Project finance, BOT projects and risk:
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
The Hague
Kluwer Law Internat.
2005
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXIX, 535 S. |
| ISBN: | 9041123652 |
Internformat
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| 100 | 1 | |a Delmon, Jeffrey |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Project finance, BOT projects and risk |c by Jeffrey Delmon |
| 264 | 1 | |a The Hague |b Kluwer Law Internat. |c 2005 | |
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| 338 | |b nc |2 rdacarrier | ||
| 650 | 7 | |a Financieel management |2 gtt | |
| 650 | 7 | |a Infrastructuur |2 gtt | |
| 650 | 7 | |a Projecten |2 gtt | |
| 650 | 7 | |a Risicoanalyse |2 gtt | |
| 650 | 4 | |a Construction industry |x Risk management | |
| 650 | 4 | |a Infrastructure (Economics) | |
| 650 | 4 | |a Project management | |
| 650 | 4 | |a Public contracts | |
| 650 | 4 | |a Public works |x Planning | |
| 650 | 4 | |a Public-private sector cooperation | |
| 650 | 4 | |a Risk assessment | |
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| 650 | 0 | 7 | |a Risikomanagement |0 (DE-588)4121590-4 |2 gnd |9 rswk-swf |
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Datensatz im Suchindex
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| adam_text | TABLE OF CONTENTS
PREFACE XXVII
CHAPTER 1 RISK, RISK ASSESSMENT AND RISK ALLOCATION 1
CHAPTER 2 TRADITIONAL THEORY OF RISK ALLOCATION 39
CHAPTER 3 INTRODUCTION TO BOT PROJECTS 55
CHAPTER 4 PROJECT FINANCE 79
CHAPTER 5 PROJECT BANKABILITY 97
CHAPTER 6 ALLOCATION OF RISK IN PROJECT FINANCE 125
CHAPTER 7 PROJECT PARTICIPANT INTERFACE RISK 153
CHAPTER 8 CONCESSION AGREEMENT 165
CHAPTER 9 SHAREHOLDERS AGREEMENT 181
CHAPTER 10 CONSTRUCTION CONTRACT 191
CHAPTER 11 SPLITTING TURNKEY CONSTRUCTION CONTRACTS 219
CHAPTER 12 OPERATION AND MAINTENANCE AGREEMENT 241
CHAPTER 13 OFFTAKE PURCHASE AGREEMENT 257
CHAPTER 14 INPUT SUPPLY AGREEMENT 273
CHAPTER 15 ISSUES COMMON TO THE PROJECT DOCUMENTS 287
CHAPTER 16 TENDERING PROCEDURES 321
CHAPTER 17 POWER PROJECTS 347
CHAPTER 18 TRANSPORTATION 369
CHAPTER 19 OIL AND GAS 383
CHAPTER 20 TELECOMMUNICATIONS 399
CHAPTER 21 WATER AND SANITATION. 411
CHAPTER 22 OUTSOURCING 431
GLOSSARY 447
INDEX 513
IX
DETAILED TABLE OF CONTENTS
PREFACE XXVII
CHAPTER 1 RISK, RISK ASSESSMENT AND RISK ALLOCATION 1
1.1 RISK ASSESSMENT 2
1.1.1 QUANTITATIVE RISK ASSESSMENT 2
1.1.2 QUALITATIVE RISK ASSESSMENT 3
1.2 QUANTITATIVE ASSESSMENT 4
1.2.1 PROBABILITY AND STANDARD MEAN VARIATION 5
1.2.2 UTILITY AND COST-BENEFIT ANALYSIS 9
1.2.3 CAUSATION 12
1.2.4 GAME THEORY 12
1.2.5 DIVERSIFICATION 13
1.2.6 INFORMATION 14
1.3 QUALITATIVE ASSESSMENT 16
1.3.1 BASIC NEEDS 17
1.3.2 CONTROL AND THE SEARCH FOR CERTAINTY 18
1.3.3 MAGNITUDE 23
1.3.4 IMMEDIACY 23
1.3.5 FOCUS 23
1.3.6 PAST PERSONAL EXPERIENCE/FAMILIARITY 24
1.3.7 PHYSICAL CONDITION AND PREPAREDNESS 26
1.3.8 PERSONAL, GENETIC OR NATURAL PROPENSITY TO TAKE RISK. 27
1.3.9 CULTURAL 28
1.3.10 SOCIOLOGICAL 29
1.3.11 JUSTICE, EQUITY AND LAW 29
1.3.12 POLITICAL CONTEXT 29
1.3.13 POWER 30
1.3.14 INSTITUTIONAL APPROACHES OR POLICY 31
1.3.15 TEAM STRUCTURE 32
1.3.16 EDUCATION AND TRAINING 33
1.3.17 TECHNICAL 33
1.3.18 FINANCIAL 34
1.3.19 COMMERCIAL 35
1.3.20 RISK COMMUNICATION 35
1.3.21 NATURE VERSUS NURTURE 36
CHAPTER 2 TRADITIONAL THEORY OF RISK ALLOCATION 39
2.1 ELEMENTS OF THE TRADITIONAL APPROACH 40
2.1.1 WHO CAN CONTROL THE OCCURRENCE OF ARISK? 41
XII DETAILED TABLE OF CONTENTS
2.1.2 WHO WANTS TO BE IN A POSITION OF CONTROL OVER THE
CIRCUMSTANCES RELATED TO THE RISK? 42
2.1.3 WHO CAN MANAGE THE RISK FOR THE LEAST COST? 42
2.1.4 IS THE RELEVANT PARTY ABLE TO MANAGE THE RISK, DOES IT HAVE
THE RELEVANT RESOURCES AND IS IT IN A POSITION TO MANAGE THE
RISK? 43
2.1.5 CAN THE RELEVANT PARTY BEAR THE CONSEQUENCES OF THE RISK? 43
2.1.6 IS THERE AN INTERRELATIONSHIP BETWEEN THE RELEVANT RISK AND
OTHER PROJECT RISKS? 44
2.1.7 WILL THAT PARTY BE MOTIVATED TO MANAGE THE RISK IN THE
MOST EFFICIENT AND EFFECTIVE MANNER POSSIBLE? 45
2.2 THE BACKGROUND TO THE TRADITIONAL APPROACH 45
2.2.1 LATHAM, EGAN, GROVE AND ON 45
2.2.2 MECHANISMS TO ASSIST IN IMPLEMENTING THE TRADITIONAL
APPROACH 46
2.2.3 THE TRADITIONAL APPROACH IN OTHER DISCIPLINES 47
2.3 THE TRADITIONAL THEORY AND RISK NOISE 47
2.3.1 NUMERIC QUANTIFICATION OF LINGUISTIC QUANTITATIVE
ASSESSMENT 48
2.3.2 HINTS AT RISK NOISE AND ITS EFFECTS IN THE TRADITIONAL
APPROACH LITERATURE 49
2.4 CONCLUSION 50
2.4.1 POLITICAL DRIVERS 51
2.4.2 FINANCE DRIVERS 52
2.4.3 RISK NOISE 52
CHAPTER 3 INTRODUCTION TO BOT PROJECTS 55
3.1 PRIVATE INVESTMENT IN PUBLIC INFRASTRUCTURE 56
3.1.1 PUBLIC SECTOR PROJECTS 57
3.1.2 FINANCING 58
3.1.3 PROGRESSION OF FINANCING 59
3.1.4 BENEFITS AND DISADVANTAGES 59
3.2 DESCRIPTION OF A BOT PROJECT 62
3.2.1 FINANCING AGREEMENT 63
3.2.2 SHAREHOLDERS AGREEMENT 64
3.2.3 CONCESSION AGREEMENT 64
3.2.4 OFFTAKE PURCHASE AGREEMENT 64
3.2.5 INPUT SUPPLY AGREEMENT 65
3.2.6 CONSTRUCTION CONTRACT 65
3.2.7 OPERATION AND MAINTENANCE AGREEMENT 65
3.3 DIRECT AGREEMENTS 65
3.4 PARTIES INVOLVED IN A BOT PROJECT 66
3.4.1 LENDERS. 66
DETAILED TABLE OF CONTENTS XJIL
3.4.2 GRANTOR AND HOST GOVERNMENT 67
3.4.3 MULTILATERAL, BILATERAL AND EXPORT CREDIT AGENCIES 70
3.4.4 PROJECT COMPANY 72
3.4.5 CONSTRUCTION CONTRACTOR 73
3.4.6 OPERATOR 73
3.4.7 OFFTAKE PURCHASER 73
3.4.8 INPUT SUPPLIER 74
3.4.9 INTERFACES 74
3.5 STAGES OF DEVELOPMENT AND NEGOTIATION OF A BOT PROJECT 75
CHAPTER 4 PROJECT FINANCE 79
4.1 PROJECT FINANCING 79
4.2 TYPES OF CONTRIBUTIONS 83
4.2.1 EQUITY CONTRIBUTIONS 83
4.2.2 DEBT CONTRIBUTIONS 83
