영문목차

Preface=xlvii

Acknowledgements=li

General Reports

Chapter 1. Introduction to Public-Private Partnership=Introduction to PPPs-1

1. What is PPP?=3

2. The Main Features of PPP=5

2.1. Partnership between the Parties=5

2.2. Efficient Allocation of Risks=5

2.3. Method of Procurement=6

3. Typical Forms of PPP Arrangement=6

3.1. Management Contract and Operation and Maintenance Contract=7

3.2. Circumstances When Management and Operation and Maintenance Contracts Might Be Used=8

3.3. Leases/Affermages=9

3.4. Circumstances When Affermages/Leases Might Be Appropriate=10

3.5. Concessions/BOTs/DBOs=10

3.6. Circumstances When Concessions/BOTs/DBOs Might Be Appropriate=12

4. Why Governments Choose to Use PPPs=12

5. Questions Governments Might Need to Consider before Choosing Private Sector over Public Sector Delivery=13

5.1. Identify the Business Need=13

5.2. Appraise Options=14

5.3. Develop a Business Case=15

6. Institutional Mechanisms and Legal and Financial Enabling Environment=15

6.1. PPP Units=16

6.2. Government Coordinating Committee=18

6.3. Government Risk Management=18

6.4. Grantor Project Management Team=19

6.5. Government Incentives to Adopt PPP=19

6.6. Legal Context=19

6.7. Financial Climate=20

7. Institutional Mechanisms for Implementation of the Project=21

7.1. Grantor Monitoring and Implementation of Project=21

7.2. Regulatory Bodies=22

7.3. Contract Renegotiation=22

Chapter 2. Introduction to Project Finance=Introduction to Project Finance-1

1. Off-Balance Sheet=3

2. Limited Recourse and Sponsor Support=4

3. Taking Security=6

4. Financial Ratios=9

4.1. Debt-Equity(D:E) Ratio=9

4.2. Loan Life Cover Ratio=10

4.3. Debt Service Cover Ratio=10

4.4. Rate of Return=11

5. Certainty of Revenue Stream=13

6. Public Sector Support=14

7. The Project Process=16

7.1. The Construction Stage=16

7.2. The Operation Stage=18

7.3. Drawdown Schedule=21

7.4. Repayment and Pre-Payment=21

7.5. Refinancing=22

7.6. Repayment Schedule=22

8. Terms of Financing=23

8.1. Equity Contributions=23

8.2. Debt Contributions=24

8.2.1. The Relative Benefits of Different Lenders=24

8.2.2. Syndication=25

8.2.3. Shari'a Financing=26

8.2.4. Bank Guarantee=26

8.2.5. Bond Financing=26

8.3. Mezzanine/Subordinated Contributions=28

8.3.1. Nature of Subordination=28

8.3.2. Mezzanine Financing=28

8.3.3. Form of Mezzanine Contributions=29

8.3.4. Reasons for Mezzanine Finance=29

8.4. Conditions Precedent=29

8.4.1. Commercial and Legal Arrangements=30

8.4.2. Financial Ratios and Covenants=30

8.4.3. Security Package=30

8.5. Hedging and Futures Contracts=31

8.6. Shareholder Support=31

8.7. Step-in=32

8.7.1. Cure Rights=32

8.7.2. Step-in Rights=33

8.7.3. Novation=33

8.8. Warranties, Undertakings and Representations=33

8.9. Use of Insurance=34

8.10. Intercreditor Issues and Security Trustee=35

8.11. Lenders' Technical Adviser=36

8.12. Termination Compensation=36

9. Other Risk Issues Relevant to Financing=37

9.1. Completion=37

9.2. Force Majeure and Change in Law=38

9.3. Political Risk=38

9.4. Environmental Risk=39

9.5. Currency Exchange Risk=39

9.6. Interest-Rate Risk=40

9.7. Social Risk=40

Chapter 3. Local Legal Issues=Local Legal Issues-1

1. Procurement Restrictions=3

2. Third Party Rights to Challenge a Project=4

3. Ultra Vires=5

4. Corporate Law=6

5. Licenses and Permits=8

6. Assets=9

7. Government Support=11

8. Sovereign Immunity=11

9. Dispute Resolution=12

10. Regulatory and Statutory Duties=13

11. Collecting Tariffs from Consumers=13

12. Penalties, Sanctions and Bonuses=15

13. Trusts, Agency and Other Legal Relationships=15

14. Taking Security and Insolvency=16

15. Currency=17

16. Expropriation=18

17. Employment=19

18. Choice of Law=20

Chapter 4. Brazil / Thomas Benes Felsberg ; Maria da Graça de Brito Vianna Pedretti ; Andréa de Sousa Machado [Felsberg, Pedretti e Mannrich Advogados e Consultores Legais]=Brazil-1

