Document Type

Book Chapter

Publication Date

2019

DOI

10.4018/978-1-5225-7396-8.ch008

Publication Title

Building a Sustainable Transportation Infrastructure for Long-Term Economic Growth

Pages

174-199

Abstract

In an effort to address financial constraints and environmental concerns states have increasingly turned to a combination of un-tolled (HOV) and tolled (HOT) lanes. Public-private partnerships (3Ps) are a popular mechanism for this more sustainable approach to highway infrastructure that couples environmental sustainability (efficient utilization of existing lanes, less congestion) with financial sustainability (private investment). This chapter offers an approach to 3P contract writing for HOV/HOT facilities that is structured by a stakeholder analysis of actors in the project accountability environment. By analyzing two Virginia 3P highway projects, the chapter shows it is possible to build into a contract a set of terms and conditions to enhance the likelihood of meeting the goals of multiple stakeholders. By necessity, such contracts cannot specify precise monetary returns and other stakeholder benefits, but they can be written to include trade-offs to minimize losses to one party at the expense of another.

Comments

IGI Global “allows contributors to retain the right to upload to their university repository.” Copyright © 2019 by IGI Global. All rights reserved.

Publisher Pdf available at: https://www.igi-global.com/chapter/reducing-risk-in-public-private-partnership-contracts/222170

Original Publication Citation

Mayer, M., Juita-Elena (Wie) Yusuf,, & O'Connell, L. L. (2019). Reducing Risk in Public-Private Partnership Contracts: Two Examples From Highway Tolling Projects. In O. Smirnova (Ed.), Building a Sustainable Transportation Infrastructure for Long-Term Economic Growth (pp. 174-199). Hershey, PA: IGI Global. doi:10.4018/978-1-5225-7396-8.ch008

ORCID

0000-0003-3599-1417 (Yusuf)

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