International Project Finance and PPPs

Name: International Project Finance and PPPs | A Legal Guide to Key Growth Markets
Brand: Kluwer Law International
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A Legal Guide to Key Growth Markets

Jeffrey Delmon Victoria Rigby Delmon(Herausgeber*in)

Kluwer Law International (Verlag)

Erschienen am 29. Oktober 2012

1120 Seiten

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978-90-411-5769-0 (ISBN)

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Inhalt

Cover
Half Title Page
Title Page
Copyright Page
Dedication
About the Editors
Summary of Contents
Table of Contents
Preface
Acknowledgements
General Reports
Chapter 1 Introduction to Public-Private Partnerships
1. WHAT IS PPP?
2. THE MAIN FEATURES OF PPP
2.1. PARTNERSHIP BETWEEN THE PARTIES
2.2. EFFICIENT ALLOCATION OF RISKS
2.3. METHOD OF PROCUREMENT
3. TYPICAL FORMS OF PPP ARRANGEMENT
3.1. MANAGEMENT CONTRACT AND OPERATION AND MAINTENANCE CONTRACT
3.2. CIRCUMSTANCES WHEN MANAGEMENT AND OPERATION AND MAINTENANCE CONTRACTS MIGHT BE USED
3.3. LEASES/AFFERMAGES
3.4. CIRCUMSTANCES WHEN AFFERMAGES/LEASES MIGHT BE APPROPRIATE
3.5. CONCESSIONS/BOTS/DBOS
3.6. CIRCUMSTANCES WHEN CONCESSIONS/BOTS/DBOS MIGHT BE APPROPRIATE
4. WHY GOVERNMENTS CHOOSE TO USE PPPs
5. QUESTIONS GOVERNMENTS MIGHT NEED TO CONSIDER BEFORE CHOOSING PRIVATE SECTOR OVER PUBLIC SECTOR DELIVERY
5.1. IDENTIFY THE BUSINESS NEED
5.2. APPRAISE OPTIONS
5.3. DEVELOP A BUSINESS CASE
6. INSTITUTIONAL MECHANISMS AND LEGAL AND FINANCIAL ENABLING ENVIRONMENT
6.1. PPP UNITS
6.2. GOVERNMENT COORDINATING COMMITTEE
6.3. GOVERNMENT RISK MANAGEMENT
6.4. GRANTOR PROJECT MANAGEMENT TEAM
6.5. GOVERNMENT INCENTIVES TO ADOPT PPP
6.6. LEGAL CONTEXT
6.7. FINANCIAL CLIMATE
7. INSTITUTIONAL MECHANISMS FOR IMPLEMENTATION OF THE PROJECT
7.1. GRANTOR MONITORING AND IMPLEMENTATION OF PROJECT
7.2. REGULATORY BODIES
7.3. CONTRACT RENEGOTIATION
Chapter 2 Specific Characteristics of PPP in Different Sectors
1. TRANSPORTATION
2. TELECOMMUNICATIONS AND FIBRE-OPTIC BACKBONE
3. POWER GENERATION
4. RETAIL DISTRIBUTION OF WATER AND SANITATION SERVICES
Chapter 3 Introduction to Project Finance
1. OFF-BALANCE SHEET
2. LIMITED RECOURSE AND SPONSOR SUPPORT
3. TAKING SECURITY
4. FINANCIAL RATIOS
4.1. DEBT-EQUITY (D:E) RATIO
4.2. LOAN LIFE COVER RATIO
4.3. DEBT SERVICE COVER RATIO
4.4. RATE OF RETURN
5. CERTAINTY OF REVENUE STREAM
6. PUBLIC SECTOR SUPPORT
7. THE PROJECT PROCESS
7.1. THE CONSTRUCTION STAGE
7.2. THE OPERATION STAGE
7.3. DRAWDOWN SCHEDULE
7.4. REPAYMENT AND PRE-PAYMENT
7.5. REFINANCING
7.6. REPAYMENT SCHEDULE
8. TERMS OF FINANCING
8.1. EQUITY CONTRIBUTIONS
8.2. DEBT CONTRIBUTIONS
8.2.1. The Relative Benefits of Different Lenders
8.2.2. Syndication
8.2.3. Shari'a Financing
8.2.4. Bank Guarantee
8.2.5. Bond Financing
8.3. MEZZANINE/SUBORDINATED CONTRIBUTIONS
8.3.1. Nature of Subordination
8.3.2. Mezzanine Financing
8.3.3. Form of Mezzanine Contributions
8.3.4. Reasons for Mezzanine Finance
8.4. CONDITIONS PRECEDENT
8.4.1. Commercial and Legal Arrangements
8.4.2. Financial Ratios and Covenants
8.4.3. Security Package
8.5. HEDGING AND FUTURES CONTRACTS
8.6. SHAREHOLDER SUPPORT
8.7. STEP-IN
8.7.1. Cure Rights
8.7.2. Step-in Rights
8.7.3. Novation
8.8. WARRANTIES, UNDERTAKINGS AND REPRESENTATIONS
8.9. USE OF INSURANCE
8.10. INTERCREDITOR ISSUES AND SECURITY TRUSTEE
8.11. LENDERS' TECHNICAL ADVISER
8.12. TERMINATION COMPENSATION
9. OTHER RISK ISSUES RELEVANT TO FINANCING
9.1. COMPLETION
9.2. FORCE MAJEURE AND CHANGE IN LAW
9.3. POLITICAL RISK
9.4. ENVIRONMENTAL RISK
9.5. CURRENCY EXCHANGE RISK
9.6. INTEREST-RATE RISK
9.7. SOCIAL RISK
Chapter 4 Local Legal Issues
1. PROCUREMENT RESTRICTIONS
2. THIRD PARTY RIGHTS TO CHALLENGE A PROJECT
3. ULTRA VIRES
4. CORPORATE LAW
5. LICENSES AND PERMITS
6. ASSETS
7. GOVERNMENT SUPPORT
8. SOVEREIGN IMMUNITY
9. DISPUTE RESOLUTION
10. REGULATORY AND STATUTORY DUTIES
11. COLLECTING TARIFFS FROM CONSUMERS
12. PENALTIES, SANCTIONS AND BONUSES
13. TRUSTS, AGENCY AND OTHER LEGAL RELATIONSHIPS
14. TAKING SECURITY AND INSOLVENCY
15. CURRENCY
16. EXPROPRIATION
17. EMPLOYMENT
18. CHOICE OF LAW
Country Reports
Chapter 5 Brazil
1. OVERVIEW OF PUBLIC-PRIVATE PARTNERSHIPS IN BRAZIL
1.1. MARKET CONTEXT
1.2. LEGAL CONTEXT
2. LOCAL LEGAL ISSUES
2.1. PROCUREMENT RESTRICTIONS
2.1.1. Grantor Restrictions
2.1.2. Procurement Enforcement
2.1.2.1. Sponsored Concessions
2.1.2.2. Administrative Concession
2.1.3. Grantee Restrictions
2.2. THIRD PARTY RIGHTS TO CHALLENGE A PROJECT
2.3. ULTRA VIRES
2.4. CORPORATE LAW
2.4.1. Availability of Limited Liability Entities
2.4.2. Limited Liability Entity Formation
2.4.3. Registration and Licensing Requirements
2.4.4. Central Bank Restrictions and Approvals
2.4.5. Other Restrictions on Foreign Participation
2.4.6. Capitalization Restrictions
2.4.7. Translation and Notarization
2.4.8. Taxation of Corporate Entities
2.4.9. Corporate Governance
2.4.10. Classes of Shares
2.4.11. Government Shareholders
2.4.12. Issues of New Shares
2.4.13. Rights to Elect Directors and Managers
2.4.14. Allocation of Authority
2.4.15. Shareholder Participation in Decisions
2.4.16. Protection of Minority Shareholders
2.4.17. Limits on Exit Options for Shareholders
