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Concession Contract Renegotiations
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Book Synopsis Concession Contract Renegotiations by : Antonio Estache
Download or read book Concession Contract Renegotiations written by Antonio Estache and published by World Bank Publications. This book was released on 2001 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: If having firm-driven renegotiations of contracts for infrastructure services is a major concern, efficiency should not be the only consideration in selecting an operator, indeed, consumers may want to award the concession to a less efficient firm if that would reduce the probability of renegotiation.
Book Synopsis Concession Contract Renegotiations by : Antonio Estache
Download or read book Concession Contract Renegotiations written by Antonio Estache and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: If having firm-driven renegotiations of contracts for infrastructure services is a major concern, efficiency should not be the only consideration in selecting an operator. Indeed, consumers may want to award the concession to a less efficient firm if that would reduce the probability of renegotiation. Estache and Quesada analyze the possibility of tradeoffs between efficiency and equity as well as the possibility of distributional conflicts in the context of renegotiation of infrastructure contracts in developing countries. To do so, they present a model in which contracts are awarded by auctioning the right to operate an infrastructure service to a private monopoly, and consider the possibility of renegotiation. To identify the potential sources of tradeoffs, they track the possible outcomes of different renegotiation strategies for the monopoly running the concession and for the two groups of consumers - rich and poor - who alternate in power according to a majority voting rule. Among the model's most important policy implications is this: if having firm-driven renegotiations is a major concern, efficiency should not be the only consideration in selecting an operator. Indeed, consumers may want to award the concession to a less efficient firm if that would reduce the probability of renegotiation, since a lower probability of firm-driven renegotiations (due to demand shocks, for example) is associated with higher welfare for all service users. This paper - a product of the Governance, Regulation, and Finance Division, World Bank Institute - is part of a larger effort in the institute to increase understanding of infrastructure regulation.
Book Synopsis Granting and Renegotiating Infrastructure Concessions by : J. Luis Guasch
Download or read book Granting and Renegotiating Infrastructure Concessions written by J. Luis Guasch and published by World Bank Publications. This book was released on 2004-01-01 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the 1990s, infrastructure concessions were hailed as the solution to Latin America's endemic infrastructure deficit, by combining private sector efficiency with rent dissipation brought about by competition. This publication examines the design and implementation of over 1,000 examples of concession contracts, in order to identify the problems that have occurred in the process. It goes on to highlight lessons to be learned for the future, in order to realise the potential benefits of infrastructure reform and to contribute to economic growth and poverty reduction.
Book Synopsis Renegotiation of Concession Contracts in Latin America by : J. Luis Guasch
Download or read book Renegotiation of Concession Contracts in Latin America written by J. Luis Guasch and published by World Bank Publications. This book was released on 2003 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors construct a regulation model in which renegotiation occurs due to the imperfect enforcement of concession contracts. This enables the authors to provide theoretical predictions for the impact on the probability of renegotiation of a concession, regulatory institutions, institutional features, economic shocks, and the characteristics of the concession contracts. Then they use a data set of nearly 1,000 concessions awarded in Latin America and the Caribbean countries from 1989 to 2000 covering the sectors of telecommunications, energy, transport, and water to test these predictions. Finally, the authors derive some policy implications of their theoretical and empirical work.
Book Synopsis Renegotiation of Concession Contracts in Latin America by : J. Luis Guasch
Download or read book Renegotiation of Concession Contracts in Latin America written by J. Luis Guasch and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: High rates of contract renegotiation have raised serious questions about the viability of the concession model to attract private participation in infrastructure in developing countries. After extending in reduced form a standard regulation model, in which renegotiation occurs due to the imperfect enforcement of concession contracts, we use a unique data set of 307 concessions awarded in Latin America from 1989 to 2000, covering the sectors of transport and water, to analyze the determinants of this high incidence of renegotiations of infrastructure contracts. We look in details at the impact, on the probability of renegotiation of a concession, of regulatory institutions, institutional features, economic shocks and of the characteristics of the concession contracts themselves. We then derive some policy implications of our work.
Book Synopsis Aggressive Biddings and the Renegotiation of Concession Contracts by : Eduardo H. Saavedra
Download or read book Aggressive Biddings and the Renegotiation of Concession Contracts written by Eduardo H. Saavedra and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper confirms a positive relationship between the aggressiveness of bids and the probability of renegotiating concession contracts. We use a database of 113 concessions awarded in Peru, finding that a 1% increase in bidding aggressiveness increases the probability of contract renegotiation by 2.4% to 3%. This impact is higher for the transportation sector. Our results are robust to several econometric specifications. These results confirm the hypothesis that bidders are willing to submit aggressive bids with a view to renegotiating contract terms once the government and concessionaire are tied and competition is no longer possible.