4.2.3 MEZZANINE CONTRIBUTIONS 84
4.2.4 DEBT-TO-EQUITY RATIOS 85
4.3 LENDER RECOURSE 85
4.3.1 RECOURSE, LIMITED RECOURSE AND NON-RECOURSE FINANCING 85
4.3.2 RIGHTS AGAINST OTHER PERSONS 87
4.3.3 LOSS OF NON-RECOURSE TREATMENT 87
4.4 ISSUES SPECIFIC TO FINANCING AGREEMENT 88
4.4.1 CONDITIONS PRECEDENT 88
4.4.2 SECURITY ISSUES 88
4.4.3 REPAYMENT 89
4.4.4 SHAREHOLDER SUPPORT 90
4.4.5 STEP-IN 90
4.4.6 WARRANTIES, UNDERTAKINGS AND REPRESENTATIONS 91
4.4.7 USE OF INSURANCE 91
4.5 OTHER ISSUES RELEVANT TO FINANCING 92
4.5.1 COMPLETION 92
4.5.2 HOST GOVERNMENT SUPPORT 92
4.5.3 FORCE MAJEURE AND CHANGE IN LAW. 93
4.5.4 POLITICALRISK 94
4.5.5 ENVIRONMENTAL RISK. 94
4.5.6 CURRENCY EXCHANGE RISK 94
4.5.7 LENDERS TECHNICAL ADVISER 95
4.5.8 INTERCREDITOR ISSUES 95
CHAPTER 5 PROJECT BANKABILITY 97
5.1 PROJECT VIABILITY 98
5.1.1 ECONOMIC/POLITICAL VIABILITY 98
5.1.2 LEGAL VIABILITY. 100
5.1.3 FINANCIAL VIABILITY 102
XIV DETAILED TABLE OF CONTENTS
5.1.4 TECHNICAL VIABILITY 103
5.2 SITE ISSUES 105
5.2.1 POLITICAL ISSUES 105
5.2.2 ADMINISTRATIVE ISSUES 108
5.2.3 CURRENCY ISSUES 110
5.2.4 MARKET ISSUES 110
5.2.5 FORCE MAJEURE 112
5.3 SOURCE COUNTRY ISSUES 112
5.4 PROJECT STRUCTURE ISSUES 112
5.4.1 SHAREHOLDERS 112
5.4.2 FINANCING STRUCTURE 113
5.4.3 THIRD PARTY RISK ALLOCATION 114
5.5 CONTRACTUAL STRUCTURE ISSUES 115
5.5.1 CONCESSION AGREEMENT 115
5.5.2 CONSTRUCTION CONTRACT 117
5.5.3 OPERATION AND MAINTENANCE AGREEMENT 119
5.5.4 OFFTAKE PURCHASE AGREEMENT 120
5.5.5 INPUT SUPPLY AGREEMENT 121
CHAPTER 6 ALLOCATION OF RISK IN PROJECT FINANCE 125
6.1 ALLOCATION OF RISK 126
6.2 DEVELOPMENT RISK 128
6.3 COMPLETION RISK. 129
6.3.1 CONSTRUCTION .: 129
6.3.2 COMMISSIONING 130
6.3.3 TIME FOR COMPLETION 131
6.4 COST INCREASE RISK 132
6.4.1 CURRENCY RISK 132
6.4.2 INFLATION 133
6.4.3 TAXES 133
6.4.4 INPUT PRICE INCREASE 133
6.4.5 CONSTRUCTION COST INCREASE 134
6.4.6 OPERATION COST INCREASE 134
6.4.7 COST OF SPARE AND REPLACEMENT PARTS 134
6.4.8 DECREASE IN OUTPUT PRICE 135
6.4.9 COVERAGE OF COST OVERRUN RISK 135
6.5 PERFORMANCE RISK 136
6.5.1 DESIGN AND CONSTRUCTION 136
6.5.2 OPERATION 137
6.5.3 INPUT SUPPLY 137
6.5.4 OFFTAKE PURCHASER INFRASTRUCTURE 137
6.6 OPERATION RISK 138
DETAILED TABLE OF CONTENTS XV
6.7 MARKET RISK. 139
6.7.1 OUTPUT PRICE 139
6.7.2 INPUT COST RISK 140
6.8 POLITICAL RISK 140
6.8.1 AUTHORITY AND ENABLING LEGISLATION 140
6.8.2 CHANGE IN BUDGET, GOVERNMENT OR POLITICAL ATMOSPHERE 140
6.8.3 EXPROPRIATIONS 142
6.8.4 CHANGE OF LAW OR TAXATION 143
6.8.5 CHANGE IN TECHNICAL REQUIREMENTS 143
6.8.6 IMMUNITIES 144
6.8.7 PUBLIC PERCEPTION 145
6.8.8 POLITICAL RISK INSURANCE 146
6.8.9 SOURCE COUNTRY POLITICAL RISKS 147
6.8.10 CHOICE OF LAW 147
6.9 ENVIRONMENTAL RISK 148
6.10 CREDIT RISK 150
CHAPTER 7 PROJECT PARTICIPANT INTERFACE RISK 153
7.1 PROJECT INTERFACES 154
7.1.1 TECHNOLOGY INTERFACES 154
7.1.2 METHODOLOGY INTERFACES 154
7.1.3 MANAGEMENT AND ALLOCATION OF INTERFACE RISK 157
7.2 GRANTOR INTERFACES 157
7.2.1 INTERFACES WITH CONSTRUCTION CONTRACTOR 157
7.2.2 INTERFACES WITH OPERATOR 158
7.2.3 INTERFACES WITH OFFTAKE PURCHASER 159
7.2.4 INTERFACES WITH INPUT SUPPLIER 160
7.3 CONSTRUCTION CONTRACTOR AND OPERATOR 160
7.4 OPERATOR AND OFFTAKE PURCHASER 162
7.5 OPERATOR AND INPUT SUPPLIER 163
7.6 INTRA-PROJECT COMPANY INTERFACES 163
CHAPTER 8 CONCESSION AGREEMENT 165
8.1 RISKS 168
8.1.1 POLITICAL RISK 168
8.1.2 COMPLETION RISK 169
8.1.3 OPERATION RISK 169
8.1.4 PERMITS AND LICENCES 169
8.1.5 TRANSFER AND RE-TENDERING 170
8.2 INTERFACES 170
8.2.1 CONSTRUCTION CONTRACTOR 170
8.2.2 OPERATOR 171
XV
J DETAILED TABLE OF CONTENTS
8.2.3 OFFTAKE PURCHASER 172
8.2.4 INPUT SUPPLIER 172
8.3 PAYMENT AND GUARANTEES 172
8.3.1 TOLLS AND TARIFFS 172
8.3.2 GUARANTEES 172
8.3.3 NON-COMPETITION/EXCLUSIVITY 173
8.3.4 FOREIGN CURRENCY EXCHANGE AND TRANSFER OF FUNDS 173
8.3.5 TAXATION 173
8.3.6 COMPENSATION EVENTS 174
8.3.7 COMPENSATION ON TERMINATION 174
8.4 COMPLETION AND OPERATION 174
8.4.1 DESIGN, CONSTRUCTION AND TECHNICAL REQUIREMENTS 174
8.4.2 MODIFICATION OF TECHNICAL REQUIREMENTS 175
8.4.3 TIME FOR COMPLETION AND THE PROJECT PROGRAMME 175
8.4.4 METHOD OF OPERATION 176
8.4.5 MAINTENANCE MANUALS, RECORDS AND AS-BUILT DRAWINGS 176
8.4.6 UPDATE OF PROJECT TECHNOLOGY 176
8.4.7 TRAINING 177
8.4.8 NO DISCRIMINATORY ACTION BY GOVERNMENT OR GOVERNMENT
ENTITY 177
8.5 PROCEDURES AND MECHANISMS 178
8.5.1 APPROVAL, APPOINTMENT AND REPLACEMENT 178
8.5.2 GRANTING THE CONCESSION 178
8.5.3 CONCESSION FEES 178
8.5.4 INDEPENDENT EXPERT 178
8.5.5 RESTRICTIONS ON TRANSFER OF SHARES OF THE PROJECT COMPANY 179
8.5.6 STEP-IN AND CONTINUOUS OPERATION PROVISIONS 179
8.5.7 TRANSFER OR RE-TENDER 179
CHAPTER 9 SHAREHOLDERS AGREEMENT 181
9.1 FORM OF THE PROJECT COMPANY 182
9.1.1 ADDED SOURCE OF EQUITY CAPITAL 182
9.1.2 SPECIAL PROJECT EXPERTISE. 182
9.1.3 SHAREHOLDER INTEREST 183
9.1.4 DIVERSITY OF OWNERSHIP 183
9.1.5 RISK MANAGEMENT 183
9.1.6 OFF BALANCE SHEET TREATMENT 183
9.1.7 AVAILABILITY OF FUNDING 184
9.1.8 CONTROL OVER A RESOURCE OR MARKET POSITION 184
9.2 INVESTMENT, RETURN, COSTS AND CASH FLOW 184
9.2.1 SHAREHOLDER CONTRIBUTIONS 184
9.2.2 NEW EQUITY INFUSIONS 185
9.2.3 APPLICATION OF CASH FLOW 186
9.2.4 COSTS 186
DETAILED TABLE OF CONTENTS XVII
9.2.5 CONTRIBUTION CLAUSE 186
9.3 SHAREHOLDER RIGHTS AND OBLIGATIONS 187
9.3.1 SHAREHOLDER UNDERTAKINGS 187
9.3.2 CONFLICTS OF INTEREST 187
9.3.3 CONFIDENTIALITY 188
9.3.4 TRANSFER TO GRANTOR 188
9.3.5 TRANSFER OF SHARES 188
9.4 MANAGEMENT AND ADMINISTRATION 189
9.4.1 MANAGEMENT 190
9.4.2 DISPUTE RESOLUTION 190
CHAPTER 10 CONSTRUCTION CONTRACT 191
10.1 TURNKEY CONSTRUCTION CONTRACTS 192