2.5. LICENSES AND PERMITS
2.6. ASSETS
2.6.1. Project Company Rights Over Land and Other Assets
2.6.2. Licensing of Rights Over Assets
2.6.3. Liabilities
2.6.4. Transfer of Assets
2.7. GOVERNMENT SUPPORT
2.8. SOVEREIGN IMMUNITY
2.9. DISPUTE RESOLUTION
2.10. REGULATORY AND STATUTORY DUTIES
2.11. COLLECTING TARIFFS FROM CONSUMERS
2.12. PENALTIES, SANCTIONS AND BONUSES
2.13. TRUSTS, AGENCY AND OTHER LEGAL RELATIONSHIPS
2.14. TAKING SECURITY AND INSOLVENCY
2.15. CURRENCY
2.16. EXPROPRIATION
2.17. EMPLOYMENT
2.18. CHOICE OF LAW
Chapter 6 Chile
1. OVERVIEW OF PUBLIC-PRIVATE PARTNERSHIPS IN CHILE
1.1. MARKET CONTEXT
1.2. LEGAL CONTEXT
2. LOCAL LEGAL ISSUES
2.1. PROCUREMENT RESTRICTIONS
2.2. THIRD PARTY RIGHTS TO CHALLENGE A PROJECT
2.3. ULTRA VIRES
2.4. CORPORATE LAW
2.5. LICENSES AND PERMITS
2.6. ASSETS
2.7. GOVERNMENT SUPPORT
2.7.1. Guaranteed Minimum Revenue in the Public Works Concession (GMR)
2.7.2. GMR: An Obligation for the State
2.8. SOVEREIGN IMMUNITY
2.9. DISPUTE RESOLUTION
2.10. REGULATORY AND STATUTORY DUTIES
2.11. COLLECTING TARIFFS FROM CONSUMERS
2.12. PENALTIES, SANCTIONS AND BONUSES
2.13. TRUSTS, AGENCY AND OTHER LEGAL RELATIONSHIPS
2.14. TAKING SECURITY AND INSOLVENCY
2.14.1. Liquidation of the Concession's Assets
2.14.2. Factual Continuity of the Line of Business
2.15. CURRENCY
2.16. EXPROPRIATION
2.17. EMPLOYMENT
2.18. CHOICE OF LAW
Chapter 7 China
1. OVERVIEW OF PUBLIC-PRIVATE PARTNERSHIPS IN CHINA
1.1. MARKET CONTEXT
1.2. LEGAL CONTEXT
2. LOCAL LEGAL ISSUES
2.1. PROCUREMENT RESTRICTIONS
2.1.1. Legal Framework
2.1.1.1. The Invitation to Bid
2.1.1.2. The Tender Process
2.1.1.3. Securities
2.1.1.4. Sub-contracts
2.1.1.5. Consortia
2.1.1.6. Evaluation Criteria
2.1.2. Government Procurement
2.2. THIRD PARTY RIGHTS TO CHALLENGE A PROJECT
2.3. ULTRA VIRES
2.3.1. Private Companies
2.4. CORPORATE LAW
2.4.1. Corporate Structure
2.4.2. Restrictions on Foreign Investment
2.4.3. Application Process
2.4.4. Registered Capital
2.4.5. Corporate Governance
2.5. LICENSES AND PERMITS
2.6. ASSETS
2.6.1. Transfer of Public Assets to Private Companies
2.6.2. Liabilities for the Construction Works
2.6.3. Other Liabilities
2.6.4. Disposal of Land Use Rights
2.7. GOVERNMENT SUPPORT
2.8. SOVEREIGN IMMUNITY
2.9. DISPUTE RESOLUTION
2.10. REGULATORY AND STATUTORY DUTIES
2.11. COLLECTING TARIFFS FROM CONSUMERS
2.12. PENALTIES, SANCTIONS AND BONUSES
2.13. TRUSTS, AGENCIES AND OTHER LEGAL RELATIONSHIPS
2.14. TAKING SECURITY AND INSOLVENCY
2.14.1. Taking Security
2.14.2. Insolvency
2.15. CURRENCY
2.16. EXPROPRIATION
2.17. EMPLOYMENT
2.17.1. Secondments
2.17.2. Right to Terminate
2.17.3. Conclusion of the Secondment
2.17.4. Trade Unions
2.17.5. Insurance and Entitlements
2.17.6. Foreign Employees and Work Visas
2.18. CHOICE OF LAW
Chapter 8 Egypt
1. OVERVIEW OF PUBLIC-PRIVATE PARTNERSHIPS IN EGYPT
1.1. MARKET CONTEXT
1.1.1. Potential PPP Projects
1.2. LEGAL CONTEXT
1.2.1. Issuance of a PPP Law
2. LOCAL LEGAL ISSUES
2.1. PROCUREMENT RESTRICTIONS
2.1.1. Foreign Participation
2.2. THIRD PARTY RIGHTS TO CHALLENGE A PROJECT
2.3. ULTRA VIRES
2.4. CORPORATE LAW
2.5. LICENSES AND PERMITS
2.6. ASSETS
2.7. GOVERNMENT SUPPORT
2.8. SOVEREIGN IMMUNITY
2.9. DISPUTE RESOLUTION
2.10. REGULATORY AND STATUTORY DUTIES
2.11. COLLECTING TARIFFS FROM CONSUMERS
2.12. PENALTIES, SANCTIONS AND BONUSES
2.13. TRUSTS, AGENCY AND OTHER LEGAL RELATIONSHIPS
2.14. TAKING SECURITY AND INSOLVENCY
2.14.1. Real Estate Mortgage
2.14.1.1. Mortgage of Future Assets
2.14.1.2. Mortgage Securing Future Debt
2.14.2. Commercial Mortgage (Fond de Commerce)
2.14.3. Pledge of Bank Account
2.14.4. Insolvency
2.14.5. Effect of Insolvency on the Debtor
2.14.6. Effect of Insolvency Judgment on Unsecured Creditors
2.14.7. Effect of Insolvency Judgment on Secured Creditors
2.15. CURRENCY
2.16. EXPROPRIATION
2.17. EMPLOYMENT
2.18. CHOICE OF LAW
Chapter 9 India
1. OVERVIEW OF PUBLIC-PRIVATE PARTNERSHIPS IN INDIA
1.1. MARKET CONTEXT
1.2. LEGAL CONTEXT
1.2.1. Power
1.2.2. Roads
1.2.3. Ports
1.2.4. Telecommunications
2. LOCAL LEGAL ISSUES
2.1. PROCUREMENT RESTRICTIONS
2.1.1. Bidding Norms for PPP Projects
2.1.2. Eligibility Criteria
2.2. THIRD PARTY RIGHTS TO CHALLENGE A PROJECT
2.3. ULTRA VIRES
2.4. CORPORATE LAW
2.4.1. Companies
2.4.2. Lifting the Corporate Veil
2.4.3. Types of Share Capital
2.4.4. Appointment of Directors
2.4.5. Rights of a Minority Shareholder
2.4.6. Government Companies
2.4.7. Statutory Bodies
2.4.8. Limited Liability Partnership
2.4.9. Companies Bill, 2011
2.4.10. Foreign Investment/Shareholding
2.4.11. Pricing Guidelines
2.4.12. Competition Law
2.5. LICENSES AND PERMITS
2.6. PROPERTY RIGHTS
2.7. GOVERNMENT SUPPORT
2.8. SOVEREIGN IMMUNITY
2.8.1. Contracts Entered by the Government
2.9. DISPUTE RESOLUTION
2.9.1. Enforcement of Foreign Awards
2.9.2. Alternative Methods of Dispute Resolution
2.9.3. Adjudicating Bodies in the Infrastructure Sector:
2.10. REGULATORY AND STATUTORY DUTIES
2.10.1. Statutory Duties
2.11. COLLECTING TARIFFS FROM CONSUMERS
2.12. TRUSTS, AGENCY AND OTHER LEGAL RELATIONSHIPS
2.12.1. Agency
2.12.2. Trusts
2.13. TAKING SECURITY AND INSOLVENCY
2.13.1. Taking Security
2.13.2. Mortgage
2.13.3. English or Legal Mortgage
