Puerto Rico Concession Agreement
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FAQ
Some of the essential clauses in a concession agreement are as follows:Definition clause.Scope of the project.Grant of concession.Concession period.Conditions precedent.Damages for delay by the authority.General obligation of the concession holder.General obligation of the authority.More items...?
Disadvantages of a concession agreementIt requires closer regulatory oversight by the government.It creates contingent liabilities to the government, especially if the term of the project is long.It can have underlying fiscal costs to the government.More items...?
There are different types of concession contracts, including: ex-leasing, franchise, build- operate-transfer (BOT) etc. Private finance initiatives (PFIs) may also be considered similar to concessions.
The concession process typically involves the following steps: Development of technical, economic and financial analyses documents for the Data Room. Pre-qualification of bidders. Request for Proposal invitations to pre-qualified bidders.
P3 concessions are publicpri- vate agreements in which the private sector takes on some of the risks and rewards of financing, constructing (or leas- ing), and operating and maintaining a transportation facility in exchange for the right to future revenues or payments for a specified term.
A concession agreement is an agreement between a Government Authority and a Private entity, through which the Government grants certain rights to the Private entity for a limited period of time. These agreements are common in the development of infrastructural projects under the Public-Private Partnership (PPP) model.
A concession is typically for a period of 25 to 30 years (i.e., long enough at least to fully amortize major initial investments). Asset ownership typically rests with the awarding authority and all rights in respect to those assets revert to the awarding authority at the end of the concession.
Concession agreements often involve contracts between the nongovernmental owner of a facility and a concession owner, or concessionaire. The agreement grants the concessionaire exclusive rights to operate their business in the facility for a stated time and under specified conditions.
There are different types of concession contracts, including: ex-leasing, franchise, build- operate-transfer (BOT) etc. Private finance initiatives (PFIs) may also be considered similar to concessions.