10.1.1 SINGLE POINT RESPONSIBILITY 193
10.1.2 TIME FOR COMPLETION 196
10.1.3 FIXED PRICE 197
10.1.4 DISADVANTAGES 198
10.2 RISK ALLOCATION 199
10.2.1 COMPLETION RISK 199
10.2.2 PERFORMANCE RISK 200
10.2.3 INCREASE OF COST RISK 201
10.3 INTERFACES BETWEEN CONSTRUCTION CONTRACTOR AND OTHER PROJECT
PARTICIPANTS 201
10.3.1 OPERATOR 201
10.3.2 OFFTAKE PURCHASER 202
10.3.3 INPUT SUPPLIER. 203
10.4 COMPLETION AND PERFORMANCE 203
10.4.1 SCOPE OF WORKS 203
10.4.2 DESIGN 204
10.4.3 QUALITY ASSURANCE 204
10.4.4 SITE RISK 205
10.4.5 COMPLETION AND TAKEOVER 205
10.4.6 TESTS ON COMPLETION 206
10.4.7 PERFORMANCE TESTS 207
10.4.8 LANGUAGE 207
10.5 TIME 207
10.5.1 TIME FOR COMPLETION AND PROJECT PROGRAMME 208
10.5.2 LATE COMPLETION 209
10.5.3 DEFECTS LIABILITY PERIOD 211
10.5.4 LATENT DEFECTS 211
10.6 PRICE AND PAYMENT 212
10.6.1 CONTRACT PRICE 212
10.6.2 PAYMENT 212
XVIII DETAILED TABLE OF CONTENTS
10.6.3 BONDS, GUARANTEES AND RETENTION 214
10.6.4 LIMITATION OF LIABILITY 215
10.6.5 JOINT AND SEVERAL LIABILITY 216
10.7 ADDITIONAL CONSIDERATIONS 216
10.7.1 PROCUREMENT RESTRICTIONS 216
10.7.2 SUBCONTRACTING 216
10.7.3 INDEPENDENT ENGINEER 217
10.7.4 TRAINING AND OPERATION MANUALS 217
10.7.5 TRANSFER OF TITLE AND RISK 217
CHAPTER 11 SPLITTING TURNKEY CONSTRUCTION CONTRACTS 219
11.1 DOMESTIC CONTRACTS 220
11.2 INTERNATIONAL CONTRACTS 222
11.3 SPLITTING CONTRACTS 224
11.4 SETTING THE TERMS 225
11.5 FIXED TIME FOR COMPLETION 225
11.5.1 CO-ORDINATION OF WORK PROGRAMMES 226
11.5.2 TESTING AND COMPLETION 227
11.5.3 TIMING OF COMPLETION 227
11.5.4 LIQUIDATED DAMAGES FOR DELAY 228
11.5.5 DURATION OF PERFORMANCE SECURITY 231
11.6 FIXED COST OF COMPLETION , 231
11.7 SINGLE POINT RESPONSIBILITY 232
11.7.1 QUALITY OF THE WORKS 233
11.7.2 DEFECTS 233
11.7.3 INTERFACES BETWEEN THE CONTRACTS 233
11.7.4 DISPUTE RESOLUTION 234
11.7.5 CHOICE OF LAW 234
11.7.6 LIMITS OF LIABILITY 235
11.7.7 INSURANCE 235
11.8 SPLITTING TERMS 235
11.8.1 EFFECTIVE DATE 236
11.8.2 PAYMENT 236
11.8.3 CROSS-INDEMNITIES 237
11.8.4 TERMINATION 237
11.8.5 UMBRELLA CONTRACTS 238
11.9 SPLITTING THE WORKS 239
11.10 CONCLUSION 240
CHAPTER 12 OPERATION AND MAINTENANCE AGREEMENT 241
12.1 RISK ALLOCATION 243
DETAILED TABLE OF CONTENTS XIX
12.1.1 PERFORMANCE RISK 243
12.1.2 INCREASE OF COST RISK 244
12.1.3 OPERATIONRISK 244
12.1.4 POLITICALRISK 244
12.2 INTERFACES 245
12.2.1 CONSTRUCTION CONTRACTOR 245
12.2.2 OFFTAKE PURCHASER 247
12.2.3 INPUT SUPPLIER 247
12.2.4 GRANTOR 248
12.3 OPERATOR S OBLIGATIONS 248
12.3.1 SCOPE OF SERVICES 248
12.3.2 STANDARDS OF PERFORMANCE 249
12.3.3 REMEDY OF DEFECTS 249
12.3.4 EMERGENCY SITUATIONS 250
12.3.5 PROCUREMENT RESTRICTIONS 250
12.3.6 SPARE PARTS 250
12.3.7 ASSET REMOVAL/REPLACEMENT 251
12.4 PAYMENT 251
12.4.1 COST OF OPERATION AND PAYMENT 252
12.4.2 BUDGETING FOR SPARE PARTS, MAJOR MAINTENANCE AND ASSET
RENEWAL 253
12.4.3 OPERATOR AS AGENT 253
12.4.4 LIABILITY 254
12.4.5 FOREIGN EXCHANGE AND CONVERTIBILITY 254
12.5 PROCEDURES 254
12.5.1 TRANSFER OF RISK 254
12.5.2 INDEPENDENT ENGINEER 255
12.5.3 ACCESS TO BOOKS AND RECORDS 255
12.5.4 TRAINING OF THE GRANTOR S PERSONNEL 255
12.5.5 TRANSFER 256
CHAPTER 13 OFFTAKE PURCHASE AGREEMENT. 257
13.1 RISK ALLOCATION 259
13.1.1 MARKETRISK 260
13.1.2 OPERATIONRISK 260
13.2 INTERFACES 260
13.2.1 OPERATOR 261
13.2.2 CONSTRUCTION CONTRACTOR 261
13.3 PRIMARY OBLIGATIONS 261
13.3.1 SCOPE OF SERVICES 262
13.3.2 QUANTITY 262
13.3.3 TECHNICAL AND PERFORMANCE SPECIFICATIONS 262
13.3.4 MODIFICATIONS TO THE PROJECT 263
XX DETAILED TABLE OF CONTENTS
13.3.5 FACILITIES PROVIDED BY OFFTAKE PURCHASER 263
13.3.6 ANCILLARY SERVICES 263
13.3.7 COMPLETION AND TRANSITION 264
13.3.8 TRANSFER TO GRANTOR 264
13.4 PRICE AND PAYMENT 264
13.4.1 CAPACITY CHARGE 266
13.4.2 USAGE CHARGE 267
13.4.3 INPUT EFFICIENCY 268
13.4.4 INPUT SUPPLY 268
13.4.5 METERING OF OUIPUT 269
13.4.6 OTHER OFFTAKE 269
13.4.7 OTHER PRICING SCHEMES 270
13.4.8 BONUSES 270
13.4.9 GUARANTEES 270
13.4.10 FOREIGN EXCHANGE RISK 270
13.5 MECHANISMS AND PROCEDURES 271
13.5.1 OPERATION REGIME 271
13.5.2 MAINTENANCE REGIME 271
CHAPTER 14 INPUT SUPPLY AGREEMENT 273
14.1 RISK ALLOCATION :. 275
14.1.1 MARKET RISK 275
14.1.2 OPERATION RISK 275
14.2 INTERFACES 276
14.2.1 OPERATOR. 276
14.2.2 CONSTRUCTION CONTRACTOR 276
14.3 PRINCIPAL OBLIGATIONS 276
14.3.1 QUANTITY 277
14.3.2 PROCUREMENT RESTRICTIONS 278
14.3.3 SOURCE OF INPUT 278
14.3.4 SHIPMENT AND STORAGE 280
14.3.5 QUALITY 281
14.3.6 COMPLETION AND TRANSITION 281
14.4 PAYMENT 282
14.4.1 PRICE 282
14.4.2 FAILURE TO DELIVER 283
14.4.3 TESTING QUALITY 284
14.4.4 MEASURING QUANTITY 284
14.4.5 PAYMENT 284
14.4.6 GUARANTEES 285
14.5 MECHANISMS AND PROCEDURES 285
14.5.1 INDEPENDENT ENGINEER 285
14.5.2 TRANSFER TO GRANTOR 285
DETAILED TABLE OF CONTENTS XXI
CHAPTER 15 ISSUES COMMON TO THE PROJECT DOCUMENTS 287
15.1 THE SITE 287
15.1.1 POSSESSION OF AND ACCESS TO THE SITE 287
15.1.2 SITE CONDITIONS 289
15.2 THE WORKS 289
15.2.1 PROCUREMENT RESTRICTIONS 289
15.2.2 TRANSFER OF TITLE AND RISK 290
15.2.3 COMPLETION 291
15.2.4 SPARE PARTS 292
15.3 PAYMENT 292
15.3.1 PRICE, PAYMENT AND REVENUES 292
15.3.2 FOREIGN CURRENCY EXCHANGE 293
15.3.3 GUARANTEES 294
15.4 CHANGES 294
15.4.1 ASSIGNMENT 295
15.4.2 CHANGE IN LAW 295
15.4.3 CHANGE IN PRICING MECHANISM 296
15.4.4 CHANGE IN REQUIREMENTS 296
15.4.5 DISPUTE 296
15.4.6 LENDERS INTERESTS 296
15.5 POLITICAL AND NATURAL EVENTS 297
15.5.1 LICENCES AND PERMITS. 297
15.5.2 FORCE MAJEURE 299
15.5.3 SOVEREIGN IMMUNITY 301
15.5.4 TYPES OF INSURANCE 302
15.5.5 INSURANCE ISSUES 305
15.6 TERMINATION AND STEP-IN 307
15.6.1 TERMINATION 307
15.6.2 STEP-IN AND CONTINUOUS OPERATION PROVISIONS 308