2.13.4. Mortgage by Deposit of Title Deeds
2.13.5. Pledge
2.13.6. Direct Agreement
2.13.7. Forest Land
2.13.8. Insolvency
2.13.9. Bankruptcy under the Companies Act, 1956
2.13.10. Winding Up by the Court
2.13.11. Voluntary Winding Up
2.13.12. Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
2.14. CURRENCY
2.15. EXPROPRIATION
2.16. EMPLOYMENT
2.16.1. Transfer of Employees to Another Entity/Contracting Party
2.16.2. Removal of Bad or Dishonest Workers
2.16.3. Redundancy
2.16.4. Trade Unions
2.16.5. Work Permits
2.17. CHOICE OF LAW
2.18. ECB POLICY
Chapter 10 Indonesia
1. OVERVIEW OF PUBLIC-PRIVATE PARTNERSHIPS IN INDONESIA
1.1. MARKET CONTEXT
1.1.1. History
1.1.2. Today
1.1.3. Sectoral Overview
1.1.3.1. Electricity
1.1.3.2. Mining
1.1.3.3. Geothermal
1.1.3.4. Oil and Gas
1.1.3.5. Railway Infrastructure
1.1.3.6. Ports
1.1.3.7. Toll Roads
1.1.3.8. Airport Infrastructure
1.1.3.9. Water Resources and Sanitation Infrastructure
1.1.3.10. Telecommunications Infrastructure
1.1.3.11. Construction Services
1.2. LEGAL CONTEXT
1.2.1. Public-Private Partnerships
1.2.2. Indonesia's Constitution
1.2.3. National Government
1.2.4. Regional Governments and Autonomy
1.2.5. State-Owned and Region-Owned Enterprises
2. LOCAL LEGAL ISSUES
2.1. PROCUREMENT RESTRICTIONS
2.1.1. Procurement of Public Goods and Services
2.1.2. Procurement of PPP Projects
2.1.3. Domestic Content Requirements
2.1.4. Procurement by Private Parties
2.1.5. Preventing Corruption in Procurement
2.2. THIRD PARTY RIGHTS TO CHALLENGE A PROJECT
2.3. ULTRA VIRES
2.4. CORPORATE LAW
2.4.1. Companies
2.4.2. Share Capital
2.4.3. Corporate Governance
2.4.4. Regulation of Foreign Direct Investment
2.4.5. Multilateral and Bilateral Treaties Relating to Investment: SM to Update
2.5. LICENSES AND PERMITS
2.5.1. Overview
2.5.2. Business Licenses
2.5.3. Ancillary Licenses
2.5.4. Environmental Protection
2.6. ASSETS
2.6.1. Overview
2.6.2. Intellectual Property Rights
2.6.3. Land and Buildings
2.6.3.1. Registered Land
2.6.3.2. Unregistered Land
2.6.3.3. Title Evaluation, Spatial Planning and Conservation Areas
2.6.3.4. Acquisition of Land Rights
2.6.3.5. Other Permits and Requirements
2.7. GOVERNMENT SUPPORT
2.7.1. Indonesia Infrastructure Guarantee Fund
2.7.2. Other Forms of Government Support
2.7.3. PT Sarana Multi Infrastruktur (Persero) and the Indonesia Infrastructure Financing Facility
2.8. SOVEREIGN IMMUNITY
2.9. DISPUTE RESOLUTION
2.9.1. Judicial System
2.9.2. Arbitration
2.9.3. Foreign Court Judgments
2.10. REGULATORY AND STATUTORY DUTIES
2.10.1. Offshore Payment Obligations and Offshore Proceeds
2.10.2. Know-Your-Customer Regulations
2.11. COLLECTING TARIFFS FROM CUSTOMERS
2.12. PENALTIES, SANCTIONS AND BONUSES
2.13. TRUST, AGENCY AND OTHER RELATIONSHIPS
2.14. TAKING SECURITY AND INSOLVENCY
2.14.1. Collateral Security
2.14.2. Insolvency Proceedings
2.15. CURRENCY
2.16. EXPROPRIATION
2.17. EMPLOYMENT
2.17.1. Overview of Employment Relationship
2.17.2. Termination of Employment Relationship
2.17.3. Employment of Expatriates
2.18. CHOICE OF LAW
2.18.1. Governing Law Clauses
2.18.2. Indonesian Contract Law
2.18.3. Contract Remedies
2.18.4. Invalidation of Contracts
2.18.5. Documentary Formalities
Chapter 11 Nigeria
1. OVERVIEW OF PUBLIC-PRIVATE PARTNERSHIPS IN NIGERIA
1.1. MARKET CONTEXT
1.2. LEGAL CONTEXT
1.2.1. PPP Structures
2. LOCAL LEGAL ISSUES
2.1. PROCUREMENT RESTRICTIONS
2.2. THIRD PARTY RIGHTS TO CHALLENGE A PROJECT
2.2.1. Tort
2.2.2. Contract
2.3. ULTRA VIRES
2.4. CORPORATE LAW
2.5. LICENSES AND PERMITS
2.5.1. Licensing Framework of NERC
2.5.2. Interim Licenses
2.5.3. Regular Licenses
2.6. ASSETS
2.7. GOVERNMENT SUPPORT
2.7.1. Legislation and Policy
2.7.2. PPP Resource Centre
2.7.3. Contract Monitoring Unit
2.7.4. The ICRC Board
2.7.5. Tax Waivers
2.7.6. Guarantees as Security to Private Financiers of PPPs
2.7.7. Subsidies on Tariffs
2.8. SOVEREIGN IMMUNITY
2.9. DISPUTE RESOLUTION
2.9.1. Bilateral Investment Treaties
2.9.2. Multilateral Investment Treaties
2.10. REGULATORY AND STATUTORY DUTIES
2.10.1. ICRC and Related Statutes
2.11. COLLECTING TARIFFS FROM CONSUMERS
2.11.1. Regulatory Role
2.11.2. Physical Collection of Tariffs
2.11.3. Non-payment of Tariffs
2.12. PENALTIES, SANCTIONS & BONUSES
2.13. TRUSTS, AGENCY & OTHER LEGAL RELATIONSHIPS
2.13.1. Trusts
2.13.2. Agency
2.13.3. Partnership
2.14. TAKING SECURITY & INSOLVENCY
2.15. CURRENCY
2.16. EXPROPRIATION
2.16.1. Instances of Nigerian Government Expropriation
2.16.2. The Nigerian Enterprise Promotion Act 1977
2.16.3. The Shell/BP Kulu Incident
2.16.4. The Land Use Act 1979
2.16.5. Land Use Act and PPPs
2.16.6. Protection against Expropriation
2.17. EMPLOYMENT
2.18. CHOICE OF LAW
Chapter 12 Romania
1. OVERVIEW OF PUBLIC-PRIVATE PARTNERSHIPS IN ROMANIA
1.1. MARKET CONTEXT
1.2. LEGAL CONTEXT
2. LOCAL LEGAL ISSUES
2.1. PPP PLAYERS: CONTRACTING AUTHORITY
2.2. PROCUREMENT RESTRICTIONS
2.3. THIRD PARTY RIGHTS TO CHALLENGE A PROJECT
2.3.1. Rights to Challenge under GEO 34/2006
2.3.2. Rights to Challenge under PPP Law
2.4. ULTRA VIRES
2.5. CORPORATE LAW
2.5.1. Joint Venture Partnership
2.5.1.1. General
2.5.1.2. Establishment
2.5.1.3. Business Operations
2.5.1.4. Liability
2.5.1.5. Fiscal Regime
