ABSTRACT
Public-private partnership is a procurement approach where the public and private sector join forces to deliver a public service or facility. This chapter looks specifically at the fundamentals and features of Public private Partnership projects (PPP) in general. Although PPP involves a great deal of legal structuring and documentation to deal with potential disputes amongst PPP parties, a 'watertight' legal framework is still lacking. Successful PPP implementation requires a stable political and social environment, which in turn relies on the stability and capability of the host government. A transparent and efficient procurement process is essential in lowering the transaction costs, shortening the time in negotiation, and completing the deal. Political and social issues that go beyond the private sector’s domain should be handled by the government. The chapter provides some background on PPP projects in general. The early developments of PPP have been briefly reviewed and the features of PPP presented.