1. Overview of Public-Private Partnerships in Brazil=5

1.1. Market Context=5

1.2. Legal Context=7

2. Local Legal Issues=7

2.1. Procurement Restrictions=8

2.1.1. Grantor Restrictions=8

2.1.2. Procurement Enforcement=8

2.1.2.1. Sponsored Concessions=9

2.1.2.2. Administrative Concession=9

2.1.3. Grantee Restrictions=10

2.2. Third Party Rights to Challenge a Project=11

2.3. Ultra Vires=13

2.4. Corporate Law=13

2.4.1. Availability of Limited Liability Entities=13

2.4.2. Limited Liability Entity Formation=14

2.4.3. Registration and Licensing Requirements=15

2.4.4. Central Bank Restrictions and Approvals=15

2.4.5. Other Restrictions on Foreign Participation=16

2.4.6. Capitalization Restrictions=16

2.4.7. Translation and Notarization=17

2.4.8. Taxation of Corporate Entities=17

2.4.9. Corporate Governance=18

2.4.10. Classes of Shares=19

2.4.11. Government Shareholders=19

2.4.12. Issues of New Shares=19

2.4.13. Rights to Elect Directors and Managers=20

2.4.14. Allocation of Authority=20

2.4.15. Shareholder Participation in Decisions=21

2.4.16. Protection of Minority Shareholders=23

2.4.17. Limits on Exit Options for Shareholders=25

2.5. Licenses and Permits=26

2.6. Assets=27

2.6.1. Project Company Rights Over Land and Other Assets=27

2.6.2. Licensing of Rights Over Assets=27

2.6.3. Liabilities=27

2.6.4. Transfer of Assets=28

2.7. Government Support=29

2.8. Sovereign Immunity=29

2.9. Dispute Resolution=30

2.10. Regulatory and Statutory Duties=32

2.11. Collecting Tariffs from Consumers=33

2.12. Penalties, Sanctions and Bonuses=34

2.13. Trusts, Agency and Other Legal Relationships=35

2.14. Taking Security and Insolvency=36

2.15. Currency=40

2.16. Expropriation=43

2.17. Employment=43

2.18. Choice of Law=46

Chapter 5. Chile / F. Patricia Núñez ; F. Sebastián Quijada ; Carolina Benito Kelley [Nuñez, Muñoz & Cía. Ltda. Abogados]=Chile-1

1. Overview of Public-Private Partnerships in Chile=3

1.1. Market Context=3

1.2. Legal Context=4

2. Local Legal Issues=5

2.1. Procurement Restrictions=6

2.2. Third Party Rights to Challenge a Project=7

2.3. Ultra Vires=8

2.4. Corporate Law=8

2.5. Licenses and Permits=9

2.6. Assets=9

2.7. Government Support=10

2.7.1. Guaranteed Minimum Revenue in the Public Works Concession(GMR)=11

2.7.2. GMR : An Obligation for the State=12

2.8. Sovereign Immunity=12

2.9. Dispute Resolution=13

2.10. Regulatory and Statutory Duties=13

2.11. Collecting Tariffs from Consumers=15

2.12. Penalties, Sanctions and Bonuses=16

2.13. Trusts, Agency and Other Legal Relationships=17

2.14. Taking Security and Insolvency=18

2.14.1. Liquidation of the Concession's Assets=18

2.14.2. Factual Continuity of the Line of Business=19

2.15. Currency=20

2.16. Expropriation=20

2.17. Employment=21

2.18. Choice of Law=21

Chapter 6. China / Matthew McKee ; Aldo Settimio Boni de Nobili [Hwuason & Lehman, Lee & Xu]=China-1

1. Overview of Public-Private Partnerships in China=5

1.1. Market Context=5

1.2. Legal Context=5

2. Local Legal Issues=6

2.1. Procurement Restrictions=6

2.1.1. Legal Framework=6

2.1.1.1. The Invitation to Bid=7

2.1.1.2. The Tender Process=9

2.1.1.3. Securities=10

2.1.1.4. Sub-contracts=11

2.1.1.5. Consortia=11

2.1.1.6. Evaluation Criteria=11

2.1.2. Government Procurement=12

2.2. Third Party Rights to Challenge a Project=13

2.3. Ultra Vires=13

2.3.1. Private Companies=13

2.4. Corporate Law=15

2.4.1. Corporate Structure=16

2.4.2. Restrictions on Foreign Investment=16

2.4.3. Application Process=17

2.4.4. Registered Capital=18

2.4.5. Corporate Governance=19

2.5. Licenses and Permits=22

2.6. Assets=24

2.6.1. Transfer of Public Assets to Private Companies=24

2.6.2. Liabilities for the Construction Works=25

2.6.3. Other Liabilities=26

2.6.4. Disposal of Land Use Rights=27

2.7. Government Support=28

2.8. Sovereign Immunity=29

2.9. Dispute Resolution=30

2.10. Regulatory and Statutory Duties=32

2.11. Collecting Tariffs from Consumers=32

2.12. Penalties, Sanctions and Bonuses=33

2.13. Trusts, Agencies and Other Legal Relationships=34

2.14. Taking Security and Insolvency=36

2.14.1. Taking Security=36

2.14.2. Insolvency=37

2.15. Currency=38

2.16. Expropriation=39

2.17. Employment=41

2.17.1. Secondments=41

2.17.2. Right to Terminate=42

2.17.3. Conclusion of the Secondment=43

2.17.4. Trade Unions=43

2.17.5. Insurance and Entitlements=43

2.17.6. Foreign Employees and Work Visas=44

2.18. Choice of Law=44

Chapter 7. Egypt / Ahmed El Sharkawy [Sharkawy & Sarhan Law Firm]=Egypt-1

1. Overview of Public-Private Partnerships in Egypt=3

1.1. Market Context=3

1.1.1. Potential PPP Projects=4

1.2. Legal Context=4

1.2.1. Issuance of a PPP Law=5

2. Local Legal Issues=6

2.1. Procurement Restrictions=6

2.1.1. Foreign Participation=8

2.2. Third Party Rights to Challenge a Project=8

2.3. Ultra Vires=8

2.4. Corporate Law=9

2.5. Licenses and Permits=10

2.6. Assets=10

2.7. Government Support=11

2.8. Sovereign Immunity=11

2.9. Dispute Resolution=11

2.10. Regulatory and Statutory Duties=12

2.11. Collecting Tariffs from Consumers=13

2.12. Penalties, Sanctions and Bonuses=13

2.13. Trusts, Agency and Other Legal Relationships=13

2.14. Taking Security and Insolvency=14

2.14.1. Real Estate Mortgage=14

2.14.1.1. Mortgage of Future Assets=15

2.14.1.2. Mortgage Securing Future Debt=15

2.14.2. Commercial Mortgage(Fond de Commerce)=15

2.14.3. Pledge of Bank Account=16

2.14.4. Insolvency=16

2.14.5. Effect of Insolvency on the Debtor=17

2.14.6. Effect of Insolvency Judgment on Unsecured Creditors=17

2.14.7. Effect of Insolvency Judgment on Secured Creditors=17

2.15. Currency=17

2.16. Expropriation=18

2.17. Employment=18

2.18. Choice of Law=19

Chapter 8. India / Cyril Shroff ; Alice George [Amarchand & Mangaldas & Suresh A. Shroff & Co.]=India-1