2.5.1.6. Termination
2.5.2. Joint Venture Companies
2.5.2.1. Incorporation
2.5.2.2. Authorization
2.5.2.3. Taxation
2.5.2.4. Corporate Governance
2.5.2.5. Shareholders' Rights
2.6. LICENSES AND PERMITS
2.7. ASSETS
2.7.1. General
2.7.2. Real Estate Publicity
2.7.3. Restrictions Regarding Interest in Land
2.7.4. Concession of Public Property
2.7.5. Concession of Private Property
2.7.6. Expropriation
2.7.7. Contribution of Assets to the Share Capital
2.7.8. Contribution of Assets to Joint Venture Partnerships
2.7.9. Tax-related Aspects
2.7.10. Construction
2.8. GOVERNMENT SUPPORT
2.8.1. Cooperation between Contracting Authorities
2.8.2. Constraints and Limitations
2.8.3. State Aid Rules
2.9. SOVEREIGN IMMUNITY
2.10. DISPUTE RESOLUTION
2.11. REGULATORY AND STATUTORY DUTIES
2.11.1. Sectorial Contracts
2.12. COLLECTING TARIFFS FROM CONSUMERS
2.12.1. Electricity
2.12.2. Gas
2.12.3. Public Utilities
2.13. PENALTIES, SANCTIONS AND BONUSES
2.14. TRUSTS, AGENCY AND OTHER LEGAL RELATIONSHIPS
2.15. TAKING SECURITY AND INSOLVENCY
2.15.1. Restrictions and Limitations on Creation of Security Interests
2.15.2. Insolvency
2.16. CURRENCY
2.17. EMPLOYMENT
2.17.1. Transfer of Employees
2.17.2. Secondment
2.17.3. Payment of Benefits
2.17.4. Redeployment
2.17.5. Sanctions
2.17.6. Redundancy
2.17.7. Trade Unions
2.17.8. Requirements
2.18. CHOICE OF LAW
Chapter 13 Russia
1. OVERVIEW OF PUBLIC-PRIVATE PARTNERSHIPS IN RUSSIA
1.1. MARKET CONTEXT
1.1.1. Current Status
1.1.2. Russian PPP Market Maturity Model
1.1.3. Sector-Specific Aspects
1.1.4. Risk Profile
1.1.5. PPP Market Participants
1.1.5.1. State Corporations
1.1.5.2. VEB
1.1.5.3. Investment Fund
1.1.5.4. State Coordination and Special Managing Companies
1.1.5.5. Independent Engineers
1.1.5.6. Project Sponsors
1.1.5.7. Lenders
1.1.5.8. Contractors and Suppliers of Infrastructure
1.1.5.9. Advisors to Project
1.2. LEGAL CONTEXT
1.2.1. General
1.2.2. Regulatory Framework
1.2.3. Legal Framework
1.2.4. Foreign Investments and Investments in Strategic Industries
1.2.5. PPP-Specific Laws and Regulations
1.2.5.1. Federal Level
1.2.5.2. Regional and Municipal Level
2. LOCAL LEGAL ISSUES
2.1. PROCUREMENT RESTRICTIONS
2.2. THIRD PARTY RIGHTS TO CHALLENGE A PROJECT
2.3. ULTRA VIRES
2.4. CORPORATE LAW
2.5. LICENSES AND PERMITS
2.6. ASSETS
2.7. GOVERNMENT SUPPORT
2.8. SOVEREIGN IMMUNITY
2.9. DISPUTE RESOLUTION
2.10. REGULATORY AND STATUTORY DUTIES
2.11. COLLECTING TARIFFS FROM CONSUMERS
2.11.1. Calculation Methods
2.11.2. Revision of Tariff Rates
2.11.3. Project Company's Remedies
2.11.4. Suspension or Termination of the Contract with a Consumer
2.11.5. Penalties for Late Payment
2.12. PENALTIES, SANCTIONS AND BONUSES
2.13. TRUSTS, AGENCY AND OTHER LEGAL RELATIONSHIPS
2.13.1. Trust versus Fiduciary Management
2.13.2. Agency Structures
2.13.3. Co-pledgees
2.13.4. Parallel Debt
2.13.5. Joint and Several Creditorship
2.14. TAKING SECURITY AND INSOLVENCY
2.14.1. Taking Security over Assets
2.14.1.1. Main Restrictions and Limitations on Creation of Security Interest
2.14.1.2. Suretyships
2.14.1.3. Bank Guarantees
2.14.1.4. State and Municipal Guarantees
2.14.1.5. Mortgage
2.14.1.6. Pledge
2.14.1.6.1. Priority and Perfection of Pledge
2.14.1.7. Immoveable Assets
2.14.1.8. Moveable Assets
2.14.1.9. Contractual Rights
2.14.1.10. Bank Accounts
2.14.1.11. Shares
2.14.1.12. Insurance Proceeds
2.14.2. Goods in Circulation
2.14.2.1. Enforcement of Pledge
2.14.2.2. Additional Filings
2.14.2.3. Direct Debit (Withdrawal) Arrangement
2.14.2.4. Conditional Assignment
2.14.2.5. Loss Payee Mechanism under Insurance Contract
2.14.2.6. Taking Security under Concession Projects
2.14.2.7. Insolvency
2.14.2.8. Pre-insolvency Issues
2.14.2.9. Mandatory Liquidation
2.14.2.10. Stages of Insolvency Proceedings
2.14.2.11. Initiation of Insolvency Proceedings
2.14.2.12. Consequences of Initiation of Insolvency Proceedings for Creditors
2.14.2.13. Priorities of Creditors' Claims during Insolvency Proceedings
2.14.2.14. Consequences of Initiating Insolvency Proceedings for PPP Projects
2.15. CURRENCY
2.16. EXPROPRIATION
2.17. EMPLOYMENT
2.18. CHOICE OF LAW
2.19. CONCESSION AGREEMENTS
2.19.1. General
2.19.2. Parties to the Concession Agreement
2.19.3. Concession Facilities and Other Property
2.19.4. Tender Process
2.19.5. Award of Concession Agreement and Model Concession Agreements
2.19.6. Terms and Conditions of Concession Agreement
2.19.7. Concession Fee
2.19.8. Concession Period
2.19.9. Government Support, Tariffs
2.19.10. Assignment of Rights and Transfer of Obligations
2.19.11. Dispute Resolution
2.19.12. Amendments to the Concessions Law in 2010
2.19.13. Amendments to the Concessions Law in 2012
3. POTENTIAL FUTURE DEVELOPMENTS
3.1. PRINCIPAL DEFICIENCIES OF CONCESSIONS LAW AND PROPOSED AMENDMENTS
3.1.1. Lenders' Rights and Direct Agreements
3.1.1.1. Availability Payment, Termination Fee and Other Payments
3.1.1.2. Tariff Regulation
3.1.1.3. Security
3.1.1.4. Assignment
3.1.1.5. Arbitration and Expert Determination
3.2. OTHER FORMS OF PPP
3.3. INFRASTRUCTURE BONDS
3.4. SINGLE REGULATOR, UNIFIED REGULATORY APPROACH
3.5. ZONES OF TERRITORIAL DEVELOPMENT: NEW OPPORTUNITIES FOR PPP PROJECTS
Chapter 14 South Korea