15.6.3 TRANSFER TO GRANTOR 309
15.7 SUPERVISION AND DISPUTES 310
15.7.1 GRANTOR/LENDER ACCESS AND INSPECTION 310
15.7.2 INDEPENDENT ENGINEER 311
15.7.3 DISPUTE RESOLUTION 311
15.8 MISCELLANEOUS 313
15.8.1 DEFINITIONS 313
15.8.2 CONDITIONS PRECEDENT 313
15.8.3 DURATION 314
15.8.4 LANGUAGE 315
15.8.5 CONFIDENTIALITY 315
15.8.6 TRAINING 316
15.8.7 CHOICE OF LAW 316
XXII DETAILED TABLE OF CONTENTS
15.8.8 SCHEDULES 317
15.9 DIRECT AGREEMENTS 318
CHAPTER 16 TENDERING PROCEDURES 321
16.1 THE PROCEDURES 322
16.1.1 PRE-QUALIFICATION 323
16.1.2 TENDER DOCUMENTATION 324
16.1.3 BID EVALUATION 326
16.1.4 PREFERRED BIDDER 326
16.2 THE PURPOSE 326
16.2.1 EFFICIENCY 327
16.2.2 COMPETITION 327
16.2.3 TRANSPARENCY 328
16.3 THE APPROACHES 329
16.3.1 BIDDER RESPONSE 329
16.3.2 FIXED APPROACH 331
16.3.3 NEGOTIATED APPROACH 333
16.4 PROJECT FINANCE AND INVOLVING THE FINANCIERS 335
16.4.1 BANKABILITY 336
16.4.2 INTRODUCTION OF THE FINANCIERS POST-BID 336
16.4.3 INTRODUCTION OF THE FINANCIERS PRE-BID 337
16.4.4 MANAGING FINANCIERS 337
16.5 SOLUTIONS TO EFFICIENT TENDERING 338
16.5.1 AVAILABILITY OF RESOURCES TO THE GRANTOR 339
16.5.2 REDUCING TERMS 340
16.5.3 VARIANT BIDS 342
16.5.4 REDUCING NUMBERS 343
16.5.5 THREE-STAGE BIDDING 344
16.5.6 CONSOLIDATION OF TECHNICAL INFORMATION 345
CHAPTER 17 POWER PROJECTS 347
17.1 BOTTOBOO 348
17.2 MERCHANT POWER 348
17.3 MERCHANT POWER IN THE UNITED STATES 349
17.4 TOLLING AGREEMENTS 350
17.5 GRID REQUIREMENTS 350
17.6 CURRENCY MISMATCH 351
17.7 NEW ELECTRICITY TRADING ARRANGEMENTS 352
17.8 OTHER OFFTAKE 353
DETAILED TABLE OF CONTENTS XXIII
17.9 SPECIAL CHARACTERISTICS 354
17.9.1 BLACK START 354
17.9.2 REACTIVE POWER 355
17.9.3 FREQUENCY RESPONSIVE GENERATION 355
17.9.4 LOADSHEDDING 355
17.10 FUEL 355
17.11 NUCLEAR FUEL 356
17.12 RENEWABLES 356
17.12.1 THE DRIVE FOR RENEWABLE ENERGY SOURCES 357
17.12.2 OTHER AVAILABLE SOLUTIONS 358
17.12.3 GOVERNMENT INCENTIVES 358
17.12.4 WIND PROJECTS 360
17.13 ENERGY FROM WASTE 363
17.13.1 THE CALL FOR ENERGY FROM WASTE 363
17.13.2 PROJECT ISSUES 364
CHAPTER 18 TRANSPORTATION 369
18.1 ROADS AND BRIDGES 369
18.1.1 OPERATING COSTS 370
18.1.2 REVENUES 370
18.1.3 EXISTING FACILITIES 371
18.1.4 LAND AND ENVIRONMENTAL RISKS 371
18.2 RAILWAYS 372
18.2.1 REVENUES 372
18.2.2 INTERFACE WITH EXISTING FACILITIES 373
18.2.3 LAND AND THE ENVIRONMENT 373
18.2.4 CAPITAL COST AND SUBSIDIES 374
18.2.5 FORECASTS 374
18.2.6 EXTENSION OR REFURBISHMENT OF EXISTING RAILWAYS 375
18.2.7 REGULATION AND SAFETY 376
18.2.8 BOT AND DBT MODELS 376
18.3 AIRPORTS 377
18.3.1 REVENUE 377
18.3.2 REGULATION 378
18.3.3 DESIGN AND LONG-TERM PLANNING 379
18.3.4 LAND AND ENVIRONMENT 380
18.3.5 FINANCING 380
18.3.6 TRAFFIC FORECASTS 381
CHAPTER 19 OIL AND GAS 383
19.1 OIL AND GAS PROJECTS 384
19.1.1 OIL AND GAS INDUSTRIES 384
19.1.2 OPERATIONAL ISSUES 385
XXIV DETAILED TABLE OF CONTENTS
19.2 EXTRACTIVE PROJECTS 385
19.2.1 REGULATION 386
19.2.2 RESERVES 386
19.2.3 OIL AND GAS RIGHTS 387
19.2.4 COMMERCIAL ARRANGEMENTS AND EQUIPMENT 387
19.2.5 CREDIT RISK AND SECURITY 388
19.2.6 MARKET LIQUIDITY 389
19.2.7 INVESTMENT STRUCTURES 389
19.3 PIPELINES TO REFINERIES 391
19.3.1 REVENUES 391
19.3.2 POLITICAL/CROSS-BORDER ISSUES 391
19.4 GASANDLNG 392
19.4.1 THE LNG CHAIN 394
19.4.2 REVENUES 394
19.4.3 TRANSPORT 395
19.4.4 REGULATION 396
19.4.5 TAXATION AND THE PROJECT STRUCTURE 396
19.4.6 THE FUTURE OF LNG 397
CHAPTER 20 TELECOMMUNICATIONS 399
20.1 TELECOMMUNICATIONS 399
20.1.1 MARKET RISK 400
20.1.2 TECHNOLOGY 401
20.1.3 REGULATION 402
20.2 FIBRE OPTIC PROJECTS 402
20.2.1 WHAT IS A FIBRE NETWORK? 403
20.2.2 PROPERTY 404
20.2.3 CONSTRUCTION CONTRACTS 405
20.2.4 OPERATION ISSUES 407
20.2.5 OFFTAKE CONTRACTS 408
20.2.6 LENDERS SECURITY 409
CHAPTER 21 WATER AND SANITATION 411
21.1 STRUCTURES FOR PRIVATE SECTOR PARTICIPATION IN WATER PROJECTS 413
21.1.1 MANAGEMENT CONTRACTS 414
21.1.2 BOT PROJECTS 415
21.1.3 CONCESSIONS 416
21.1.4 SHARE OR ASSET SALE PRIVATISATION 417
21.2 WATER PROJECTS, BOTS AND CONCESSIONS 418
21.2.1 WHY WATER PROJECTS OFTEN REQUIRE CONCESSIONS 418
21.2.2 PROBLEMS WITH CONCESSIONS 420
21.2.3 CHALLENGES IN FINANCING CONCESSIONS 422
21.3 WATER AND SEWAGE TREATMENT 424
21.3.1 SEWAGE TREATMENT 424
DETAILED TABLE OF CONTENTS XXV
21.3.2 WATER TREATMENT 426
CHAPTER 22 OUTSOURCING 431
22.1 RISK ALLOCATION 432
22.2 GOVERNANCE 432
22.3 EXCLUSIVITY 433
22.4 SCOPE OF SERVICES 434
22.4.1 NATURE OF SERVICES 434
22.4.2 NATURE OF PROVISION OF SERVICES 435
22.5 SERVICE LEVELS 436
22.6 CHANGE OF REQUIREMENTS AND ADDITIONAL SERVICES 438
22.7 COMPENSATION 438
22.8 GRANTOR OBLIGATIONS 439
22.9 BENCHMARKING 439
22.10 INTELLECTUAL PROPERTY RIGHTS 440
22.11 EMPLOYEES 440
22.12 LEGAL AND REGULATORY COMPLIANCE 441
22.13 TERMINATION 442
22.14 JOINT VENTURE ARRANGEMENTS 442
22.15 MULTI-JURISDICTIONAL ARRANGEMENTS 443
22.16 OFFSHORE OUTSOURCING 444
GLOSSARY 447
INDEX 513
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TABLE OF CONTENTS
PREFACE XXVII
CHAPTER 1 RISK, RISK ASSESSMENT AND RISK ALLOCATION 1
CHAPTER 2 TRADITIONAL THEORY OF RISK ALLOCATION 39
CHAPTER 3 INTRODUCTION TO BOT PROJECTS 55
CHAPTER 4 PROJECT FINANCE 79
CHAPTER 5 PROJECT BANKABILITY 97
CHAPTER 6 ALLOCATION OF RISK IN PROJECT FINANCE 125
CHAPTER 7 PROJECT PARTICIPANT INTERFACE RISK 153
CHAPTER 8 CONCESSION AGREEMENT 165
CHAPTER 9 SHAREHOLDERS' AGREEMENT 181
CHAPTER 10 CONSTRUCTION CONTRACT 191
CHAPTER 11 SPLITTING TURNKEY CONSTRUCTION CONTRACTS 219
CHAPTER 12 OPERATION AND MAINTENANCE AGREEMENT 241
CHAPTER 13 OFFTAKE PURCHASE AGREEMENT 257
CHAPTER 14 INPUT SUPPLY AGREEMENT 273
CHAPTER 15 ISSUES COMMON TO THE PROJECT DOCUMENTS 287