1. Overview of Public-Private Partnerships in India=3

1.1. Market Context=3

1.2. Legal Context=3

1.2.1. Power=5

1.2.2. Roads=5

1.2.3. Ports=6

1.2.4. Telecommunications=6

2. Local Legal Issues=7

2.1. Procurement Restrictions=7

2.1.1. Bidding Norms for PPP Projects=7

2.1.2. Eligibility Criteria=8

2.2. Third Party Rights to Challenge a Project=9

2.3. Ultra Vires=10

2.4. Corporate Law=11

2.4.1. Companies=11

2.4.2. Types of Share Capital=13

2.4.3. Appointment of Directors=14

2.4.4. Rights of a Minority Shareholder=14

2.4.5. Lifting the Corporate Veil=16

2.4.6. Government Companies=17

2.4.7. Statutory Bodies=17

2.4.8. Limited Liability Partnership=18

2.4.9. Foreign Investment/Shareholding=18

2.4.10. Pricing Guidelines=20

2.4.11. Competition Law=21

2.5. Licenses and Permits=22

2.5.1. Environmental Legislation=22

2.5.2. Factories Act, 1948=23

2.5.3. Workmen's Compensation Act, 1923=23

2.5.4. Hazardous Wastes(Management and Handling) Rules, 1989=23

2.5.5. Industry-Specific Licenses=24

2.6. Assets=24

2.7. Government Support=25

2.8. Sovereign Immunity=26

2.8.1. Contracts Entered by the Government=27

2.9. Dispute Resolution=28

2.9.1. Enforcement of Foreign Awards=28

2.9.2. Alternative Methods of Dispute Resolution=29

2.10. Regulatory and Statutory Duties=30

2.10.1. Statutory Duties=30

2.11. Collecting Tariffs from Consumers=30

2.12. Penalties, Sanctions and Bonuses=31

2.13. Trusts, Agency and Other Legal Relationships=32

2.13.1. Agency=32

2.13.2. Trusts=34

2.14. Taking Security and Insolvency=34

2.14.1. Taking Security=34

2.14.2. Mortgage=34

2.14.3. English or Legal Mortgage=35

2.14.4. Mortgage by Deposit of Title Deeds=35

2.14.5. Pledge=36

2.14.6. Direct Agreement=36

2.14.7. Forest Land=36

2.14.8. Insolvency=37

2.14.9. Bankruptcy under the Companies Act, 1956=37

2.14.10. Winding Up by the Court=37

2.14.11. Voluntary Winding Up=38

2.14.12. Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002=39

2.15. Currency=40

2.16. Expropriation=40

2.17. Employment=41

2.17.1. Transfer of Employees to Another Entity/Contracting Party=42

2.17.2. Removal of Bad or Dishonest Workers=42

2.17.3. Redundancy=42

2.17.4. Trade Unions=43

2.17.5. Work Permits=43

2.18. Choice of Law=43

Chapter 9. Indonesia / Emir Kusumaatmadja ; Justin M. Patrick ; Suci Modjo [Mochtar Karuwin Komar]=Indonesia-1

