首页|Seek a Positive Renegotiation Mechanism for PPP Projects
Seek a Positive Renegotiation Mechanism for PPP Projects
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NETL
In public-private-partnership (PPP) projects， contracts signing and executing are becoming more complex because of the complicated relationship between the parties and the long duration。 In particular， due to the original contract design flaws， instability of institutions， and impact of emergencies， renegotiations of PPP often occur。 Usually， it is assumed that renegotiations would lead to the low efficiency of social resources allocation and PPP projects management， which has become the subject of much attention。 However， according to amount of literature research and cases analysis， it is found that not all renegotiations are harmful to project efficiency and social surplus。 As an initial study， this paper aims to underline the necessity and positivity of renegotiations in some cases， describe the evolution routine and determinants of renegotiation。 A notion of positive renegotiation is proposed as well as the conditions on which these positive renegotiations may happen。 Combined with the features of PPP contract， a theoretic framework is then offered to establish a positive renegotiation mechanism based on contract dynamics。 The study is hoped to provide an alternate view on the problem of PPP renegotiations， that is a positive view， and offer a theoretic understanding on the renegotiations as a useful tool for the parties to cooperate and adapt to the changing environment。
NETL