Book Synopsis Renegotiation of Infrastructure Concessions by : J. Luis Guasch
Download or read book Renegotiation of Infrastructure Concessions written by J. Luis Guasch and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Numerous renegotiations have plagued Latin American infrastructure concession contracts in the 1990s, to the point that private sector involvement is being questioned in some countries. This issue has been analyzed in a series of papers by Guasch et al. (2003, 2006a, 2006b). After putting these contributions in the context of the theoretical and empirical literature on contract renegotiation, this note surveys the existing evidence on the determinants of these renegotiations and discusses the main policy implications regarding the necessity of efficient regulatory institutions and the adequate type of price regulation.
Book Synopsis Opening the Black Box of Contract Renegotiations by : Eduardo Bitran
Download or read book Opening the Black Box of Contract Renegotiations written by Eduardo Bitran and published by . This book was released on 2013 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the renegotiations of road concessions in Chile, Colombia and Peru for the period 1993-2010. First, it analyses the legal framework, the institutional design and the types of concessions of these countries and second, it uses a novel data composed of a sample of 61 of the 62 road concession contracts to explore the renegotiation of these concessions. 50 out of 61 contracts have been modified at least once, resulting in more than 540 renegotiations. All modified contracts were changed for the first time less than 3 years after the initial signing of the concession. Empirical analysis suggests that State-led renegotiations, which were more common than firm-led renegotiations, were motivated by the opportunistic behaviour of governments. State-led renegotiations that added new stretches of roads and that included additional complementary works during governments' last year in office were costlier than other renegotiations. Finally, governments deferred a larger share of renegotiation's fiscal costs in State-led renegotiations that took place during their last year in office.
Book Synopsis Contractual Renegotiations and International Investment Arbitration by : Aikaterini Florou
Download or read book Contractual Renegotiations and International Investment Arbitration written by Aikaterini Florou and published by BRILL. This book was released on 2020-03-02 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Contractual Renegotiations and International Investment Arbitration, Aikaterini Florou explores the complex phenomenon of the renegotiation of investor-state contracts. The author reconstructs the relationship between those contracts and the overarching investment treaties using an original interpretative methodology based on transaction cost economics and relational contract theory.
Book Synopsis Public Private Partnerships Renegotiations in Transportation by : Carlos Oliveira Cruz
Download or read book Public Private Partnerships Renegotiations in Transportation written by Carlos Oliveira Cruz and published by Springer Nature. This book was released on 2022-05-13 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a growing interest in Public-Private Partnerships (PPPs), particularly in infrastructure and public services. Under the scope of PPPs, renegotiations are becoming more relevant, as empirical evidence suggests that most PPP projects are inevitably renegotiated, i.e., the original contract needs to be adapted to new and unforeseen circumstances. Renegotiations have a substantial impact on the contract and performance of a PPP and usually represent significant costs for users and taxpayers. However, very little is known about the management and, mainly, the process of renegotiating that will, very likely, occur. This book provides a set of case-studies of PPP renegotiations in the transport sector. The authors illustrate the Portuguese experience, a country that has been using PPP extensively, particularly in transport. The case studies provide an extensive and detailed analysis on each aspect of the project and the renegotiation. What drives renegotiations? Why are some projects more renegotiated than others? What are the results? How can the performance of renegotiation processes be improved? These and other questions provide the basis for the discussions in this book. The novelty and value of the book come mainly from the extent of information available. Each case-study deals with these questions in much more detail than what is common in the case-studies approach.
Book Synopsis Infrastructure Concessions in Latin America by : J. Luis Guasch
Download or read book Infrastructure Concessions in Latin America written by J. Luis Guasch and published by World Bank Publications. This book was released on 2005 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The authors complement the existing knowledge in the renegotiation literature on infrastructure concessions by analyzing government-led renegotiations. They first propose a multiple-period theoretical framework in which both Pareto-improving and rent-shifting renegotiations at the initiative of the government can occur. They then perform an empirical analysis based on a sample of 307 water and transport projects in five Latin American countries between 1989 and 2000. While some of the main insights from the previous literature are unchanged, for example concerning the importance of having a regulator in place when awarding concessions and the fragility of price cap regulatory schemes, there are also significant differences as predicted by the model, in particular with respect to the effect of investment and financing, as well as the corruption variables. The authors provide additional evidence showing that a good regulatory framework is especially important in contexts with weak governance and political opportunism. "--World Bank web site.
Book Synopsis The Renegotiations of Public Private Partnerships in Transportation by : Carlos Oliveira Cruz
Download or read book The Renegotiations of Public Private Partnerships in Transportation written by Carlos Oliveira Cruz and published by Springer Nature. This book was released on 2021-02-18 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a theoretical basis for understanding the phenomenon of renegotiations in Public Private Partnerships (PPPs). It analyzes the case of transport projects, and provides empirical evidence from a variety of real-world projects. What drives renegotiations? Why are some projects more likely to be renegotiated than others? What are the outcomes? How can we improve the performance of renegotiation processes? These questions form the core of discussion in this book. PPPs are a procurement model for the delivery of infrastructure and public services that have experienced significant growth over the last three decades, particularly in terms of the development of transportation projects. The empirical evidence suggests that most PPP projects are inevitably renegotiated, i.e., the original contract needs to be adapted to new and unforeseen circumstances. The impacts of these changes on the welfare of the respective stakeholders are frequently asymmetric. Most academic research and professional guidelines are focused on PPP contract design and preparation of the procurement process, and very little has been published on the management and, mainly, the process of renegotiating that will – in all likelihood – occur. This book fills this gap in the academic discussion. Several country-based analyses and case studies from Europe and the Americas provide the reader with practical applications of the theory.