1. Overview of Public-Private Partnerships in Indonesia=3

1.1. Market Context=3

1.1.1. History=5

1.1.2. Today=7

1.1.3. Sectoral Overview=9

1.1.3.1. Electricity=9

1.1.3.2. Mining=11

1.1.3.3. Geothermal=13

1.1.3.4. Oil and Gas=15

1.1.3.5. Railway Infrastructure=18

1.1.3.6. Ports=20

1.1.3.7. Toll Roads=22

1.1.3.8. Airport Infrastructure=23

1.1.3.9. Water Resources and Sanitation Infrastructure=24

1.1.3.10. Telecommunications Infrastructure=26

1.1.3.11. Construction Services=28

1.2. Legal Context=30

1.2.1. Public-private Partnerships=30

1.2.2. Indonesia's Constitution=33

1.2.3. National Government=34

1.2.4. Regional Governments and Autonomy=35

1.2.5. State-Owned and Region-Owned Enterprises=37

2. Local Legal Issues=39

2.1. Procurement Restrictions=39

2.1.1. Procurement of Public Goods and Services=39

2.1.2. Procurement of PPP Projects=41

2.1.3. Domestic Content Requirements=42

2.1.4. Procurement by Private Parties=43

2.1.5. Preventing Corruption in Procurement=43

2.2. Third Party Rights to Challenge a Project=44

2.3. Ultra Vires=45

2.4. Corporate Law=46

2.4.1. Companies=46

2.4.2. Share Capital=47

2.4.3. Corporate Governance=48

2.4.4. Regulation of Foreign Direct Investment=50

2.4.5. Multilateral and Bilateral Treaties Relating to Investment=53

2.5. Licenses and Permits=55

2.5.1. Overview=55

2.5.2. Business Licenses=56

2.5.3. Ancillary Licenses=57

2.5.4. Environmental Protection=58

2.6. Assets=60

2.6.1. Overview=60

2.6.2. Intellectual Property Rights=60

2.6.3. Land and Buildings=61

2.6.3.1. Registered Land=62

2.6.3.2. Unregistered Land=62

2.6.3.3. Title Evaluation, Spatial Planning and Conservation Areas=63

2.6.3.4. Acquisition of Land Rights=64

2.6.3.5. Other Permits and Requirements=66

2.7. Government Support=66

2.7.1. Indonesia Infrastructure Guarantee Fund=67

2.7.2. Other Forms of Government Support=68

2.7.3. Indonesia Infrastructure Financing Facility=69

2.8. Sovereign Immunity=70

2.9. Dispute Resolution=70

2.9.1. Judicial System=71

2.9.2. Arbitration=71

2.9.3. Foreign Court Judgments=72

2.10. Regulatory and Statutory Duties=72

2.10.1. Offshore Payment Obligations=74

2.10.2. Know-Your-Customer Regulations=74

2.11. Collecting Tariffs from Customers=75

2.12. Penalties, Sanctions and Bonuses=76

2.13. Trust, Agency and other Relationships=76

2.14. Taking Security and Insolvency=77

2.14.1. Collateral Security=77

2.14.2. Insolvency Proceedings=80

2.15. Currency=81

2.16. Expropriation=82

2.17. Employment=83

2.17.1. Overview of Employment Relationship=83

2.17.2. Termination of Employment Relationship=84

2.17.3. Employment of Expatriates=85

2.18. Choice of Law=86

2.18.1. Governing Law Clauses=86

2.18.2. Indonesian Contract Law=86

2.18.3. Contract Remedies=87

2.18.4. Invalidation of Contracts=88

2.18.5. Documentary Formalities=88

Chapter 10. Nigeria / Adedolapo Akinrele ; Zelda Odidison ; Jumoke Onigbogi [F.O. Akinrele & Co.]=Nigeria-1

1. Overview of Public-Private Partnerships in Nigeria=3

1.1. Market Context=3

1.2. Legal Context=5

1.2.1. PPP Structures=6

2. Local Legal Issues=7

2.1. Procurement Restrictions=7

2.2. Third Party Rights to Challenge a Project=9

2.2.1. Tort=9

2.2.2. Contract=9

2.3. Ultra Vires=10

2.4. Corporate Law=11

2.5. Licenses and Permits=12

2.5.1. Licensing Framework of NERC=13

2.5.2. Interim Licenses=13

2.5.3. Regular Licenses=13

2.6. Assets=14

2.7. Government Support=15

2.7.1. Legislation and Policy=16

2.7.2. PPP Resource Centre=16

2.7.3. Contract Monitoring Unit=16

2.7.4. The ICRC Board=17

2.7.5. Tax Waivers=17

2.7.6. Guarantees as Security to Private Financiers of PPPs=17

2.7.7. Subsidies on Tariffs=18

2.8. Sovereign Immunity=18

2.9. Dispute Resolution=19

2.9.1. BITs=20

2.9.2. MITs=20

2.10. Regulatory and Statutory Duties=22

2.10.1. ICRC and Related Statutes=22

2.11. Collecting Tariffs from Consumers=23

2.11.1. Regulatory Role=23

2.11.2. Physical Collection of Tariffs=25

2.11.3. Non-payment of Tariffs=25

2.12. Penalties, Sanctions & Bonuses=26

2.13. Trusts, Agency & Other Legal Relationships=27

2.13.1. Trusts=27

2.13.2. Agency=27

2.13.3. Partnership=28

2.14. Taking Security & Insolvency=28

2.15. Currency=29

2.16. Expropriation=30

2.16.1. Instances of Nigerian Government Expropriation=30

2.16.2. The Nigerian Enterprise Promotion Act 1977=31

2.16.3. The Shell/BP Kulu Incident=31

2.16.4. The Land Use Act 1979=31

2.16.5. Land Use Act and PPPs=31

2.16.6. Protection against Expropriation=32

2.17. Employment=32

2.18. Choice of Law=32

Chapter 11. Romania / Mona Muşat ; Alina Badea ; Cristina Mihălăchioiu ; Crina Dănilă [Musat & Asociatii Attorneys at Law]=Romania-1

1. Overview of Public-Private Partnerships in Romania=5

1.1. Market Context=5

1.2. Legal Context=6

2. Local Legal Issues=7

2.1. PPP Players : Contracting Authority=7

2.2. Procurement Restrictions=8

2.3. Third Party Rights to Challenge a Project=11

2.3.1. Rights to Challenge under GEO 34/2006=11

2.3.2. Rights to Challenge under PPP Law=13

2.4. Ultra Vires=14

2.5. Corporate Law=15

2.5.1. Joint Venture Partnership=15

2.5.1.1. General=15

2.5.1.2. Establishment=15

2.5.1.3. Business Operations=16

2.5.1.4. Liability=16

2.5.1.5. Fiscal Regime=17

2.5.1.6. Termination=17

2.5.2. Joint Venture Companies=17

2.5.2.1. Incorporation=17

2.5.2.2. Authorization=18

2.5.2.3. Taxation=19

2.5.2.4. Corporate Governance=19

2.5.2.5. Shareholders' Rights=20

2.6. Licenses and Permits=21

2.7. Assets=22

2.7.1. General=22

2.7.2. Real Estate Publicity=23

2.7.3. Restrictions Regarding Interest in Land=23

2.7.4. Concession of Public Property=24

2.7.5. Concession of Private Property=25

2.7.6. Expropriation=25

2.7.7. Contribution of Assets to the Share Capital=27

2.7.8. Contribution of Assets to Joint Venture Partnerships=27

2.7.9. Tax-related Aspects=28

2.7.10. Construction=28

2.8. Government Support=29

2.8.1. Cooperation between Contracting Authorities=29

2.8.2. Constraints and Limitations=30

2.8.3. State Aid Rules=31

2.9. Sovereign Immunity=32

2.10. Dispute Resolution=32

2.11. Regulatory and Statutory Duties=33

2.11.1. Sectorial Contracts=33

2.12. Collecting Tariffs from Consumers=34

2.12.1. Electricity=34

2.12.2. Gas=35

2.12.3. Public Utilities=36

2.13. Penalties, Sanctions and Bonuses=37

2.14. Trusts, Agency and Other Legal Relationships=38

2.15. Taking Security and Insolvency=38

2.15.1. Restrictions and Limitations on Creation of Security Interests=38

2.15.2. Insolvency=39

2.16. Currency=41

2.17. Employment=42

2.17.1. Transfer of Employees=42

2.17.2. Secondment=43

2.17.3. Payment of Benefits=43

2.17.4. Redeployment=44

2.17.5. Sanctions=44

2.17.6. Redundancy=45

2.17.7. Trade Unions=45

2.17.8. Requirements=46

2.18. Choice of Law=46

Chapter 12. Russia / Andrei Baev ; Veronika Kondruseva ; Elena Popova [Allen & Overy LLP]=Russia-1