1. OVERVIEW OF PUBLIC-PRIVATE PARTNERSHIPS IN KOREA
1.1. MARKET CONTEXT
1.1.1. Recent Trends and Issues
1.1.2. New Governmental Measures
1.1.2.1. Support for Funding
1.1.2.2. Sharing of Increased Interest Expenses
1.1.2.3. Reduction of Overall Duration of Projects
1.1.2.4. Deregulations
1.1.2.5. Expansion of Eligible Projects and Search for New Projects
1.1.2.6. Closer Monitoring of Disbursement of Government Funds
1.2. LEGAL CONTEXT
1.2.1. Procedures for Private Participation in Infrastructure
1.2.2. Concession Agreement
1.2.3. Governmental Support
1.2.4. Tax Benefits and Others
1.2.5. The PPI Act
2. LOCAL LEGAL ISSUES
2.1. PROCUREMENT RESTRICTIONS
2.2. THIRD PARTY RIGHTS TO CHALLENGE A PROJECT
2.3. ULTRA VIRES
2.4. CORPORATE LAW
2.4.1. Form of Company
2.4.2. Board of Directors
2.4.3. Restrictions on Foreign Ownership
2.4.4. Shareholder Issues
2.4.4.1. Basic Shareholder Rights
2.4.4.2. 1% Shareholder Rights
2.4.4.3. 3% Shareholder Rights
2.4.4.4. 10% Shareholder Rights
2.4.4.5. 20% Shareholder Rights
2.5. LICENSES AND PERMITS
2.6. ASSETS
2.7. GOVERNMENT SUPPORT
2.8. SOVEREIGN IMMUNITY
2.9. DISPUTE RESOLUTION
2.10. REGULATORY AND STATUTORY DUTIES
2.11. COLLECTING TARIFFS FROM CONSUMERS
2.12. PENALTIES, SANCTIONS AND BONUSES
2.12.1. Procedures for Revocation
2.12.2. Administrative Proceeding for Revocation
2.12.3. Administrative Proceeding for Stay
2.13. TRUSTS, AGENCY AND OTHER LEGAL RELATIONSHIPS
2.14. TAKING SECURITY AND INSOLVENCY
2.14.1. Mortgage
2.14.1.1. Creation
2.14.1.2. Priority
2.14.1.3. Foreclosure
2.14.1.4. Costs and Fees
2.14.1.5. Bankruptcy Events
2.14.1.6. Kun-mortgage
2.14.2. Yangdo Tambo
2.14.2.1. Creation
2.14.2.2. Priority
2.14.2.3. Foreclosure
2.14.2.4. Costs and Fees
2.14.3. Insolvency Issues
2.14.3.1. General Overview
2.14.3.2. Rehabilitation Proceedings under Chapter 2 of the DRBL
2.14.3.3. Bankruptcy Proceedings under Chapter 3 of the DRBL
2.15. CURRENCY
2.16. EXPROPRIATION
2.17. EMPLOYMENT
2.18. CHOICE OF LAW
Chapter 15 Tanzania
1. OVERVIEW OF PUBLIC-PRIVATE PARTNERSHIPS IN TANZANIA
1.1. MARKET CONTEXT
1.1.1 Current Status
1.1.2 Sector-Specific Aspects
1.2. LEGAL CONTEXT
1.2.1. Regulatory Framework
1.2.2. Legal Framework
1.2.3. Investment Legislation and PPPs
2. LOCAL LEGAL ISSUES
2.1. PROCUREMENT RESTRICTIONS
2.2. THIRD PARTY RIGHTS TO CHALLENGE A PROJECT
2.3. ULTRA VIRES
2.3.1. Private Companies
2.3.2. Public Bodies
2.4. CORPORATE LAW
2.5. LICENSES AND PERMITS
2.6. ASSETS
2.7. GOVERNMENT SUPPORT
2.8. SOVEREIGN IMMUNITY
2.9. DISPUTE RESOLUTION
2.10. REGULATORY AND STATUTORY DUTIES
2.11. COLLECTING TARIFFS FROM CONSUMERS
2.12. PENALTIES SANCTIONS AND BONUSES
2.13. TRUSTS, AGENCY AND OTHER LEGAL RELATIONSHIPS
2.14. TAKING SECURITY AND INSOLVENCY
2.14.1 State Guarantees
2.14.2. Insolvency and PPPs
2.14.2.1. The Main Aims of Insolvency Proceedings
2.14.2.2. Insolvency Proceedings under the Companies Act 2002
2.14.2.3. Priorities of Creditors' Claims During Insolvency Proceedings
2.14.2.4. Winding Up
2.14.2.5. Members' Voluntary Winding Up
2.14.2.6. Creditor's Voluntary Winding Up
2.15. CURRENCY
2.16. EXPROPRIATION
2.17. EMPLOYMENT
2.18. CHOICE OF LAW
3. POTENTIAL FUTURE DEVELOPMENTS
3.1. EMBRACE MORE PPPS
3.2. CAPACITY BUILDING AND DEVELOPMENT
Chapter 16 Turkey
1. OVERVIEW OF PUBLIC-PRIVATE PARTNERSHIPS IN TURKEY
1.1. MARKET CONTEXT
1.1.1. History
1.1.2. Today
1.1.3. Weaknesses and Upcoming Developments
1.2. LEGAL CONTEXT
2. LOCAL LEGAL ISSUES
2.1. PROCUREMENT RESTRICTIONS
2.1.1. SPL Tender Rules Applicable to Concessions
2.1.2. SPL's Tender Methods for Concessions
2.1.3. Privatization Law Rules for TOR-Type Concessions
2.1.4. BOTs
2.2. THIRD PARTY RIGHTS TO CHALLENGE A PROJECT
2.2.1. End Users versus Service Provider
2.3. ULTRA VIRES
2.3.1. General
2.3.2. Application of the Ultra Vires Doctrine under Turkish Law
2.3.2.1. Private Companies
2.3.2.1.1. New TCC
2.3.2.2. Public Bodies
2.4. CORPORATE LAW
2.4.1. Shareholders and Share Capital
2.4.2. Corporate Bodies
2.4.3. Liability
2.4.4. Foreign Direct Investment
2.4.5. Handover and Handback in Projects
2.4.6. Transfer of Shares
2.5. LICENSES AND PERMITS
2.5.1. General Licenses and Permits
2.5.2. Specific Licenses and Permits
2.5.2.1. Operational Licenses and Permits
2.5.2.2. Licenses and Permits Required Under the Health Legislation
2.5.2.3. Environmental Licenses and Permits
2.5.2.4. Regulatory Licenses and Permits
2.6. ASSETS
2.6.1. General
2.6.2. Establishment of ICRC
2.6.3. Companies Having Foreign Capital
2.6.4. Real Estate Transactions of Companies with Foreign Capital
2.6.4.1. Transfer of Title
2.6.4.1.1. Transfer of Title through Asset Deals
2.6.4.1.2. Transfer of Title through Share Deals
2.6.4.2. Establishment of Limited Rights in Rem
2.6.4.3. Establishment of Mortgages
2.6.5. Basic Rules Applicable to the Use of Project Assets and ICRC
2.6.6. Handover, Handback and Termination of ICRC and Return of the Facilities to the Authorized Public Entity
2.7. GOVERNMENT SUPPORT
2.8. SOVEREIGN IMMUNITY
2.9. DISPUTE RESOLUTION
2.9.1. General
2.9.2. Scope of and Limitations on Party Agreements as to Dispute Resolution Mechanisms
2.10. REGULATORY AND STATUTORY DUTIES
2.11. COLLECTING TARIFFS FROM CONSUMERS
