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2021 | OriginalPaper | Buchkapitel

2. Defining PPP Renegotiations

verfasst von : Carlos Oliveira Cruz, Joaquim Miranda Sarmento

Erschienen in: The Renegotiations of Public Private Partnerships in Transportation

Verlag: Springer International Publishing

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Abstract

PPP renegotiations are often perceived to be a pitfall, or a failure of the project. This assumptions is based on the premise that if the contract were to function appropriately, then renegotiations would not even be necessary. However, PPPs have characteristics which justify a certain level of renegotiations, as they are long-term and incomplete contracts, which involve high levels of investment, in highly-regulated and politically-sensitive markets. Renegotiations can well represent a natural development of the evolution of the contract (as no contract is capable of contemplating solutions for all circumstances that can arise in the future) and often enable a better adaptation of the obligations of the parties to new conditions. This chapter will discussed the concept and rationale of PPP, based on the three different perspectives provided by the economic literature: (1) the contract theory; (2) the transaction cost theory (which can also be related with the contract theory), and; (3) the institutional & governance theory.

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Vorheriges Kapitel Introduction

Nächstes Kapitel Theory on PPP Renegotiations

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Titel: Defining PPP Renegotiations
verfasst von: Carlos Oliveira Cruz
Joaquim Miranda Sarmento
Verlag: Springer International Publishing
Buch: The Renegotiations of Public Private Partnerships in Transportation
Print ISBN: 978-3-030-61257-3

Electronic ISBN: 978-3-030-61258-0

Copyright-Jahr: 2021
DOI: https://doi.org/10.1007/978-3-030-61258-0_2

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