EJCDC Releases First Standard Public-Private Partnership Agreement in US EJCDC recently released the first standard public- private partnership (P3) contract document in the United States prepared by an impartial, professional, non-profit organization, the EJCDC® P3-508, Public-Private Partnership Agreement.
As a pioneering document in the U.S., EJCDC® P3- 508 was developed following reviews of dozens of P3 agreements already in use, as well as with the advice of owners, attorneys, financiers, developers, contractors, and design professionals experienced with P3 delivery both in the U.S. and abroad. The resulting new EJCDC document presents a framework of contractual conditions typical among P3 agreements, and is flexible enough to meet the needs of most public and private entities.
More frequently, governments are turning to public-private partnerships as an innovative way to implement public works projects. A P3 agreement allows a government entity to leverage private sector expertise and resources to perform functions previously performed solely by government entities. P3 is a project delivery model that supports the realization of a public improvement, including design, financing, construction, operations, and maintenance.
Under a P3 agreement, a government entity grants a private entity a concession to implement a public project or service, such as public utilities or infrastructure development and management. Terms of financing, construction, operation and maintenance of the project are set forth in the P3 agreement in accordance with jurisdictional statutes and regulations.
Since developing P3 agreements on a case-by-case basis involves significant time and expense, EJCDC® P3-508, Public Private Partnership saves money for both the public and private entities launching a P3 project.
EJCDC® P3-508 informs the parties of issues involved in P3 including design, construction, financing, operation, maintenance, revenue, and management. It provides for the attachment of project-specific terms, contract documents, exhibits. While EJCDC P3-508 can be used with a variety of design-build and construction documents, it works seamlessly with the EJCDC Design-Build (D-series) documents.
The 2014 edition of EJCDC® P3-508 is formatted in easy-to-use Microsoft Word and downloaded when purchased. There is no software to install or learn, saving users precious time and money. The document can be saved directly to the user’s computer, and customized easily to suit each project’s unique goals and regulatory requirements.
Since 1975, EJCDC has developed and updated fair and objective standard documents that represent the latest and best thinking in contractual relations between all parties involved in engineering design and construction projects.
The Engineers Joint Contract Documents Committee (EJCDC®) is a joint venture of major organizations of professional engineers and contractors:
- the American Society of Civil Engineers (ASCE);
- the National Society of Professional Engineers (NSPE);
- and the American Council of Engineering Companies (ACEC).
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