ConsensusDocs just published a new Public-Private Partnership (P3) Agreement to design, build, finance, operate, and maintain (DBFOM) between an Owner and Concessionaire. The ConsensusDocs 900 Standard P3 Agreement and General Conditions represents a vast improvement over most P3 agreements. P3 contracts typically involve complex 200-plus page contracts that obfuscate and inappropriately shift risk. The new ConsensusDocs Standard P3 Agreement provides a fair off-the-shelf solution for P3 projects that can be modified to meet specific project needs. This will significantly lower the transactional costs for small and medium sized P3 projects to both create a contract as well as assess the risk involved for pursing potential P3 projects.
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