2.11.1. Establishing Tariffs: Contractual Provisions versus Government Authority
2.11.2. Limitations on Establishing Tariffs
2.11.3. Adjustment of Tariffs over Time
2.11.4. Collection of Tariffs from Consumers
2.12. PENALTIES, SANCTIONS AND BONUSES
2.12.1. Relationship between Penalties and Actual Damages
2.12.2. Enforcing Tariff Collection Rights: Options Available to Project Companies
2.12.3. Power of Courts to Revise Contractually Agreed Penalty Levels
2.12.4. Passing Penalties and Sanctions on to Consumers as Costs
2.12.5. Bonuses Payable to Project Companies for Good Performance
2.13. TRUST, AGENCY AND OTHER LEGAL RELATIONSHIPS
2.13.1. Trust Arrangements under Turkish Law
2.13.2. Agency Arrangements under Turkish Law
2.14. TAKING SECURITY AND INSOLVENCY
2.14.1. Establishment of Encumbrances on Movables and Immovables
2.14.1.1. Mortgages
2.14.1.2. Pledges on Movables
2.14.2. Pledge on Receivables
2.14.3. Insurance and Its Endorsement to the Benefit of Third Parties
2.14.4. Pledge on Bank Accounts
2.14.5. Share Pledges
2.14.5.1. Pledge of Shares not Represented by Share Certificates
2.14.5.2. Pledge of Registered Shares
2.14.5.3. Pledge over Shares in Bearer Form
2.14.5.4. Pledge of Shares Kept in Electronic Book-entry Form at Central Registry Agency (CRA) (Merkezi Kayit Kurulusu)
2.14.5.5. Blank Endorsement
2.14.6. Insolvency of Assigned Company or Other Party to the Project
2.14.7. Insolvency under Turkish Law
2.14.8. Bankruptcy
2.14.9. Bankruptcy Procedures
2.14.10. Pre-liquidation Intervention to Rescue the Business
2.14.11. The Bankruptcy Estate and Prioritization of Creditors
2.14.12. Disposition of Project Assets upon Contract Termination
2.14.13. State Takeover of Project Prior to Insolvency
2.15. CURRENCY
2.15.1. Investor's Right to Monetary Transfers
2.15.1.1. Right to Monetary Transfers
2.15.1.2. Right to Obtain Loans from Abroad and Rules Applicable to Repayments
2.15.2. Types of Currency by Which Payments Can Be Made
2.15.3. Exchange Rate
2.15.4. Right to Convert Local Currency into Foreign Exchange
2.16. EXPROPRIATION
2.17. EMPLOYMENT
2.17.1. Payment of Benefits and Allowances
2.17.2. Bonuses and Incentives
2.17.3. Protective Measures for the Employees in Certain Type of Jobs
2.17.4. Disciplinary Procedures and Removal
2.17.5. Redundancy and Termination
2.17.6. Trade Unions and Strikes
2.17.7. Visas for Foreign Workers
2.17.8. Transfer of Employees in Case of Change of the Project Company
2.17.9. Labour
2.17.9.1. Rights on Transfer
2.18. CHOICE OF LAW
2.18.1. General
2.18.2. Limitations to Freedom of Contract
2.18.3. Mandatory Laws Relevant to Project Structures
2.18.4. Protection of Financial Balance in Concessions
Chapter 17 Uganda
1. OVERVIEW OF PUBLIC-PRIVATE PARTNERSHIPS IN UGANDA
1.1. MARKET CONTEXT
1.2. LEGAL CONTEXT
2. LOCAL LEGAL ISSUES
2.1. PROCUREMENT RESTRICTIONS
2.1.1. Breach of Procurement Guidelines
2.2. THIRD PARTY RIGHTS TO CHALLENGE A PROJECT
2.3. ULTRA VIRES
2.3.1. Private Companies
2.3.2. Public Bodies
2.4. CORPORATE LAW
2.5. LICENSES AND PERMITS
2.6. ASSETS
2.7. GOVERNMENT SUPPORT
2.8. SOVEREIGN IMMUNITY
2.9. DISPUTE RESOLUTION
2.10. REGULATORY AND STATUTORY DUTIES
2.11. COLLECTING TARIFFS FROM CONSUMERS
2.12. PENALTIES, SANCTIONS AND BONUSES
2.13. TRUSTS, AGENCY AND OTHER LEGAL RELATIONSHIPS
2.13.1. Trusts
2.13.1.1. Limitations/Constraints
2.13.1.2. Liabilities Borne by a Trustee
2.13.1.3. What Happens to Assets in the Event of Insolvency of a Trustee?
2.13.2. Agency
2.13.2.1. Constraints Imposed on an Agent
2.13.2.2. Retaining Ownership of Property
2.13.2.3. Liability of Agent to a Third Party
2.13.2.4. Liability of Agent to Principal
2.13.2.5. Distribution of Assets in the Event of Insolvency
2.14. TAKING SECURITY AND INSOLVENCY
2.15. CURRENCY
2.15.1. Rights to Make Monetary Transfers
2.15.2. The Types of Currencies with Which Payments Can Be Made
2.15.3. The Exchange Rate Used in a Transaction
2.16. EXPROPRIATION
2.17. EMPLOYMENT
2.17.1. Terms of the Employment Contract
2.17.2. Separation from Employment
2.17.3. Workers Compensation
2.17.4. Labour Unionism
2.17.5. Retirement Benefits
2.18. CHOICE OF LAW AND JURISDICTION
Chapter 18 Ukraine
1. OVERVIEW OF PUBLIC-PRIVATE PARTNERSHIP IN UKRAINE
1.1. MARKET CONTEXT
1.1.1. 'National Projects'
1.1.2. Practical Application of PPP
1.1.2.1. PPP for Large Scale Projects
1.1.2.1.1. Airports
1.1.2.1.2. Roads
1.1.2.1.3. Sea Ports
1.1.2.2. PPP for Small Scale Projects
1.2. LEGAL CONTEXT
1.2.1. General
1.2.2. PPP: Specific Laws and Regulations
1.2.2.1. Procedure on Reporting PPP Contract Performance
1.2.2.2. Risk Identification Methods
1.2.2.3. Procedure for the State Support of PPP Regarding State-Owned Facilities
1.2.2.4. PPP Efficiency Analysis
1.2.2.5. Tender Procedure on Determining a Private Partner
1.2.2.6. Feasibility Study form for PPP Implementation and Methodology for Analysing PPP Efficiency
1.2.3. PPP Objects
1.2.4. PPP Forms
2. LOCAL LEGAL ISSUES
2.1. PPP PLAYERS: CONTRACTING AUTHORITY
2.2. PROCUREMENT RESTRICTIONS
2.2.1. General Procedure
2.2.2. Concession Bidding Procedure
2.2.3. PDA Bidding Procedure
2.3. THIRD PARTY RIGHTS TO CHALLENGE A PROJECT
2.4. ULTRA VIRES
2.5. CORPORATE LAW
2.6. LICENSES AND PERMITS
2.6.1. Industry: Specific Licenses