CHAPTER 16 TENDERING PROCEDURES 321
CHAPTER 17 POWER PROJECTS 347
CHAPTER 18 TRANSPORTATION 369
CHAPTER 19 OIL AND GAS 383
CHAPTER 20 TELECOMMUNICATIONS 399
CHAPTER 21 WATER AND SANITATION. 411
CHAPTER 22 OUTSOURCING 431
GLOSSARY 447
INDEX 513
IX
DETAILED TABLE OF CONTENTS
PREFACE XXVII
CHAPTER 1 RISK, RISK ASSESSMENT AND RISK ALLOCATION 1
1.1 RISK ASSESSMENT 2
1.1.1 QUANTITATIVE RISK ASSESSMENT 2
1.1.2 QUALITATIVE RISK ASSESSMENT 3
1.2 QUANTITATIVE ASSESSMENT 4
1.2.1 PROBABILITY AND STANDARD MEAN VARIATION 5
1.2.2 UTILITY AND COST-BENEFIT ANALYSIS 9
1.2.3 CAUSATION 12
1.2.4 GAME THEORY 12
1.2.5 DIVERSIFICATION 13
1.2.6 INFORMATION 14
1.3 QUALITATIVE ASSESSMENT 16
1.3.1 BASIC NEEDS 17
1.3.2 CONTROL AND THE SEARCH FOR CERTAINTY 18
1.3.3 MAGNITUDE 23
1.3.4 IMMEDIACY 23
1.3.5 FOCUS 23
1.3.6 PAST PERSONAL EXPERIENCE/FAMILIARITY 24
1.3.7 PHYSICAL CONDITION AND PREPAREDNESS 26
1.3.8 PERSONAL, GENETIC OR NATURAL PROPENSITY TO TAKE RISK. 27
1.3.9 CULTURAL 28
1.3.10 SOCIOLOGICAL 29
1.3.11 JUSTICE, EQUITY AND LAW 29
1.3.12 POLITICAL CONTEXT 29
1.3.13 POWER 30
1.3.14 INSTITUTIONAL APPROACHES OR POLICY 31
1.3.15 TEAM STRUCTURE 32
1.3.16 EDUCATION AND TRAINING 33
1.3.17 TECHNICAL 33
1.3.18 FINANCIAL 34
1.3.19 COMMERCIAL 35
1.3.20 RISK COMMUNICATION 35
1.3.21 NATURE VERSUS NURTURE 36
CHAPTER 2 TRADITIONAL THEORY OF RISK ALLOCATION 39
2.1 ELEMENTS OF THE TRADITIONAL APPROACH 40
2.1.1 WHO CAN CONTROL THE OCCURRENCE OF ARISK? 41
XII DETAILED TABLE OF CONTENTS
2.1.2 WHO WANTS TO BE IN A POSITION OF CONTROL OVER THE
CIRCUMSTANCES RELATED TO THE RISK? 42
2.1.3 WHO CAN MANAGE THE RISK FOR THE LEAST COST? 42
2.1.4 IS THE RELEVANT PARTY ABLE TO MANAGE THE RISK, DOES IT HAVE
THE RELEVANT RESOURCES AND IS IT IN A POSITION TO MANAGE THE
RISK? 43
2.1.5 CAN THE RELEVANT PARTY BEAR THE CONSEQUENCES OF THE RISK? 43
2.1.6 IS THERE AN INTERRELATIONSHIP BETWEEN THE RELEVANT RISK AND
OTHER PROJECT RISKS? 44
2.1.7 WILL THAT PARTY BE MOTIVATED TO MANAGE THE RISK IN THE
MOST EFFICIENT AND EFFECTIVE MANNER POSSIBLE? 45
2.2 THE BACKGROUND TO THE TRADITIONAL APPROACH 45
2.2.1 LATHAM, EGAN, GROVE AND ON 45
2.2.2 MECHANISMS TO ASSIST IN IMPLEMENTING THE TRADITIONAL
APPROACH 46
2.2.3 THE TRADITIONAL APPROACH IN OTHER DISCIPLINES 47
2.3 THE TRADITIONAL THEORY AND RISK NOISE 47
2.3.1 NUMERIC QUANTIFICATION OF LINGUISTIC QUANTITATIVE
ASSESSMENT 48
2.3.2 HINTS AT RISK NOISE AND ITS EFFECTS IN THE TRADITIONAL
APPROACH LITERATURE 49
2.4 CONCLUSION 50
2.4.1 POLITICAL DRIVERS 51
2.4.2 FINANCE DRIVERS 52
2.4.3 RISK NOISE 52
CHAPTER 3 INTRODUCTION TO BOT PROJECTS 55
3.1 PRIVATE INVESTMENT IN PUBLIC INFRASTRUCTURE 56
3.1.1 PUBLIC SECTOR PROJECTS 57
3.1.2 FINANCING 58
3.1.3 PROGRESSION OF FINANCING 59
3.1.4 BENEFITS AND DISADVANTAGES 59
3.2 DESCRIPTION OF A BOT PROJECT 62
3.2.1 FINANCING AGREEMENT 63
3.2.2 SHAREHOLDERS' AGREEMENT 64
3.2.3 CONCESSION AGREEMENT 64
3.2.4 OFFTAKE PURCHASE AGREEMENT 64
3.2.5 INPUT SUPPLY AGREEMENT 65
3.2.6 CONSTRUCTION CONTRACT 65
3.2.7 OPERATION AND MAINTENANCE AGREEMENT 65
3.3 DIRECT AGREEMENTS 65
3.4 PARTIES INVOLVED IN A BOT PROJECT 66
3.4.1 LENDERS. 66
DETAILED TABLE OF CONTENTS XJIL
3.4.2 GRANTOR AND HOST GOVERNMENT 67
3.4.3 MULTILATERAL, BILATERAL AND EXPORT CREDIT AGENCIES 70
3.4.4 PROJECT COMPANY 72
3.4.5 CONSTRUCTION CONTRACTOR 73
3.4.6 OPERATOR 73
3.4.7 OFFTAKE PURCHASER 73
3.4.8 INPUT SUPPLIER 74
3.4.9 INTERFACES 74
3.5 STAGES OF DEVELOPMENT AND NEGOTIATION OF A BOT PROJECT 75
CHAPTER 4 PROJECT FINANCE 79
4.1 PROJECT FINANCING 79
4.2 TYPES OF CONTRIBUTIONS 83
4.2.1 EQUITY CONTRIBUTIONS 83
4.2.2 DEBT CONTRIBUTIONS 83
4.2.3 MEZZANINE CONTRIBUTIONS 84
4.2.4 DEBT-TO-EQUITY RATIOS 85
4.3 LENDER RECOURSE 85
4.3.1 RECOURSE, LIMITED RECOURSE AND NON-RECOURSE FINANCING 85
4.3.2 RIGHTS AGAINST OTHER PERSONS 87
4.3.3 LOSS OF NON-RECOURSE TREATMENT 87
4.4 ISSUES SPECIFIC TO FINANCING AGREEMENT 88
4.4.1 CONDITIONS PRECEDENT 88
4.4.2 SECURITY ISSUES 88
4.4.3 REPAYMENT 89
4.4.4 SHAREHOLDER SUPPORT 90
4.4.5 STEP-IN 90
4.4.6 WARRANTIES, UNDERTAKINGS AND REPRESENTATIONS 91
4.4.7 USE OF INSURANCE 91
4.5 OTHER ISSUES RELEVANT TO FINANCING 92
4.5.1 COMPLETION 92
4.5.2 HOST GOVERNMENT SUPPORT 92
4.5.3 FORCE MAJEURE AND CHANGE IN LAW. 93
4.5.4 POLITICALRISK 94
4.5.5 ENVIRONMENTAL RISK. 94
4.5.6 CURRENCY EXCHANGE RISK 94
4.5.7 LENDERS' TECHNICAL ADVISER 95
4.5.8 INTERCREDITOR ISSUES 95
CHAPTER 5 PROJECT BANKABILITY 97
5.1 PROJECT VIABILITY 98
5.1.1 ECONOMIC/POLITICAL VIABILITY 98
5.1.2 LEGAL VIABILITY. 100
5.1.3 FINANCIAL VIABILITY 102
XIV DETAILED TABLE OF CONTENTS
5.1.4 TECHNICAL VIABILITY 103
5.2 SITE ISSUES 105
5.2.1 POLITICAL ISSUES 105
5.2.2 ADMINISTRATIVE ISSUES 108
5.2.3 CURRENCY ISSUES 110
5.2.4 MARKET ISSUES 110
5.2.5 FORCE MAJEURE 112
5.3 SOURCE COUNTRY ISSUES 112
5.4 PROJECT STRUCTURE ISSUES 112
5.4.1 SHAREHOLDERS 112
5.4.2 FINANCING STRUCTURE 113
5.4.3 THIRD PARTY RISK ALLOCATION 114
5.5 CONTRACTUAL STRUCTURE ISSUES 115
5.5.1 CONCESSION AGREEMENT 115
5.5.2 CONSTRUCTION CONTRACT 117
5.5.3 OPERATION AND MAINTENANCE AGREEMENT 119
5.5.4 OFFTAKE PURCHASE AGREEMENT 120
5.5.5 INPUT SUPPLY AGREEMENT 121
CHAPTER 6 ALLOCATION OF RISK IN PROJECT FINANCE 125
6.1 ALLOCATION OF RISK 126
6.2 DEVELOPMENT RISK 128
6.3 COMPLETION RISK. 129
6.3.1 CONSTRUCTION .: 129
6.3.2 COMMISSIONING 130
6.3.3 TIME FOR COMPLETION 131
6.4 COST INCREASE RISK 132
6.4.1 CURRENCY RISK 132
6.4.2 INFLATION 133
6.4.3 TAXES 133
6.4.4 INPUT PRICE INCREASE 133
6.4.5 CONSTRUCTION COST INCREASE 134
6.4.6 OPERATION COST INCREASE 134
6.4.7 COST OF SPARE AND REPLACEMENT PARTS 134
6.4.8 DECREASE IN OUTPUT PRICE 135
6.4.9 COVERAGE OF COST OVERRUN RISK 135