1. Overview of Public-Private Partnerships in Russia=5

1.1. Market Context=9

1.1.1. Current Status=9

1.1.2. Russian PPP Market Maturity Model=12

1.1.3. Sector-Specific Aspects=13

1.1.4. Risk Profile=14

1.1.5. PPP Market Participants=15

1.1.5.1. State Corporations=16

1.1.5.2. VEB=18

1.1.5.3. Investment Fund=19

1.1.5.4. State Coordination and Special Managing Companies=20

1.1.5.5. Independent Engineers=20

1.1.5.6. Project Sponsors=20

1.1.5.7. Lenders=21

1.1.5.8. Contractors and Suppliers of Infrastructure=21

1.1.5.9. Advisors to Project=21

1.2. Legal Context=21

1.2.1. General=21

1.2.2. Regulatory Framework=24

1.2.3. Legal Framework=25

1.2.4. Foreign Investments and Investments in Strategic Industries=26

1.2.5. PPP-Specific Laws and Regulations=29

1.2.5.1. Federal Level=29

1.2.5.2. Regional and Municipal Level=33

2. Local Legal Issues=34

2.1. Procurement Restrictions=34

2.2. Third Party Rights to Challenge a Project=36

2.3. Ultra Vires=37

2.4. Corporate Law=37

2.5. Licenses and Permits=38

2.6. Assets=41

2.7. Government Support=41

2.8. Sovereign Immunity=42

2.9. Dispute Resolution=43

2.10. Regulatory and Statutory Duties=43

2.11. Collecting Tariffs from Consumers=43

2.11.1. Calculation Methods=44

2.11.2. Revision of Tariff Rates=44

2.11.3. Project Company's Remedies=45

2.11.4. Suspension or Termination of the Contract with a Consumer=45

2.11.5. Penalties for Late Payment=45

2.12. Penalties, Sanctions and Bonuses=46

2.13. Trusts, Agency and Other Legal Relationships=46

2.13.1. Trust versus Fiduciary Management=46

2.13.2. Agency Structures=47

2.13.3. Co-pledgees=48

2.13.4. Parallel Debt=48

2.13.5. Joint and Several Creditorship=49

2.14. Taking Security and Insolvency=49

2.14.1. Taking Security over Assets=49

2.14.1.1. Main Restrictions and Limitations on Creation of Security Interest=50

2.14.1.2. Suretyships=51

2.14.1.3. Bank Guarantees=51

2.14.1.4. State and Municipal Guarantees=51

2.14.1.5. Mortgage=52

2.14.1.6. Pledge=52

2.14.1.6.1. Priority and Perfection of Pledge=52

2.14.1.7. Immoveable Assets=52

2.14.1.8. Movable Assets=53

2.14.1.9. Contractual Rights=53

2.14.1.10. Bank Accounts=54

2.14.1.11. Shares=54

2.14.1.12. Insurance Proceeds=55

2.14.2. Goods in Circulation=55

2.14.2.1. Enforcement of Pledge=55

2.14.2.2. Additional Filings=58

2.14.2.3. Direct Debit(Withdrawal) Arrangement=58

2.14.2.4. Conditional Assignment=59

2.14.2.5. Loss Payee Mechanism under Insurance Contract=59

2.14.2.6. Taking Security under Concession Projects=60

2.14.2.7. Insolvency=60

2.14.2.8. Pre-insolvency Issues=61

2.14.2.9. Mandatory Liquidation=62

2.14.2.10. Stages of Insolvency Proceedings=62

2.14.2.11. Initiation of Insolvency Proceedings=63

2.14.2.12. Consequences of Initiation of Insolvency Proceedings for Creditors=64

2.14.2.13. Priorities of Creditors' Claims during Insolvency Proceedings=65

2.14.2.14. Consequences of Initiating Insolvency Proceedings for PPP Projects=66

2.15. Currency=67

2.16. Expropriation=69

2.17. Employment=69

2.18. Choice of Law=75

2.19. Concession Agreements=75

2.19.1. General=75

2.19.2. Parties to the Concession Agreement=76

2.19.3. Concession Facilities and Other Property=78

2.19.4. Tender Process=79

2.19.5. Award of Concession Agreement and Model Concession Agreements=82

2.19.6. Terms and Conditions of Concession Agreement=83

2.19.7. Concession Fee=84

2.19.8. Concession Period=85

2.19.9. Government Support, Tariffs=86

2.19.10. Assignment of Rights and Transfer of Obligations=88

2.19.11. Dispute Resolution=89

2.19.12. Amendments to the Concessions Law in 2010=90

3. Potential Future Developments=90

3.1. Principal Deficiencies of Concessions Law and Proposed Amendments=90

3.1.1. Lenders' Rights and Direct Agreements=90

3.1.1.1. Availability Payment, Termination Fee and Other Payments=92

3.1.1.2. Tariff Regulation=93

3.1.1.3. Security=94

3.1.1.4. Assignment=94

3.1.1.5. Arbitration and Expert Determination=95

3.2. Other Forms of PPP=95

3.3. Infrastructure Bonds=96

3.4. Single Regulator, Unified Regulatory Approach=98

Chapter 13. South Korea / Young Kyun Cho ; Seong Soo Kim [Kim & Chang]=South Korea-1

