Contractual flexibility in transport infrastructure PPP
Domingues, S.; Zlatkovic, D.; Roumboutsos, A. (2014). Contractual flexibility in transport infrastructure PPP, in: European Transport Conference 2014 (ETC 2014): 42nd European Transport Conference, 29 September-01 October 2014, Germany, Hesse, Frankfurt am Main. pp. 1-19
In: (2014). European Transport Conference 2014 (ETC 2014): 42nd European Transport Conference, 29 September-01 October 2014, Germany, Hesse, Frankfurt am Main. Association For European Transport: United Kingdom. , meer
The issue of contractual flexibility is becoming increasingly important as a tool to address uncertainty affecting Public Private Partnership (PPP) projects and as a mechanism to ensure its economic and financial viability. Although there is a wide spectrum of ways to assess and implement flexibility in PPP projects, there are also important trade-offs that are not always easily quantifiable. Nonetheless, the idea of contractual flexibility as a tool that allows adapting to uncertainty gains momentum. This paper explores the potential benefits of contractual flexibility with respect to PPP’s critical success factors through the analysis of case studies of European PPPs in the road sector. Our results show the existence of flexible mechanisms in contractual agreements in order to respond more adequately to the uncertain future. Moreover, it is identified that effective communication mechanisms improve respond to unforeseen events and reinforce the partners’ commitment in delivering a win-win project.
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