For example, the OECD formally defines public-private partnerships as “long-term contractual agreements between the government and a private partner in which the government provides and funds public services with capital and shares associated risks.”  The Indian government defines a P3 as a “partnership between a public body (sponsorship authority) and a private entity (a legal entity in which 51% or more of equity is held by private partners) for the creation and/or management of infrastructure for public purposes during a given period (concession period) on commercial terms and in which the private partner has been insured by a transparent and open purchasing system.”  According to Weimer and Vining, “a P3 generally includes a private organization that finances, builds or manages a project, in return for a flow of payments promised directly by the government or indirectly by users over the expected life of the project or other specified period.”  The private partner may be exposed to particular risks in the event of a public-private partnership. Physical infrastructure, such as roads or railways, poses construction risks. If the product is not delivered on time, if the cost estimates exceed the estimates or if it has technical defects, it is usually the private partner who bears the burden. In addition, the private partner is at risk of availability if he is unable to provide the promised service. A company may not meet safety standards or other relevant quality standards, such as . B when she manages a prison, hospital or school. The risk of need occurs when the number of users of the service or infrastructure is lower than expected. B roads, bridges or toll tunnels. However, this risk can be transferred to the public partner if the public partner agrees to pay a minimum fee, regardless of the request.
One of the main criticisms of public-private partnerships is the lack of accountability and transparency in these projects. Part of the reason why evidence of PPA performance is often unavailable is that most of the financial details of P3s are under the veil of trade secrecy provisions and are not available to researchers and the public. Around the world, P3 opponents have initiated legal proceedings to gain access to more important P3 project documents than the limited “Bottom Line” sheets available on the project`s websites.