1. Overview of Public-Private Partnerships in Korea=5

1.1. Market Context=5

1.1.1. Recent Trends and Issues=5

1.1.2. New Governmental Measures=6

1.1.2.1. Support for Funding=7

1.1.2.2. Sharing of Increased Interest Expenses=7

1.1.2.3. Reduction of Overall Duration of Projects=8

1.1.2.4. Deregulations=9

1.1.2.5. Expansion of Eligible Projects and Search for New Projects=9

1.1.2.6. Closer Monitoring of Disbursement of Government Funds=9

1.2. Legal Context=10

1.2.1. Procedures for Private Participation in Infrastructure=10

1.2.2. Concession Agreement=11

1.2.3. Governmental Support=11

1.2.4. Tax Benefits and Others=12

1.2.5. The PPI Act=12

2. Local Legal Issues=13

2.1. Procurement Restrictions=13

2.2. Third Party Rights to Challenge a Project=13

2.3. Ultra Vires=13

2.4. Corporate Law=13

2.4.1. Form of Company=13

2.4.2. Board of Directors=14

2.4.3. Restrictions on Foreign Ownership=15

2.4.4. Shareholder Issues=15

2.4.4.1. Basic Shareholder Rights=15

2.4.4.2. 1% Shareholder Rights=16

2.4.4.3. 3% Shareholder Rights=17

2.4.4.4. 10% Shareholder Rights=17

2.4.4.5. 20% Shareholder Rights=17

2.5. Licenses and Permits=17

2.6. Assets=18

2.7. Government Support=18

2.8. Sovereign Immunity=18

2.9. Dispute Resolution=18

2.10. Regulatory and Statutory Duties=18

2.11. Collecting Tariffs from Consumers=18

2.12. Penalties, Sanctions and Bonuses=18

2.12.1. Procedures for Revocation=18

2.12.2. Administrative Proceeding for Revocation=19

2.12.3. Administrative Proceeding for Stay=19

2.13. Trusts, Agency and Other Legal Relationships=19

2.14. Taking Security and Insolvency=19

2.14.1. Mortgage=19

2.14.1.1. Creation=20

2.14.1.2. Priority=20

2.14.1.3. Foreclosure=20

2.14.1.4. Costs and Fees=22

2.14.1.5. Bankruptcy Events=22

2.14.1.6. Kun-mortgage=22

2.14.2. Yangdo Tambo=23

2.14.2.1. Creation=23

2.14.2.2. Priority=23

2.14.2.3. Foreclosure=23

2.14.2.4. Costs and Fees=24

2.14.3. Insolvency Issues=24

2.14.3.1. General Overview =24

2.14.3.2. Rehabilitation Proceedings under Chapter 2 of the DRBL=25

2.14.3.3. Bankruptcy Proceedings under Chapter 3 of the DRBL=27

2.15. Currency=28

2.16. Expropriation=28

2.17. Employment=28

2.18. Choice of Law=28

Chapter 14. Tanzania / Wilbert Basilius Kapinga ; Joy Hadji Alliy ; Nasra Hassan [Mkono & Co.]=Tanzania-1

1. Overview of Public-Private Partnerships in Tanzania=3

1.1. Market Context=8

1.1.1. Current Status=8

1.1.2. Sector-Specific Aspects=10

1.2. Legal Context=11

1.2.1. Regulatory Framework=11

1.2.2. Legal Framework=12

1.2.3. Investment Legislation and PPPs=13

2. Local Legal Issues=14

2.1. Procurement Restrictions=14

2.2. Third Party Rights to Challenge a Project=16

2.3. Ultra Vires=16

2.3.1. Private Companies=16

2.3.2. Public Bodies=17

2.4. Corporate Law=17

2.5. Licenses and Permits=19

2.6. Assets=20

2.7. Government Support=21

2.8. Sovereign Immunity=21

2.9. Dispute Resolution=22

2.10. Regulatory and Statutory Duties=23

2.11. Collecting Tariffs from Consumers=23

2.12. Penalties Sanctions and Bonuses=24

2.13. Trusts, Agency and Other Legal Relationships=25

2.14. Taking Security and Insolvency=25

2.14.1. State Guarantees=26

2.14.2. Insolvency and PPPs=26

2.14.2.1. The Main Aims of Insolvency Proceedings=26

2.14.2.2. Insolvency Proceedings under the Companies Act 2002=27

2.14.2.3. Priorities of Creditors' Claims During Insolvency Proceedings=28

2.14.2.4. Winding Up=28

2.14.2.5. Members' Voluntary Winding Up=30

2.14.2.6. Creditor's Voluntary Winding Up=30

2.15. Currency=31

2.16. Expropriation=32

2.17. Employment=32

2.18. Choice of Law=35

3. Potential Future Developments=36

3.1. Embrace More PPPs=36

3.2. Capacity Building and Development=36

Chapter 15. Turkey / H. Tolga Danişman ; Itır Sevim Çiftçi ; Hakkı Gedik ; M. Kemal Mamak ; Senem İşmen [Hergüner Bilgen Özeke Attorney Partnership]=Turkey-1

