Variations to traditional contracting methods the public entity in a public-private partnership to minimize risk by engage in some form of sale of an asset, usually a facility or fee for service operation, to the private sector, attorney Frank M. Rapoport writes.
Contracts for infrastructure initiatives range from those projects where the public agency assumes full control of the project ultimately holds on to full ownership of the facility, and hence assumes the bulk of the risk to the other extreme, where the agency will conduct some form of sale of the asset, transferring full ownership and responsibility to a public entity, and maintaining minimal regulatory control of the facility. The preferred public-private partnership, or P3, contracting method for new construction will vary somewhere in between these two extremes, depending upon the controlling overriding legislation in the state and the public agency’s appetite for risk transference.
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