6.5 PERFORMANCE RISK 136
6.5.1 DESIGN AND CONSTRUCTION 136
6.5.2 OPERATION 137
6.5.3 INPUT SUPPLY 137
6.5.4 OFFTAKE PURCHASER INFRASTRUCTURE 137
6.6 OPERATION RISK 138
DETAILED TABLE OF CONTENTS XV
6.7 MARKET RISK. 139
6.7.1 OUTPUT PRICE 139
6.7.2 INPUT COST RISK 140
6.8 POLITICAL RISK 140
6.8.1 AUTHORITY AND ENABLING LEGISLATION 140
6.8.2 CHANGE IN BUDGET, GOVERNMENT OR POLITICAL ATMOSPHERE 140
6.8.3 EXPROPRIATIONS 142
6.8.4 CHANGE OF LAW OR TAXATION 143
6.8.5 CHANGE IN TECHNICAL REQUIREMENTS 143
6.8.6 IMMUNITIES 144
6.8.7 PUBLIC PERCEPTION 145
6.8.8 POLITICAL RISK INSURANCE 146
6.8.9 SOURCE COUNTRY POLITICAL RISKS 147
6.8.10 CHOICE OF LAW 147
6.9 ENVIRONMENTAL RISK 148
6.10 CREDIT RISK 150
CHAPTER 7 PROJECT PARTICIPANT INTERFACE RISK 153
7.1 PROJECT INTERFACES 154
7.1.1 TECHNOLOGY INTERFACES 154
7.1.2 METHODOLOGY INTERFACES 154
7.1.3 MANAGEMENT AND ALLOCATION OF INTERFACE RISK 157
7.2 GRANTOR INTERFACES 157
7.2.1 INTERFACES WITH CONSTRUCTION CONTRACTOR 157
7.2.2 INTERFACES WITH OPERATOR 158
7.2.3 INTERFACES WITH OFFTAKE PURCHASER 159
7.2.4 INTERFACES WITH INPUT SUPPLIER 160
7.3 CONSTRUCTION CONTRACTOR AND OPERATOR 160
7.4 OPERATOR AND OFFTAKE PURCHASER 162
7.5 OPERATOR AND INPUT SUPPLIER 163
7.6 INTRA-PROJECT COMPANY INTERFACES 163
CHAPTER 8 CONCESSION AGREEMENT 165
8.1 RISKS 168
8.1.1 POLITICAL RISK 168
8.1.2 COMPLETION RISK 169
8.1.3 OPERATION RISK 169
8.1.4 PERMITS AND LICENCES 169
8.1.5 TRANSFER AND RE-TENDERING 170
8.2 INTERFACES 170
8.2.1 CONSTRUCTION CONTRACTOR 170
8.2.2 OPERATOR 171
XV
J DETAILED TABLE OF CONTENTS
8.2.3 OFFTAKE PURCHASER 172
8.2.4 INPUT SUPPLIER 172
8.3 PAYMENT AND GUARANTEES 172
8.3.1 TOLLS AND TARIFFS 172
8.3.2 GUARANTEES 172
8.3.3 NON-COMPETITION/EXCLUSIVITY 173
8.3.4 FOREIGN CURRENCY EXCHANGE AND TRANSFER OF FUNDS 173
8.3.5 TAXATION 173
8.3.6 COMPENSATION EVENTS 174
8.3.7 COMPENSATION ON TERMINATION 174
8.4 COMPLETION AND OPERATION 174
8.4.1 DESIGN, CONSTRUCTION AND TECHNICAL REQUIREMENTS 174
8.4.2 MODIFICATION OF TECHNICAL REQUIREMENTS 175
8.4.3 TIME FOR COMPLETION AND THE PROJECT PROGRAMME 175
8.4.4 METHOD OF OPERATION 176
8.4.5 MAINTENANCE MANUALS, RECORDS AND AS-BUILT DRAWINGS 176
8.4.6 UPDATE OF PROJECT TECHNOLOGY 176
8.4.7 TRAINING 177
8.4.8 NO DISCRIMINATORY ACTION BY GOVERNMENT OR GOVERNMENT
ENTITY 177
8.5 PROCEDURES AND MECHANISMS 178
8.5.1 APPROVAL, APPOINTMENT AND REPLACEMENT 178
8.5.2 GRANTING THE CONCESSION 178
8.5.3 CONCESSION FEES 178
8.5.4 INDEPENDENT EXPERT 178
8.5.5 RESTRICTIONS ON TRANSFER OF SHARES OF THE PROJECT COMPANY 179
8.5.6 STEP-IN AND CONTINUOUS OPERATION PROVISIONS 179
8.5.7 TRANSFER OR RE-TENDER 179
CHAPTER 9 SHAREHOLDERS'AGREEMENT 181
9.1 FORM OF THE PROJECT COMPANY 182
9.1.1 ADDED SOURCE OF EQUITY CAPITAL 182
9.1.2 SPECIAL PROJECT EXPERTISE. 182
9.1.3 SHAREHOLDER INTEREST 183
9.1.4 DIVERSITY OF OWNERSHIP 183
9.1.5 RISK MANAGEMENT 183
9.1.6 OFF BALANCE SHEET TREATMENT 183
9.1.7 AVAILABILITY OF FUNDING 184
9.1.8 CONTROL OVER A RESOURCE OR MARKET POSITION 184
9.2 INVESTMENT, RETURN, COSTS AND CASH FLOW 184
9.2.1 SHAREHOLDER CONTRIBUTIONS 184
9.2.2 NEW EQUITY INFUSIONS 185
9.2.3 APPLICATION OF CASH FLOW 186
9.2.4 COSTS 186
DETAILED TABLE OF CONTENTS XVII
9.2.5 CONTRIBUTION CLAUSE 186
9.3 SHAREHOLDER RIGHTS AND OBLIGATIONS 187
9.3.1 SHAREHOLDER UNDERTAKINGS 187
9.3.2 CONFLICTS OF INTEREST 187
9.3.3 CONFIDENTIALITY 188
9.3.4 TRANSFER TO GRANTOR 188
9.3.5 TRANSFER OF SHARES 188
9.4 MANAGEMENT AND ADMINISTRATION 189
9.4.1 MANAGEMENT 190
9.4.2 DISPUTE RESOLUTION 190
CHAPTER 10 CONSTRUCTION CONTRACT 191
10.1 TURNKEY CONSTRUCTION CONTRACTS 192
10.1.1 SINGLE POINT RESPONSIBILITY 193
10.1.2 TIME FOR COMPLETION 196
10.1.3 FIXED PRICE 197
10.1.4 DISADVANTAGES 198
10.2 RISK ALLOCATION 199
10.2.1 COMPLETION RISK 199
10.2.2 PERFORMANCE RISK 200
10.2.3 INCREASE OF COST RISK 201
10.3 INTERFACES BETWEEN CONSTRUCTION CONTRACTOR AND OTHER PROJECT
PARTICIPANTS 201
10.3.1 OPERATOR 201
10.3.2 OFFTAKE PURCHASER 202
10.3.3 INPUT SUPPLIER. 203
10.4 COMPLETION AND PERFORMANCE 203
10.4.1 SCOPE OF WORKS 203
10.4.2 DESIGN 204
10.4.3 QUALITY ASSURANCE 204
10.4.4 SITE RISK 205
10.4.5 COMPLETION AND TAKEOVER 205
10.4.6 TESTS ON COMPLETION 206
10.4.7 PERFORMANCE TESTS 207
10.4.8 LANGUAGE 207
10.5 TIME 207
10.5.1 TIME FOR COMPLETION AND PROJECT PROGRAMME 208
10.5.2 LATE COMPLETION 209
10.5.3 DEFECTS LIABILITY PERIOD 211
10.5.4 LATENT DEFECTS 211
10.6 PRICE AND PAYMENT 212
10.6.1 CONTRACT PRICE 212
10.6.2 PAYMENT 212
XVIII DETAILED TABLE OF CONTENTS
10.6.3 BONDS, GUARANTEES AND RETENTION 214
10.6.4 LIMITATION OF LIABILITY 215
10.6.5 JOINT AND SEVERAL LIABILITY 216
10.7 ADDITIONAL CONSIDERATIONS 216
10.7.1 PROCUREMENT RESTRICTIONS 216
10.7.2 SUBCONTRACTING 216
10.7.3 INDEPENDENT ENGINEER 217
10.7.4 TRAINING AND OPERATION MANUALS 217
10.7.5 TRANSFER OF TITLE AND RISK 217
CHAPTER 11 SPLITTING TURNKEY CONSTRUCTION CONTRACTS 219
11.1 DOMESTIC CONTRACTS 220
11.2 INTERNATIONAL CONTRACTS 222
11.3 SPLITTING CONTRACTS 224
11.4 SETTING THE TERMS 225
11.5 FIXED TIME FOR COMPLETION 225
11.5.1 CO-ORDINATION OF WORK PROGRAMMES 226
11.5.2 TESTING AND COMPLETION 227
11.5.3 TIMING OF COMPLETION 227
11.5.4 LIQUIDATED DAMAGES FOR DELAY 228
11.5.5 DURATION OF PERFORMANCE SECURITY 231
11.6 FIXED COST OF COMPLETION , 231
11.7 SINGLE POINT RESPONSIBILITY 232
11.7.1 QUALITY OF THE WORKS 233
11.7.2 DEFECTS 233
11.7.3 INTERFACES BETWEEN THE CONTRACTS 233
11.7.4 DISPUTE RESOLUTION 234
11.7.5 CHOICE OF LAW 234
11.7.6 LIMITS OF LIABILITY 235
11.7.7 INSURANCE 235
11.8 SPLITTING TERMS 235
11.8.1 EFFECTIVE DATE 236
11.8.2 PAYMENT 236
11.8.3 CROSS-INDEMNITIES 237
11.8.4 TERMINATION 237
