The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
A typical project is underpinned by a complex web of contractual relationships between the parties involved in the project eg the project company, equity investors, contractors, sub-contractors, off-takers and suppliers (see Practice Note: Key project finance parties). The documents governing these relationships are generally referred to as the 'project documents'.
In many projects, a concession contract is one of the principal project documents.
A concession contract governs the relationship between the host government (or governmental authority) and the project company.
Many projects involve some sort of collaboration between the private sector and the public sector.
Depending on the structure of the project, the private sector may take responsibility for scoping, designing, financing, constructing and/or operating a project. Often, though, the government in the country where the project is located (the 'host government') will also have to, or want to, be involved in the project to some extent.
Typically, host government involvement is required because:
the project involves the provision of a piece of social infrastructure which will benefit the general population of the host country, such as a school, hospital, road, airport or power plant, or
the project involves the exploitation of a state-owned asset (such as minerals or oil)
In many cases, a project will not be legally or financially viable without host government support. Such support is usually
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Facilitating the performance of a duty by public officialsFacilitation payments, also known as facilitating or grease payments, are generally small amounts of money paid to public officials or others as a means of ensuring that they perform their duty, whether more promptly or at all. In some
Practical completion marks the end of the construction period of a project, when the works are 'finished' and the employer can occupy and/or use them. Practical completion also typically marks the start of the defects liability period/maintenance period.As explained below, practical completion is an
This Practice Note considers the meaning and use of conditions precedent in commercial arrangements. It also considers typical conditions precedent and drafting issues.What are conditions precedent?A condition precedent in a commercial contract details an event which must take place before:•a
This Practice Note considers the doctrine of forum non conveniens, also referred to as the appropriate forum or the proper place for a dispute to be determined. This doctrine is of relevance when determining whether the courts of England and Wales have jurisdiction to hear a dispute and is applied
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