssetsPeopleRevenue stream
Massive capex demandImpaired creditworthiness
Bills
Pays
100% share holderTariff Control
Municipality
Municipal OwnedWater Company
PublicPrivate
Infrastructure AssetsPeopleRevenue stream
Massive capex demandImpaired creditworthiness
Bills
Pays
100% share holderTariff Control
Municipality
Municipal OwnedWater Company
PublicPrivate
Infrastructure AssetsPeopleRevenue stream
Massive capex demandImpaired creditworthiness
Bills
Pays
100% share holderTariff Control
Landlord
Municipality
Municipal OwnedWater Company
PublicPrivate
Infrastructure AssetsPeopleRevenue stream
Massive capex demandImpaired creditworthiness
Bills
Pays
100% share holderTariff Control
Landlord Tenant
Municipality
Municipal OwnedWater Company
PublicPrivate
Infrastructure AssetsPeopleRevenue stream
Massive capex demandImpaired creditworthiness
Bills
Pays
100% share holderTariff Control
Landlord Tenant
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holder
Landlord Tenant
Private Operator
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Contract?
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Contract?
Management ContractsUseful first step
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Contract?
Management ContractsUseful first step
Operation and Maintenance ContractsLimited transfer of risk to the private sector
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Contract?
Management ContractsUseful first step
Operation and Maintenance ContractsLimited transfer of risk to the private sector
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate OperatorDivestiture?
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate OperatorDivestiture?
Privatisation is a dirty word
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate OperatorDivestiture?
Privatisation is a dirty word
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease?
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease?
No divestitureShares remain in public ownershipMunicipality has privatised nothing
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease?
No divestitureShares remain in public ownershipMunicipality has privatised nothing
A recipe for a happy Mayor!
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
How?
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
How?
Assignment of certain rights over shares fora fixed term
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
How?
Assignment of certain rights over shares fora fixed term
• Dividend• Right to appoint directors• Right to contract• Right to enter loan agreements
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
How?
Assignment of certain rights (possession) over shares for a fixed term
• Dividend• Right to appoint directors• Right to contract• Right to enter loan agreements
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
The Lease
Can contain covenants in relation to:
• Creditworthiness• Improvements including capital works
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
Assignment of certain rights (possession)Covenants for improvement
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
Assignment of certain rights (possession)Covenants for improvement
Term – 10 to 15 years
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
Assignment of certain rights (possession)Covenants for improvement
Term – 15 years
Year 0-3:Creditworthiness
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
Assignment of certain rights (possession)Covenants for improvement
Term – 15 years
Year 0-3:Creditworthiness
The Cash Injection
Bank
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
Assignment of certain rights (possession)Covenants for improvement
Term – 15 years
Year 0-3:Creditworthiness
The Cash Injection
Bank
Vanilla Loan Agreement
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
Assignment of certain rights (possession)Covenants for improvement
Term – 15 years
Year 0-3:Creditworthiness
The Cash Injection
Bank
Vanilla Loan Agreement
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
Assignment of certain rights (possession)Covenants for improvement
Term – 15 years
Year 0-3:Creditworthiness
The Cash Injection
Bank
Vanilla Loan Agreement
Loan repayment15 years
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
Assignment of certain rights (possession)Covenants for improvement
Term – 15 years
Year 0-3:Creditworthiness
Builder
Bank
Vanilla Loan Agreement
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
Assignment of certain rights (possession)Covenants for improvement
Term – 15 years
Year 3-5Build Period
Builder
Bank
Vanilla Loan Agreement
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
Assignment of certain rights (possession)Covenants for improvement
Term – 15 years
Year 3-5Build Period
Builder
Bank
Vanilla Loan Agreement
Loan repayment15 years
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
Assignment of certain rights (possession)Covenants for improvement
Term – 15 years
Year 3-5Build Period
Builder
Bank
Loan repayment15 years
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
Term – 15 years
Year 3-5Build Period
Builder
Bank
Loan repayment15 years
Question:What happens now?
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
Term – 15 years
Year 3-5Build Period
Builder
Bank
Loan repayment15 years
Answer:Depends on the deal struck betweenthe Mayor and the Bank
Municipality
PublicPrivate
Bank
Municipality
PublicPrivate
Bank
Direct Agreement
Municipality
PublicPrivate
Bank
Direct Agreement
Sets out the conditions for Re-Leasingthe property (Company) at the end ofthe term of the first lease on similar termsand to a suitably qualified and competent operator
Municipality
PublicPrivate
Bank
Direct Agreement
Sets out the conditions for Re-Leasingthe property (Company) at the end ofthe term of the first lease on similar termsand to a suitably qualified and competent operatorOR repay all outstanding sums.
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
Term – 15 years
Year 3-5Build Period
Builder
Bank
Loan repayment15 years
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate Operator
Lease
Term – 15 years
Year 3-5Build Period
Builder
Bank
Loan repayment15 years
Competition time!(In line with European ProcurementDirectives)
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate OperatorRe - Lease
Term – 15 years
Year 3-5Build Period
Builder
Bank
Loan repayment15 years
Municipal OwnedWater Company
Term – 15 years
Municipality
Municipal OwnedWater Company
PublicPrivate
Bills
Pays
100% share holderPrivate OperatorRe - Lease
Term – 15 years
Year 3-5Build Period
Builder
Bank
Loan repayment15 years
Municipal OwnedWater Company
Term – 15 years
Subject to existing loan agreement
Why the Hybrid Lease?
• A cross between– a lease contract (for the company); and– a concession contract (for the procurement of capital
works)• There is no privatisation• Dramatic transfer of risk to private sector with
minimal political risk• Similarities between this form of PPP and the
French water industry – a civil jurisdiction with the longest standing municipal service sector engaging in PPP in the world!
Caveats• Clearly, not all companies will be in the right shape to enter a hybrid
lease and simpler forms of PPP (i.e. management contracts) will be required as a first step
• Suitability criteria clearly need to be considered (e.g. population served per employee, ratio between billing and collection) as these issues influence creditworthiness
• There is the need to check primary legislation within any jurisdiction to determine whether assignment of certain rights over publicly held shares is permitted
• Careful consideration is required in relation to which rights over shares are assigned in order to make hybrid leasing work while remaining politically acceptable
• Ultimately dependent on the vires of the Direct Agreement between the Municipality and the Bank
Who’s Happy (1)?
• Bank– Has either an existing loan covered by a new leasing
arrangement or been paid out at the end of the first lease term
• Operator– 15 years happy operation of a utility– Paid by the fee for running the company and by
dividends received on shares
• Contractor– Reduced time for procurement cycle– Deals directly with the utility
Who’s Happy (2)?
• Mayor– Because the much of the political risk associated with
privatisation has been removed– Tariff negotiation risk has been reduced into the
bidding process on Re-lease– The competition for the Re-lease acts as a natural
economic market regulator thereby improving regulation of the market
– The overall cost of procuring a project is massively reduced
Who’s Unhappy?
• Lawyers
Thank you
Any questions?