2.6.1.1. Exploration of Mineral Resources
2.6.1.2. Electricity
2.6.1.3. Oil and Gas
2.7. ASSETS
2.8. GOVERNMENT SUPPORT
2.9. SOVEREIGN IMMUNITY
2.10. DISPUTE RESOLUTION
2.11. REGULATORY AND STATUTORY DUTIES
2.12. COLLECTING TARIFFS FROM CONSUMERS
2.12.1. Public Utilities
2.12.2. Electricity
2.12.3. Gas
2.13. PENALTIES, SANCTIONS AND BONUSES
2.14. TRUSTS, AGENCY AND OTHER LEGAL RELATIONSHIPS
2.15. TAKING SECURITY AND INSOLVENCY
2.15.1. Restrictions and Limitations on Security Interests
2.15.2. Insolvency
2.16. CURRENCY
2.17. EMPLOYMENT
2.17.1. Sanctions
2.17.2. Redundancy
2.17.3. Trade Unions
2.17.4. Requirements
2.17.4.1. Labour Requirements
2.17.4.2. Health and Safety Regulation
2.17.5. Employment of Foreign Citizens
2.17.5.1. Work Permit
2.17.5.2. Registration with State Mitigation Service
2.17.5.2.1. Temporary Residence Permit
2.17.5.2.2. Prolongation of Term of Foreigner's Stay
2.18. CHOICE OF LAW
2.19. CONCESSION AGREEMENTS
2.19.1. General
2.19.2. Parties to the Concession Agreement
2.19.3. Objects of Concession
2.19.4. Bidding Procedure
2.19.5. Conclusion of Concession Agreement
2.19.6. Essential Terms of Concession Agreement
2.19.7. Registration of Concession Agreement
2.20. PRODUCT DISTRIBUTION AGREEMENT (PDA)
2.20.1. General Overview and Legislative Regulation
2.20.2. PDA
2.20.2.1. Objects
2.20.2.2. Subjects of PDA
2.20.2.3. Requirements to PDA
2.20.2.4. Drafting a PDA
2.20.2.5. State Registration of PDA
2.20.3. Product Distribution
2.21. JOINT ACTIVITY
2.21.1. General Characteristics
2.21.2. Simple Partnership
2.21.2.1. Content of a Simple Partnership Agreement
2.21.2.2. Contributions of SP Partners
2.22. JOINT VENTURE
2.22.1. General Provisions and Legislative Regulations
2.22.2. Definition of Joint Venture
2.22.3. Establishment Procedure and Current Limitations
Chapter 19 United Arab Emirates
1. OVERVIEW OF PUBLIC-PRIVATE PARTNERSHIPS IN THE UNITED ARAB EMIRATES
1.1. MARKET CONTEXT
1.2. LEGAL CONTEXT
1.2.1. Federal and Emirate Laws
1.2.2. Conflict between Federal and Emirate Laws
1.2.3. PPP Legal Framework
1.2.4. Change of Law and Force Majeure
2. LOCAL LEGAL ISSUES
2.1. PROCUREMENT RESTRICTIONS
2.1.1. Federal Public Tenders Law
2.1.2. Abu Dhabi Procurement Law
2.1.3. Dubai Procurement Law
2.2. THIRD PARTY RIGHT TO CHALLENGE A PROJECT
2.3. ULTRA VIRES
2.3.1. Private Companies
2.3.2. Public Bodies
2.4. CORPORATE
2.4.1. Joint Stock Companies
2.4.2. Limited Liability Companies
2.4.3. Branches
2.4.4. Free Zone Companies
2.5. LICENCES AND PERMITS
2.6. ASSETS
2.6.1. Treatment of Real Property
2.6.1.1. Federal Law
2.6.1.2. Dubai
2.6.1.3. Abu Dhabi
2.6.1.4. Transfers of Real Property Interests
2.6.2. Statutory Decennial Liability Period in the UAE
2.7. GOVERNMENT SUPPORT
2.8. SOVEREIGN IMMUNITY
2.8.1. Immunity against Suit
2.8.1.1. Dubai
2.8.1.2. Abu Dhabi
2.8.2. Immunity against Enforcement
2.8.2.1. Federal
2.8.2.2. Dubai
2.8.2.3. Abu Dhabi
2.8.2.4. Waivers of Immunity
2.9. DISPUTE RESOLUTION
2.9.1. Courts
2.9.2. Arbitration
2.9.3. Dubai Government Contracts Law
2.9.4. Enforcement of Foreign Judgments and Foreign Arbitral Awards
2.9.4.1. Foreign Judgments
2.9.4.2. Foreign Arbitral Awards
2.10. REGULATORY AND STATUTORY DUTIES
2.10.1. Regulatory and Statutory Duties in Abu Dhabi I(W)PPs
2.10.1.1. Regulatory Authorities
2.10.1.2. Ownership Structure
2.10.1.3. Documentation
2.10.2. Taxes
2.10.3. Hedging
2.11. COLLECTING TARIFFS FROM CONSUMERS
2.12. PENALTIES SANCTIONS AND BONUSES
2.12.1. Contractual Remedies
2.12.2. UAE Courts
2.13. TRUSTS, AGENCY AND OTHER LEGAL RELATIONSHIPS
2.14. TAKING SECURITY AND INSOLVENCY
2.14.1. Overview of UAE Security Law
2.14.1.1. Share Pledges
2.14.1.2. Pledge of Bank Accounts
2.14.1.3. Onshore Assignment Agreement
2.14.1.4. Commercial Mortgage
2.14.1.5. Mortgage Over Land
2.14.1.6. Enforcement by Judicial Sale over Any Assets
2.14.2. Insolvency
2.14.2.1. Bankruptcy
2.14.2.2. Bankruptcy Procedure
2.14.2.3. Ranking of Creditors
2.14.2.4. Liability of Directors of Bankrupt Companies
2.14.2.5. Compositions (Arrangements/Settlements) with Creditors
2.14.2.6. Transactions Liable to Be Set Aside
2.14.2.7. Liquidation
2.14.2.8. Free Zones
2.15. CURRENCY
2.16. EXPROPRIATION
2.17. EMPLOYMENT
2.17.1. Labour Contracts and Work Permits
2.17.2. Transfer/Secondment of Employees
2.17.3. End of Service Gratuity
Pension and Social Security Scheme
2.17.4. Labour Disputes
2.17.5. Emiratisation Requirements
2.17.6. Wage Protection System
2.18. CHOICE OF LAW
2.18.1. Dubai Government Contracts Law
2.18.2. Foreign Judgments
Chapter 20 United States
1. OVERVIEW OF PUBLIC-PRIVATE PARTNERSHIPS IN THE UNITED STATES
1.1. DEFINITION OF A PUBLIC-PRIVATE PARTNERSHIP
1.2. PUBLIC-PRIVATE PARTNERSHIPS AS A SUBSET OF PROJECT FINANCE
1.3. DRIVERS (AND OBSTACLES) FOR PUBLIC-PRIVATE PARTNERSHIPS
1.4. MARKET CONTEXT
1.5. HISTORICAL DEVELOPMENT OF THE PPP MARKET
1.6. THE CREDIT CRISIS OF 2008-2009
1.7. THE AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009
1.8. INCONSISTENT GOVERNMENT POLICY CONCERNING PPPS
1.9. SUCCESSFULLY COMPLETED PPP PROJECTS
1.9.1. Chicago Skyway
1.9.2. Indiana Toll Road
1.9.3. Port of Miami Access Tunnel
1.10. UNSUCCESSFUL PPP PROPOSALS
1.10.1. Pennsylvania Turnpike