11.8.5 UMBRELLA CONTRACTS 238
11.9 SPLITTING THE WORKS 239
11.10 CONCLUSION 240
CHAPTER 12 OPERATION AND MAINTENANCE AGREEMENT 241
12.1 RISK ALLOCATION 243
DETAILED TABLE OF CONTENTS XIX
12.1.1 PERFORMANCE RISK 243
12.1.2 INCREASE OF COST RISK 244
12.1.3 OPERATIONRISK 244
12.1.4 POLITICALRISK 244
12.2 INTERFACES 245
12.2.1 CONSTRUCTION CONTRACTOR 245
12.2.2 OFFTAKE PURCHASER 247
12.2.3 INPUT SUPPLIER 247
12.2.4 GRANTOR 248
12.3 OPERATOR'S OBLIGATIONS 248
12.3.1 SCOPE OF SERVICES 248
12.3.2 STANDARDS OF PERFORMANCE 249
12.3.3 REMEDY OF DEFECTS 249
12.3.4 EMERGENCY SITUATIONS 250
12.3.5 PROCUREMENT RESTRICTIONS 250
12.3.6 SPARE PARTS 250
12.3.7 ASSET REMOVAL/REPLACEMENT 251
12.4 PAYMENT 251
12.4.1 COST OF OPERATION AND PAYMENT 252
12.4.2 BUDGETING FOR SPARE PARTS, MAJOR MAINTENANCE AND ASSET
RENEWAL 253
12.4.3 OPERATOR AS AGENT 253
12.4.4 LIABILITY 254
12.4.5 FOREIGN EXCHANGE AND CONVERTIBILITY 254
12.5 PROCEDURES 254
12.5.1 TRANSFER OF RISK 254
12.5.2 INDEPENDENT ENGINEER 255
12.5.3 ACCESS TO BOOKS AND RECORDS 255
12.5.4 TRAINING OF THE GRANTOR'S PERSONNEL 255
12.5.5 TRANSFER 256
CHAPTER 13 OFFTAKE PURCHASE AGREEMENT. 257
13.1 RISK ALLOCATION 259
13.1.1 MARKETRISK 260
13.1.2 OPERATIONRISK 260
13.2 INTERFACES 260
13.2.1 OPERATOR 261
13.2.2 CONSTRUCTION CONTRACTOR 261
13.3 PRIMARY OBLIGATIONS 261
13.3.1 SCOPE OF SERVICES 262
13.3.2 QUANTITY 262
13.3.3 TECHNICAL AND PERFORMANCE SPECIFICATIONS 262
13.3.4 MODIFICATIONS TO THE PROJECT 263
XX DETAILED TABLE OF CONTENTS
13.3.5 FACILITIES PROVIDED BY OFFTAKE PURCHASER 263
13.3.6 ANCILLARY SERVICES 263
13.3.7 COMPLETION AND TRANSITION 264
13.3.8 TRANSFER TO GRANTOR 264
13.4 PRICE AND PAYMENT 264
13.4.1 CAPACITY CHARGE 266
13.4.2 USAGE CHARGE 267
13.4.3 INPUT EFFICIENCY 268
13.4.4 INPUT SUPPLY 268
13.4.5 METERING OF OUIPUT 269
13.4.6 OTHER OFFTAKE 269
13.4.7 OTHER PRICING SCHEMES 270
13.4.8 BONUSES 270
13.4.9 GUARANTEES 270
13.4.10 FOREIGN EXCHANGE RISK 270
13.5 MECHANISMS AND PROCEDURES 271
13.5.1 OPERATION REGIME 271
13.5.2 MAINTENANCE REGIME 271
CHAPTER 14 INPUT SUPPLY AGREEMENT 273
14.1 RISK ALLOCATION :. 275
14.1.1 MARKET RISK 275
14.1.2 OPERATION RISK 275
14.2 INTERFACES 276
14.2.1 OPERATOR. 276
14.2.2 CONSTRUCTION CONTRACTOR 276
14.3 PRINCIPAL OBLIGATIONS 276
14.3.1 QUANTITY 277
14.3.2 PROCUREMENT RESTRICTIONS 278
14.3.3 SOURCE OF INPUT 278
14.3.4 SHIPMENT AND STORAGE 280
14.3.5 QUALITY 281
14.3.6 COMPLETION AND TRANSITION 281
14.4 PAYMENT 282
14.4.1 PRICE 282
14.4.2 FAILURE TO DELIVER 283
14.4.3 TESTING QUALITY 284
14.4.4 MEASURING QUANTITY 284
14.4.5 PAYMENT 284
14.4.6 GUARANTEES 285
14.5 MECHANISMS AND PROCEDURES 285
14.5.1 INDEPENDENT ENGINEER 285
14.5.2 TRANSFER TO GRANTOR 285
DETAILED TABLE OF CONTENTS XXI
CHAPTER 15 ISSUES COMMON TO THE PROJECT DOCUMENTS 287
15.1 THE SITE 287
15.1.1 POSSESSION OF AND ACCESS TO THE SITE 287
15.1.2 SITE CONDITIONS 289
15.2 THE WORKS 289
15.2.1 PROCUREMENT RESTRICTIONS 289
15.2.2 TRANSFER OF TITLE AND RISK 290
15.2.3 COMPLETION 291
15.2.4 SPARE PARTS 292
15.3 PAYMENT 292
15.3.1 PRICE, PAYMENT AND REVENUES 292
15.3.2 FOREIGN CURRENCY EXCHANGE 293
15.3.3 GUARANTEES 294
15.4 CHANGES 294
15.4.1 ASSIGNMENT 295
15.4.2 CHANGE IN LAW 295
15.4.3 CHANGE IN PRICING MECHANISM 296
15.4.4 CHANGE IN REQUIREMENTS 296
15.4.5 DISPUTE 296
15.4.6 LENDERS'INTERESTS 296
15.5 POLITICAL AND NATURAL EVENTS 297
15.5.1 LICENCES AND PERMITS. 297
15.5.2 FORCE MAJEURE 299
15.5.3 SOVEREIGN IMMUNITY 301
15.5.4 TYPES OF INSURANCE 302
15.5.5 INSURANCE ISSUES 305
15.6 TERMINATION AND STEP-IN 307
15.6.1 TERMINATION 307
15.6.2 STEP-IN AND CONTINUOUS OPERATION PROVISIONS 308
15.6.3 TRANSFER TO GRANTOR 309
15.7 SUPERVISION AND DISPUTES 310
15.7.1 GRANTOR/LENDER ACCESS AND INSPECTION 310
15.7.2 INDEPENDENT ENGINEER 311
15.7.3 DISPUTE RESOLUTION 311
15.8 MISCELLANEOUS 313
15.8.1 DEFINITIONS 313
15.8.2 CONDITIONS PRECEDENT 313
15.8.3 DURATION 314
15.8.4 LANGUAGE 315
15.8.5 CONFIDENTIALITY 315
15.8.6 TRAINING 316
15.8.7 CHOICE OF LAW 316
XXII DETAILED TABLE OF CONTENTS
15.8.8 SCHEDULES 317
15.9 DIRECT AGREEMENTS 318
CHAPTER 16 TENDERING PROCEDURES 321
16.1 THE PROCEDURES 322
16.1.1 PRE-QUALIFICATION 323
16.1.2 TENDER DOCUMENTATION 324
16.1.3 BID EVALUATION 326
16.1.4 PREFERRED BIDDER 326
16.2 THE PURPOSE 326
16.2.1 EFFICIENCY 327
16.2.2 COMPETITION 327
16.2.3 TRANSPARENCY 328
16.3 THE APPROACHES 329
16.3.1 BIDDER RESPONSE 329
16.3.2 FIXED APPROACH 331
16.3.3 NEGOTIATED APPROACH 333
16.4 PROJECT FINANCE AND INVOLVING THE FINANCIERS 335
16.4.1 BANKABILITY 336
16.4.2 INTRODUCTION OF THE FINANCIERS POST-BID 336
16.4.3 INTRODUCTION OF THE FINANCIERS PRE-BID 337
16.4.4 MANAGING FINANCIERS 337
16.5 SOLUTIONS TO EFFICIENT TENDERING 338
16.5.1 AVAILABILITY OF RESOURCES TO THE GRANTOR 339
16.5.2 REDUCING TERMS 340
16.5.3 VARIANT BIDS 342
16.5.4 REDUCING NUMBERS 343
16.5.5 THREE-STAGE BIDDING 344
16.5.6 CONSOLIDATION OF TECHNICAL INFORMATION 345
CHAPTER 17 POWER PROJECTS 347
17.1 BOTTOBOO 348
17.2 MERCHANT POWER 348
17.3 MERCHANT POWER IN THE UNITED STATES 349
17.4 TOLLING AGREEMENTS 350
17.5 GRID REQUIREMENTS 350
17.6 CURRENCY MISMATCH 351
17.7 NEW ELECTRICITY TRADING ARRANGEMENTS 352
17.8 OTHER OFFTAKE 353
DETAILED TABLE OF CONTENTS XXIII
17.9 SPECIAL CHARACTERISTICS 354
17.9.1 BLACK START 354
17.9.2 REACTIVE POWER 355
17.9.3 FREQUENCY RESPONSIVE GENERATION 355
17.9.4 LOADSHEDDING 355
17.10 FUEL 355
17.11 NUCLEAR FUEL 356
17.12 RENEWABLES 356
17.12.1 THE DRIVE FOR RENEWABLE ENERGY SOURCES 357
17.12.2 OTHER AVAILABLE SOLUTIONS 358
17.12.3 GOVERNMENT INCENTIVES 358
17.12.4 WIND PROJECTS 360
17.13 ENERGY FROM WASTE 363
17.13.1 THE CALL FOR ENERGY FROM WASTE 363
