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Abstract
A long-term contract between a private party and a government entity, for providing a public asset or service, in which the private party bears significant risk and management responsibility and remuneration is linked to performance. Encompasses PPPs that provide for both new and existing assets and related services. Includes PPPs in which the private party is paid entirely by service users, and those in which a government agency makes some or all payments. Encompasses contracts in many sectors and for many services, provided there is a public interest in the provision of these services and the project involves long-life assets linked to the long term nature of the PPP contract. The project functions transferred to the private party—such as design, construction, financing, operations, and maintenance—may vary from contract to contract, but in all cases the private party is accountable for project performance and bears significant risk and management responsibility.