1.10.2. Chicago-Midway Airport
1.10.3. Florida's Alligator Alley
1.11. PROJECT ECONOMICS AND DEAL STRUCTURE
1.12. MARKET MATURITY MODEL
1.12.1. Developing More Flexible and Innovative PPP Structures
1.13. SECTOR-SPECIFIC ASPECTS
1.14. RISK PROFILE
1.15. MARKET PARTICIPANTS
1.15.1. Federal Government
1.15.2. State and Local Governments
1.15.3. Private Partner or Concessionaire
1.15.4. The Public
1.15.5. Advisors
1.16. DEVELOPING A LEGAL FRAMEWORK FRIENDLY TO PPP DEVELOPMENT
2. LOCAL LEGAL ISSUES
2.1. PROCUREMENT RESTRICTIONS
2.2. THIRD PARTY RIGHTS TO CHALLENGE A PROJECT
2.3. ULTRA VIRES
2.4. CORPORATE LAW
2.4.1. The Taxation Regime
2.5. LICENSES AND PERMITS
2.5.1. The Regulation of Foreign Direct Investment in the United States
2.6. ASSETS
2.7. GOVERNMENT SUPPORT
2.7.1. Appropriation Rights
2.8. SOVEREIGN IMMUNITY
2.9. DISPUTE RESOLUTION
2.10. REGULATORY AND STATUTORY DUTIES
2.11. COLLECTING TARIFFS FROM CONSUMERS
2.11.1. Rate Setting and Adjustments
2.11.2. Sharing of Revenues
2.12. PENALTIES, SANCTIONS AND BONUSES
2.13. TRUST, AGENCY AND OTHER LEGAL RELATIONSHIPS
2.14. TAKING SECURITY AND INSOLVENCY
2.14.1. Taking Security
2.14.2. Procedure for Creation
2.14.3. Step-in Rights
2.14.4. Insolvency
2.15. CURRENCY
2.16. EXPROPRIATION
2.17. EMPLOYMENT
2.18. CHOICE OF LAW
3. CONCLUSION
Chapter 21 Vietnam
1. OVERVIEW OF PROJECT FINANCE AND PUBLIC-PRIVATE PARTNERSHIPS IN VIETNAM
1.1. MARKET CONTEXT
1.1.1. Current Status of PPP in Vietnam
1.1.1.1. Power
1.1.1.2. Ports
1.1.1.3. Water
1.1.1.4. Roads
1.2. LEGAL CONTEXT
1.2.1. Decree 108
2. LOCAL LEGAL ISSUES
2.1. PROCUREMENT RESTRICTIONS
2.1.1. Tendering Process
2.1.2. Eligibility of a Tenderer
2.1.3. Requirements Applicable to a Party Calling for Tenders and to an Expert Tendering Group
2.1.4. Prohibited Conduct in Tendering
2.1.5. Dealing with Breaches of the Law on Tendering
2.2. THIRD PARTY RIGHTS TO CHALLENGE A PROJECT
2.3. ULTRA VIRES
2.3.1. General
2.3.2. Private Companies
2.3.3. Public Bodies
2.4. CORPORATE LAW
2.4.1. Establishment of a Project Company
2.4.2. Requirements on Capital
2.4.3. BOT Companies
2.4.4. Management of a Project Company
2.4.5. Foreign Investment in a Project Company
2.4.6. Limited Liability
2.5. LICENSES AND PERMITS
2.5.1. General
2.5.2. Specific Licenses and Permits
2.6. ASSETS
2.6.1. General
2.6.2. Land and Other Immovable Property
2.6.3. General Property
2.6.4. Handover and Handback
2.6.4.1. Transfer of Shares
2.6.4.2. Transfer of Assets
2.6.4.3. With Respect to BOT Projects
2.6.4.4. Procedures for Hand-Over of BOT Project Works
2.6.4.5. Take-Over and Use of Projects after Hand-Over
2.7. GOVERNMENT SUPPORT
2.8. SOVEREIGN IMMUNITY
2.9. DISPUTE RESOLUTION
2.9.1. Choice of Forum
2.9.2. Enforcement
2.9.2.1. Enforcement of Awards of Local Arbitration or Judgments of Local Court
2.9.2.2. Enforcement of Foreign Arbitral Awards
2.9.2.3. Enforcement of Foreign Court Judgments
2.10. REGULATORY AND STATUTORY DUTIES
2.10.1. General
2.10.2. Corporate Income Tax
2.10.3. Land Use Fees
2.10.4. Import and Export Duties
2.11. COLLECTION OF TARIFFS FROM CUSTOMERS
2.11.1. General
2.11.2. Determination of Tariffs Applicable to BOT Companies
2.11.3. Adjustment of Tariff by BOT Companies
2.11.4. Collection of Tariff by BOT Companies
2.12. OBLIGATIONS, PENALTIES, SANCTIONS AND BONUSES
2.12.1. Scope of Services
2.12.2. Remedies for Breach
2.12.2.1. Damages (boi thuong thiet hai)
2.12.2.2. Penalties for Breach (phat vi pham)
2.12.2.3. Cancellation (or rescission) (huy bo hop dong)
2.12.2.4. Termination (dinh chi hop dong)
2.12.2.5. Compulsory Performance of Contract (buoc thuc hien hop dong)
2.12.2.6. Temporary Cessation of Contractual Performance (tam ngung thuc hien hop dong)
2.12.2.7. Other Types of Remedies
2.12.3. Limitation on Liability
2.13. TRUSTS, AGENCY AND OTHER LEGAL RELATIONSHIPS
2.14. TAKING SECURITY AND INSOLVENCY
2.14.1. Taking Security
2.14.1.1. General
2.14.1.1.1. Mortgages
2.14.1.1.2. Pledges
2.14.1.1.3. Guarantees
2.14.1.1.4. Mortgages versus Pledges
2.14.1.1.5. Security over Land Use Rights and Fixtures
2.14.1.1.6. Practical Considerations for the Taking of Security by Foreigners
2.14.1.1.6.1. Security over Movable Assets
2.14.1.1.6.2. Security over Contractual Rights (Contracts/Bank Accounts)
2.14.1.1.6.3. Security over Future Assets
2.14.1.1.7. Step-in Rights
2.14.2. Insolvency
2.14.2.1. Definition of Insolvency
2.14.2.1.1. Bankruptcy Procedures
2.14.2.1.2. Committee for Asset Management and Liquidation
2.14.2.1.3. Voidable Period
2.14.2.1.4. Suspended Actions
2.14.2.1.5. Payment Priority from the Bankrupt Estate
2.14.2.1.6. Special Companies
2.15. CURRENCY
2.15.1. Foreign Currency Conversion
2.15.2. Bank Accounts
2.15.3. Profit Remittance
2.16. EXPROPRIATION
2.17. EMPLOYMENT
2.17.1. General
2.17.2. Employees Benefits
2.17.2.1. Social and Health Insurance
2.17.2.2. Annual Leave
2.17.2.3. Allowances
2.17.2.4. Performance Bonus
2.17.3. Transfer of Employees
2.17.4. Redeployment of Employees
2.17.5. Labour Disciplines and Redundancy
2.17.6. Trade Union
2.17.7. Visas and Work Permits
2.17.7.1. Visas
2.17.7.2. Work Permits
2.18. CHOICE OF LAW
List of Country Codes
Index
Back Cover

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