17.13.2 PROJECT ISSUES 364
CHAPTER 18 TRANSPORTATION 369
18.1 ROADS AND BRIDGES 369
18.1.1 OPERATING COSTS 370
18.1.2 REVENUES 370
18.1.3 EXISTING FACILITIES 371
18.1.4 LAND AND ENVIRONMENTAL RISKS 371
18.2 RAILWAYS 372
18.2.1 REVENUES 372
18.2.2 INTERFACE WITH EXISTING FACILITIES 373
18.2.3 LAND AND THE ENVIRONMENT 373
18.2.4 CAPITAL COST AND SUBSIDIES 374
18.2.5 FORECASTS 374
18.2.6 EXTENSION OR REFURBISHMENT OF EXISTING RAILWAYS 375
18.2.7 REGULATION AND SAFETY 376
18.2.8 BOT AND DBT MODELS 376
18.3 AIRPORTS 377
18.3.1 REVENUE 377
18.3.2 REGULATION 378
18.3.3 DESIGN AND LONG-TERM PLANNING 379
18.3.4 LAND AND ENVIRONMENT 380
18.3.5 FINANCING 380
18.3.6 TRAFFIC FORECASTS 381
CHAPTER 19 OIL AND GAS 383
19.1 OIL AND GAS PROJECTS 384
19.1.1 OIL AND GAS INDUSTRIES 384
19.1.2 OPERATIONAL ISSUES 385
XXIV DETAILED TABLE OF CONTENTS
19.2 EXTRACTIVE PROJECTS 385
19.2.1 REGULATION 386
19.2.2 RESERVES 386
19.2.3 OIL AND GAS RIGHTS 387
19.2.4 COMMERCIAL ARRANGEMENTS AND EQUIPMENT 387
19.2.5 CREDIT RISK AND SECURITY 388
19.2.6 MARKET LIQUIDITY 389
19.2.7 INVESTMENT STRUCTURES 389
19.3 PIPELINES TO REFINERIES 391
19.3.1 REVENUES 391
19.3.2 POLITICAL/CROSS-BORDER ISSUES 391
19.4 GASANDLNG 392
19.4.1 THE LNG CHAIN 394
19.4.2 REVENUES 394
19.4.3 TRANSPORT 395
19.4.4 REGULATION 396
19.4.5 TAXATION AND THE PROJECT STRUCTURE 396
19.4.6 THE FUTURE OF LNG 397
CHAPTER 20 TELECOMMUNICATIONS 399
20.1 TELECOMMUNICATIONS 399
20.1.1 MARKET RISK 400
20.1.2 TECHNOLOGY 401
20.1.3 REGULATION 402
20.2 FIBRE OPTIC PROJECTS 402
20.2.1 WHAT IS A FIBRE NETWORK? 403
20.2.2 PROPERTY 404
20.2.3 CONSTRUCTION CONTRACTS 405
20.2.4 OPERATION ISSUES 407
20.2.5 OFFTAKE CONTRACTS 408
20.2.6 LENDERS'SECURITY 409
CHAPTER 21 WATER AND SANITATION 411
21.1 STRUCTURES FOR PRIVATE SECTOR PARTICIPATION IN WATER PROJECTS 413
21.1.1 MANAGEMENT CONTRACTS 414
21.1.2 BOT PROJECTS 415
21.1.3 CONCESSIONS 416
21.1.4 SHARE OR ASSET SALE PRIVATISATION 417
21.2 WATER PROJECTS, BOTS AND CONCESSIONS 418
21.2.1 WHY WATER PROJECTS OFTEN REQUIRE CONCESSIONS 418
21.2.2 PROBLEMS WITH CONCESSIONS 420
21.2.3 CHALLENGES IN FINANCING CONCESSIONS 422
21.3 WATER AND SEWAGE TREATMENT 424
21.3.1 SEWAGE TREATMENT 424
DETAILED TABLE OF CONTENTS XXV
21.3.2 WATER TREATMENT 426
CHAPTER 22 OUTSOURCING 431
22.1 RISK ALLOCATION 432
22.2 GOVERNANCE 432
22.3 EXCLUSIVITY 433
22.4 SCOPE OF SERVICES 434
22.4.1 NATURE OF SERVICES 434
22.4.2 NATURE OF PROVISION OF SERVICES 435
22.5 SERVICE LEVELS 436
22.6 CHANGE OF REQUIREMENTS AND ADDITIONAL SERVICES 438
22.7 COMPENSATION 438
22.8 GRANTOR OBLIGATIONS 439
22.9 BENCHMARKING 439
22.10 INTELLECTUAL PROPERTY RIGHTS 440
22.11 EMPLOYEES 440
22.12 LEGAL AND REGULATORY COMPLIANCE 441
22.13 TERMINATION 442
22.14 JOINT VENTURE ARRANGEMENTS 442
22.15 MULTI-JURISDICTIONAL ARRANGEMENTS 443
22.16 OFFSHORE OUTSOURCING 444
GLOSSARY 447
INDEX 513 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-02T16:11:07Z |
| indexdate | 2024-07-09T20:49:00Z |
| institution | BVB |
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| spelling | Delmon, Jeffrey Verfasser aut Project finance, BOT projects and risk by Jeffrey Delmon The Hague Kluwer Law Internat. 2005 XXIX, 535 S. txt rdacontent n rdamedia nc rdacarrier Financieel management gtt Infrastructuur gtt Projecten gtt Risicoanalyse gtt Construction industry Risk management Infrastructure (Economics) Project management Public contracts Public works Planning Public-private sector cooperation Risk assessment Projektfinanzierung (DE-588)4047425-2 gnd rswk-swf Risikomanagement (DE-588)4121590-4 gnd rswk-swf Projektfinanzierung (DE-588)4047425-2 s DE-604 Risikomanagement (DE-588)4121590-4 s SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015212797&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Delmon, Jeffrey Project finance, BOT projects and risk Financieel management gtt Infrastructuur gtt Projecten gtt Risicoanalyse gtt Construction industry Risk management Infrastructure (Economics) Project management Public contracts Public works Planning Public-private sector cooperation Risk assessment Projektfinanzierung (DE-588)4047425-2 gnd Risikomanagement (DE-588)4121590-4 gnd |
| subject_GND | (DE-588)4047425-2 (DE-588)4121590-4 |
| title | Project finance, BOT projects and risk |
| title_auth | Project finance, BOT projects and risk |
| title_exact_search | Project finance, BOT projects and risk |
| title_exact_search_txtP | Project finance, BOT projects and risk |
| title_full | Project finance, BOT projects and risk by Jeffrey Delmon |
| title_fullStr | Project finance, BOT projects and risk by Jeffrey Delmon |
| title_full_unstemmed | Project finance, BOT projects and risk by Jeffrey Delmon |
| title_short | Project finance, BOT projects and risk |
| title_sort | project finance bot projects and risk |
| topic | Financieel management gtt Infrastructuur gtt Projecten gtt Risicoanalyse gtt Construction industry Risk management Infrastructure (Economics) Project management Public contracts Public works Planning Public-private sector cooperation Risk assessment Projektfinanzierung (DE-588)4047425-2 gnd Risikomanagement (DE-588)4121590-4 gnd |
| topic_facet | Financieel management Infrastructuur Projecten Risicoanalyse Construction industry Risk management Infrastructure (Economics) Project management Public contracts Public works Planning Public-private sector cooperation Risk assessment Projektfinanzierung Risikomanagement |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015212797&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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