Virginia Concession Agreement

State:
Multi-State
Control #:
US-13233BG
Format:
Word; 
Rich Text
Instant download

Description

This form is a grant of rights to sell certain products on the land of another.
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FAQ

Key Takeaways. A concession agreement is a contract that gives a company the right to operate a specific business within a government's jurisdiction or on another firm's property, subject to particular terms.

When we refer to P3, we are talking about the long-term but still temporary transfer of a public asset to a private sector company that will finance a large construction project, design and construct the project, operate and maintain the asset for a set period of time, and then hand it back to the public sector.

What is a concession? It is a kind of partnership between the public sector and a (usually) private company that has shown its added value in a specific area, for example developing infrastructure.

P3 concessions are publicpri- vate agreements in which the private sector takes on some of the risks and rewards of financing, constructing (or leas- ing), and operating and maintaining a transportation facility in exchange for the right to future revenues or payments for a specified term.

Public-private partnerships, or P3s, are partnerships between governments and the private sector to build public infrastructure like roads, hospitals or schools, or to deliver services. Unlike traditional procurement, the public sector integrates all parts of a P3 project into one contract.

Concession contracts are used by public authorities to deliver services or construct infrastructure. Concessions involve a contractual arrangement between a public authority and an economic operator (the concession holder).

A toll concession is a DBFOM highway contract in which the principal funding source is tolls charged to users of the highway project. The projected toll revenue stream is used to support long-term revenue bonds, in addition to covering operation and maintenance costs of the project.

Public private partnerships (P3s) are contractual agreements between a public agency and a private entity that allow for greater private participation in the delivery of projects.

private partnership (P3) is an innovative project delivery model that builds upon the strengths of the designbuild delivery model. A hallmark of designbuild and P3 is upfront collaboration by parties in the design and construction of infrastructure assets that results in increased efficiencies.

Concession permit means a permit the department issues to a person or business entity to provide commercial activities, including services or goods in a park for a period of up to one year.

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Virginia Concession Agreement