Title
Renegotiating PPP contracts : reinforcing the P' in partnership Renegotiating PPP contracts : reinforcing the P' in partnership
Author
Faculty/Department
Faculty of Applied Economics
Publication type
article
Publication
London ,
Subject
Economics
Source (journal)
Transport reviews. - London, 1981, currens
Volume/pages
35(2015) :2 , p. 204-225
ISSN
0144-1647
ISI
000350372300006
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
The issue of renegotiation is becoming increasingly important as a tool to address uncertainty of publicprivate partnership (PPP) projects and as a mechanism to restore its economic and financial equilibrium. This paper aims to understand how and why renegotiations occur in long-lasting PPP projects and what are the pros and cons of the renegotiation. We depart from a literature review on contract incompleteness and on the determinant factors for the renegotiation of infrastructure concessions. To illustrate the discussion, the case studies of nine European PPP projects are analysed by examining the specific exogenous and endogenous determinant factors that conduce to renegotiating contracts. The implications of contractual renegotiations are explained and summarized through a comparison of our case studies with literature. Although renegotiation, per se, is not a solution for the successful implementation of PPP projects, our findings reinforce the idea of contractual flexibility as a tool that allows adapting to uncertainty. Moreover, effective communication mechanisms allow a better response to unforeseen events, reinforcing the partners commitment to deliver a winwin project.
E-info
https://repository.uantwerpen.be/docman/iruaauth/9ea48b/b8c60c9490a.pdf
Full text (open access)
https://repository.uantwerpen.be/docman/irua/8075e4/8935.pdf
E-info
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