1. Overview of Public-Private Partnerships in Turkey=5

1.1. Market Context=5

1.1.1. History=5

1.1.2. Today=6

1.1.3. Weaknesses and Upcoming Developments=8

1.2. Legal Context=8

2. Local Legal Issues=11

2.1. Procurement Restrictions=11

2.1.1. SPL Tender Rules Applicable to Concessions=11

2.1.2. SPL's Tender Methods for Concessions=12

2.1.3. Privatization Law Rules for TOR-Type Concessions=12

2.1.4. BOTs=13

2.2. Third Party Rights to Challenge a Project=14

2.2.1. End Users versus Service Provider=14

2.3. Ultra Vires=15

2.3.1. General=15

2.3.2. Application of the Ultra Vires Doctrine under Turkish Law=15

2.3.2.1. Private Companies=15

2.3.2.1.1. New TCC=16

2.3.2.2. Public Bodies=17

2.4. Corporate Law=17

2.4.1. Shareholders and Share Capital=18

2.4.2. Corporate Bodies=18

2.4.3. Liability=19

2.4.4. Foreign Direct Investment=19

2.4.5. Handover and Handback in Projects=20

2.4.6. Transfer of Shares=20

2.5. Licenses and Permits=21

2.5.1. General Licenses and Permits=21

2.5.2. Specific Licenses and Permits=22

2.5.2.1. Operational Licenses and Permits=22

2.5.2.2. Licenses and Permits Required Under the Health Legislation=22

2.5.2.3. Environmental Licenses and Permits=23

2.5.2.4. Regulatory Licenses and Permits=24

2.6. Assets=24

2.6.1. General=24

2.6.2. Establishment of ICRC=25

2.6.3. Companies Having Foreign Capital=25

2.6.4. Real Estate Transactions of Companies with Foreign Capital=26

2.6.4.1. Transfer of Title=26

2.6.4.1.1. Transfer of Title through Asset Deals=26

2.6.4.1.2. Transfer of Title through Share Deals=28

2.6.4.2. Establishment of Limited Rights in Rem=28

2.6.4.3. Establishment of Mortgages=29

2.6.5. Basic Rules Applicable to the Use of Project Assets and ICRC=29

2.6.6. Handover, Handback and Termination of ICRC and Return of the Facilities to the Authorized Public Entity=30

2.7. Government Support=30

2.8. Sovereign Immunity=32

2.9. Dispute Resolution=33

2.9.1. General=33

2.9.2. Scope of and Limitations on Party Agreements as to Dispute Resolution Mechanisms=36

2.10. Regulatory and Statutory Duties=39

2.11. Collecting Tariffs from Consumers=41

2.11.1. Establishing Tariffs: Contractual Provisions versus Government Authority=41

2.11.2. Limitations on Establishing Tariffs=42

2.11.3. Adjustment of Tariffs over Time=42

2.11.4. Collection of Tariffs from Consumers=43

2.12. Penalties, Sanctions and Bonuses=43

2.12.1. Relationship between Penalties and Actual Damages=44

2.12.2. Enforcing Tariff Collection Rights : Options Available to Project Companies=44

2.12.3. Power of Courts to Revise Contractually Agreed Penalty Levels=45

2.12.4. Passing Penalties and Sanctions on to Consumers as Costs=45

2.12.5. Bonuses Payable to Project Companies for Good Performance=46

2.13. Trust, Agency and other Legal Relationships=46

2.13.1. Trust Arrangements under Turkish Law=46

2.13.2. Agency Arrangements under Turkish Law=47

2.14. Taking Security and Insolvency=48

2.14.1. Establishment of Encumbrances on Movables and Immovables=48

2.14.1.1. Mortgages=48

2.14.1.2. Pledges on Movables=50

2.14.2. Pledge on Receivables=51

2.14.3. Insurance and Its Endorsement to the Benefit of Third Parties=51

2.14.4. Pledge on Bank Accounts=52

2.14.5. Share Pledges=52

2.14.5.1. Pledge of Shares not Represented by Share Certificates=53

2.14.5.2. Pledge of Registered Shares=53

2.14.5.3. Pledge over Shares in Bearer Form=53

2.14.5.4. Pledge of Shares Kept in Electronic Book-entry Form at Central Registry Agency(CRA) (Merkezi Kayit Kurulusu)=53

2.14.5.5. Blank Endorsement=54

2.14.6. Insolvency of Assigned Company or Other Party to the Project=55

2.14.7. Insolvency under Turkish Law=55

2.14.8. Bankruptcy=56

2.14.9. Bankruptcy Procedures=57

2.14.10. Pre-liquidation Intervention to Rescue the Business=57

2.14.11. The Bankruptcy Estate and Prioritization of Creditors=59

2.14.12. Disposition of Project Assets upon Contract Termination=60

2.14.13. State Takeover of Project Prior to Insolvency=60

2.15. Currency=60

2.15.1. Investor's Right to Monetary Transfers=61

2.15.1.1. Right to Monetary Transfers=61

2.15.1.2. Right to Obtain Loans from Abroad and Rules Applicable to Repayments=62

2.15.2. Types of Currency by Which Payments Can Be Made=62

2.15.3. Exchange Rate=63

2.15.4. Right to Convert Local Currency into Foreign Exchange=63

2.16. Expropriation=64

2.17. Employment=65

2.17.1. Payment of Benefits and Allowances=66

2.17.2. Bonuses and Incentives=67

2.17.3. Protective Measures for the Employees in Certain Type of Jobs=68

2.17.4. Disciplinary Procedures and Removal=69

2.17.5. Redundancy and Termination=70

2.17.6. Trade Unions and Strikes=71

2.17.7. Visas for Foreign Workers=72

2.17.8. Transfer of Employees in Case of Change of the Project Company=73

2.17.9. Labour=73

2.17.9.1. Rights on Transfer=73

2.18. Choice of Law=74

2.18.1. General=74

2.18.2. Limitations to Freedom of Contract=75

2.18.3. Mandatory Laws Relevant to Project Structures=76

2.18.4. Protection of Financial Balance in Concessions=77

Chapter 16. Uganda / Joseph B. Luswata ; Nicholas Ecimu ; Julius Ojok ; Munanura Andrew Kamuteera ; Brenda Judith Kyokwijuka [Sebalu & Lule Advocates and Legal Consultant]=Uganda-1

1. Overview of Public-Private Partnerships in Uganda=5

1.1. Market Context=5

1.2. Legal Context=5

2. Local Legal Issues=6

2.1. Procurement Restrictions=6

2.1.1. Breach of Procurement Guidelines=10

2.2. Third Party Rights to Challenge a Project=11

2.3. Ultra Vires=12

2.3.1. Private Companies=12

2.3.2. Public Bodies=12

2.4. Corporate Law=13

2.5. Licenses and Permits=16

2.6. Assets=16

2.7. Government Support=18

2.8. Sovereign Immunity=18

2.9. Dispute Resolution=19

2.10. Regulatory and Statutory Duties=20

2.11. Collecting Tariffs from Consumers=21

2.12. Penalties, Sanctions and Bonuses=22

2.13. Trusts, Agency and Other Legal Relationships=22

2.13.1. Trusts=22

2.13.1.1. Limitations/Constraints=22

2.13.1.2. Liabilities Borne by a Trustee=23

2.13.1.3. What Happens to Assets in the Event of Insolvency of a Trustee?=23

2.13.2. Agency=23

2.13.2.1. Constraints Imposed on an Agent=23

2.13.2.2. Retaining Ownership of Property=23

2.13.2.3. Liability of Agent to a Third Party=24

2.13.2.4. Liability of Agent to Principal=24

2.13.2.5. Distribution of Assets in the Event of Insolvency=24

2.14. Taking Security and Insolvency=24

2.15. Currency=25

2.15.1. Rights to Make Monetary Transfers=25

2.15.2. The Types of Currencies with Which Payments Can Be Made=26

2.15.3. The Exchange Rate Used in a Transaction=26

2.16. Expropriation=26

2.17. Employment=28

2.18. Choice of Law=31

Chapter 17. United Arab Emirates / David Wadham & Mhairi Main Garcia [Ashurst LLP]=United Arab Emirates-1

