One critical provision of a P3 agreement relates to what is known as the “handback” phase of the project. The handback is the transfer of the project from the private sector to the public sector at the end of the P3 agreement. Due to the lifespan of P3 agreements (99 years is not an uncommon term), the individuals negotiating the P3 agreement will not be the same individuals dealing with the handback
The District is one of several jurisdictions that does not have outright P3 authority. They have been able to deliver several infrastructure projects through public-private partnerships but these required special legislation
Toll road projects are what many people visualize when thinking of a P3 project, but P3’s are not limited to toll road projects...For the private participants, P3 projects are typically more risky, but provide a potentially greater financial upside
However, in 2013, the Maryland Legislature passed significant revisions to the P3 statute, Md. State Fin...Each of the above entities are referred to by the Maryland P3 statute as “reporting agencies.”
Because of the variation in state P3 laws, NASBP is seeking the inclusion of bonding provisions in model P3 contracts that will be provided by the Federal Highway Administration. The disparities in P3 bonding requirements led NASBP, the American Subcontractors Association, and the Surety & Fidelity Association of America to develop the chart “Public-Private Partnership Laws in the States, Including Surety Bond Requirements,” which breaks out P3 laws by state and examines their bonding provisions
NASBP has created an interactive map that will allow users quick and easy access to the P3 laws in their state as well as an analysis of the bonding provision of each law. This resource builds off the P3 chart NASBP created in conjunction with the American Subcontractors Association and the Surety & Fidelity Association of America
On Thursday, August 22, 2013, NASBP submitted the following recommendations to the Maryland DOT regarding their emergency regulations on the implementation of the DOT's P3 program
NASBP Maryland 2013 P3 Comment Letter.pdf
New Mexico, which has no P3 program, is a priority. In New Mexico in 2013, NASBP worked with the sponsor of a P3 bill to amend that measure with a reference to the state's Little Miller Act, Crawford said
“If you’re considering working on or bonding a P3, it's important to have a good understanding of the structure as well as why it would make sense for that particular situation—each P3 project is going to be different and it's important to have a clear understanding of the goals, risk allocation, and structure,” Pethick said