Vermont Concession Agreement
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How to fill out 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...?11-Jul-2021
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...?
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.
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.
Model Concession Agreement (MCA) forms the core of public private partnership (PPP) projects in India. The MCA spells out the policy and regulatory framework for implementation of a PPP project.
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.
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.
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.