Book Synopsis Nachverhandlungen von Public Private Partnerships – Analyse des Beitrags „Renegotiation of Concession Contracts. A Theoretical Approach“ von Guasch / Laffont / Straub (2006) by : Manuel Keitel
Download or read book Nachverhandlungen von Public Private Partnerships – Analyse des Beitrags „Renegotiation of Concession Contracts. A Theoretical Approach“ von Guasch / Laffont / Straub (2006) written by Manuel Keitel and published by diplom.de. This book was released on 2016-06-08 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: In über 41% der Konzessionen (den Telekommunikationssektor ausgeschlossen), die bei Infrastrukturprojekten in Latein- und Mittelamerika in den Jahren 1985 bis 2000 vergeben wurden, kam es zu Nachverhandlungen. Am stärksten betroffen waren die Transportbranche und der Sektor Wasserversorgung/Abwasserentsorgung mit 55% bzw. 75% Nachverhandlungen. Im Durchschnitt traten diese bereits zwei Jahre nach Vertragsunterzeichnung auf (vgl. Guasch, 2004, S. 34). Auch in Großbritannien wurden 33% der Public Private Partnership (PPP) Projekte zwischen 2004 und 2006 nachverhandelt (vgl. Iossa und Martimort, 2012, S. 445). Die vorliegende Arbeit beschäftigt sich mit dem Beitrag von Guasch et al. (2006), in dem mittels eines Regulierungsmodells die Einflussfaktoren auf die Wahrscheinlichkeit von Nachverhandlungen von Konzessionsverträgen untersucht werden. Die Autoren erweitern dabei die Arbeiten von Laffont und Tirole (1993) und Laffont (2003), um auf dieser Basis ein Modell von firmen-initiierten Nachverhandlungen zu entwickeln. Neben den oben genannten Zahlen liefert vor allem die Tatsache, dass PPP in den vergangenen Jahren und Jahrzehnten ein zu-nehmendes Wachstum verzeichneten, einen Anlass für eine solche Untersuchung. So stieg beispielsweise das Volumen der neu abgeschlossenen Verträge in der EU von 2000 bis 2008 um über 61% auf ca. 24,2 Mrd. Euro. Allein in 2008 wurden 115 neue Verträge unterzeichnet, wobei Großbritannien für die Jahre 1990 bis 2009 mit ca. 52% der Projektvolumina den mit Abstand größten Anteil daran hat. Deutschland folgt mit ca. 4% an vierter Stelle (vgl. Kappeler und Nemoz, 2010, S. 7–8). In Kapitel 2 dieser Seminararbeit folgt eine ausführliche Analyse der Methodik und der Vorgehensweise von Guasch et al. (2006) bei der Modellentwicklung, sowie eine Zusammenfassung der theoretischen Erkenntnisse aus dem Modell. Das dritte Kapitel fasst die Arbeit zusammen und liefert eine Diskussion des Lösungsansatzes sowie mögliche Implikationen für die Praxis.
Book Synopsis Opening the Black Box of Contract Renegotiations by :
Download or read book Opening the Black Box of Contract Renegotiations written by and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Bidding for Concessions by : Michael Klein
Download or read book Bidding for Concessions written by Michael Klein and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Infrastructure concession contracts set out the performance obligations and rights of concessionaires and the incentives and risks under which they operate, including pricing arrangements. The clarity with which these terms can be defined determines whether there is likely to be renegotiations after contract award, which may undermine the significance of the initial auction. The design of incentives and risk allocation will affect first the intensity of competition and then the sustainability of the original contract. This Note examines these issues.
Book Synopsis Opening the Black Box of Contract Renegotiations by : Eduardo Bitran
Download or read book Opening the Black Box of Contract Renegotiations written by Eduardo Bitran and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Renegotiation Without Holdup by : Eduardo Engel
Download or read book Renegotiation Without Holdup written by Eduardo Engel and published by . This book was released on 2006 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: Infrastructure concessions are frequently renegotiated after investments are sunk, resulting in better contractual terms for the franchise holders. This paper offers a political economy explanation for renegotiations that occur with no apparent holdup. We argue that they are used by political incumbents to anticipate infrastructure spending and thereby increase the probability of winning an upcoming election. Contract renegotiations allow administrations to replicate the effects of issuing debt. Yet debt issues are incorporated in the budget, must be approved by Congress and are therefore subject to the opposition's review. By contrast, under current accounting standards the obligations created by renegotiations circumvent the budgetary process in most countries. Hence, renegotiations allow incumbents to spend more without being subject to Congressional oversight.
