Publication
Title
Renegotiating PPP contracts : reinforcing the P' in partnership
Author
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.
Language
English
Source (journal)
Transport reviews. - London, 1981, currens
Publication
London : 2015
ISSN
0144-1647 [print]
1464-5327 [online]
Volume/pages
35:2(2015), p. 204-225
ISI
000350372300006
Full text (Publishers DOI)
Full text (open access)
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UAntwerpen
Faculty/Department
Research group
Publication type
Subject
Affiliation
Publications with a UAntwerp address
External links
Web of Science
Record
Identification
Creation 05.01.2015
Last edited 23.05.2017
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