1. Overview of Public-Private Partnerships in the United Arab Emirates=5

1.1. Market Context=5

1.2. Legal Context=6

1.2.1. Federal and Emirate Laws=6

1.2.2. Conflict between Federal and Emirate Laws=7

1.2.3. PPP Legal Framework=7

1.2.4. Change of Law and Force Majeure=7

2. Local Legal Issues=8

2.1. Procurement Restrictions=8

2.1.1. Federal Public Tenders Law=8

2.1.2. Abu Dhabi Procurement Law=9

2.1.3. Dubai Procurement Law=10

2.2. Third Party Right to Challenge a Project=11

2.3. Ultra Vires=12

2.3.1. Private Companies=12

2.3.2. Public Bodies=13

2.4. Corporate=13

2.4.1. Joint Stock Companies=14

2.4.2. Limited Liability Companies=15

2.4.3. Branches=16

2.4.4. Free Zone Companies=16

2.5. Licenses and Permits=16

2.6. Assets=17

2.6.1. Treatment of Real Property=17

2.6.1.1. Dubai=17

2.6.1.2. Abu Dhabi=18

2.6.1.3. Transfers of Real Property Interests=18

2.6.1.4. Statutory Decennial Liability Period in the UAE=18

2.7. Government Support=19

2.8. Sovereign Immunity=19

2.8.1. Immunity against Suit=19

2.8.1.1. Dubai=19

2.8.1.2. Abu Dhabi=21

2.8.2. Immunity against Enforcement=21

2.8.2.1. Federal=21

2.8.2.2. Dubai=21

2.8.2.3. Abu Dhabi=22

2.8.2.4. Waivers of Immunity=22

2.9. Dispute Resolution=22

2.9.1. Courts=22

2.9.2. Arbitration=23

2.9.3. Dubai Government Contracts Law=23

2.9.4. Enforcement of Foreign Judgments and Foreign Arbitral Awards=23

2.9.4.1. Foreign Judgments=23

2.9.4.2. Foreign Arbitral Awards=25

2.10. Regulatory and Statutory Duties=26

2.10.1. Regulatory and Statutory Duties in Abu Dhabi I(W)PPs=26

2.10.1.1. Regulatory Authorities=27

2.10.1.2. Ownership Structure=27

2.10.1.3. Documentation=28

2.10.2. Taxes=29

2.10.3. Hedging=29

2.11. Collecting Tariffs from Consumers=29

2.12. Penalties Sanctions and Bonuses=30

2.12.1. Contractual Remedies=30

2.12.2. UAE Courts=31

2.13. Trusts, Agency and Other Legal Relationships=31

2.14. Taking Security and Insolvency=32

2.14.1. Overview of UAE Security Law=32

2.14.1.1. Share Pledges=33

2.14.1.2. Pledge of Bank Accounts=34

2.14.1.3. Onshore Assignment Agreement=35

2.14.1.4. Commercial Mortgage=35

2.14.1.5. Mortgage Over Land=36

2.14.1.6. Enforcement by Judicial Sale over any Assets=38

2.14.2. Insolvency=39

2.14.2.1. Bankruptcy=39

2.14.2.2. Bankruptcy Procedure=39

2.14.2.3. Ranking of Creditors=40

2.14.2.4. Liability of Directors of Bankrupt Companies=40

2.14.2.5. Compositions(Arrangements/Settlements) with Creditors=41

2.14.2.6. Transactions Liable to Be Set Aside=41

2.14.2.7. Liquidation=42

2.14.2.8. Free Zones=43

2.15. Currency=43

2.16. Expropriation=44

2.17. Employment=44

2.17.1. Labour Contracts and Work Permits=44

2.17.2. Transfer/Secondment of Employees=45

2.17.3. End of Service Gratuity ; Pension and Social Security Scheme=46

2.17.4. Labour Disputes=47

2.18. Choice of Law=47

2.18.1. Dubai Government Contracts Law=48

2.18.2. Foreign Judgments=49

Chapter 18. United States / Allan T. Marks ; Eric F. Silverman ; Alexander K. Borisojf with contributions from ; Caroline Conway with contributions from ; Henry T. Scott with contributions from ; Amy E. Turner with contributions from [Milbank, Tweed, Hadley & McCloy LLP]=United States-1

1. Overview of Public-Private Partnerships in the United States=7

1.1. Definition of a Public-Private Partnership=8

1.2. Public-Private Partnerships as a Subset of Project Finance=9

1.3. Drivers(and Obstacles) for Public-Private Partnerships=10

1.4. Market Context=11

1.5. Historical Development of the PPP Market=11

1.6. The Credit Crisis of 2008-2009=13

1.7. The American Recovery and Reinvestment Act of 2009=16

1.8. Inconsistent Government Policy Concerning PPPs=17

1.9. Successfully Completed PPP Projects=19

1.9.1. Chicago Skyway=19

1.9.2. Indiana Toll Road=21

1.9.3. Port of Miami Access Tunnel=22

1.10. Unsuccessful PPP Proposals=23

1.10.1. Pennsylvania Turnpike=23

1.10.2. Chicago-Midway Airport=24

1.10.3. Florida's Alligator Alley=25

1.11. Project Economics and Deal Structure=26

1.12. Market Maturity Model=27

1.12.1. Developing More Flexible and Innovative PPP Structures=27

1.13. Sector-Specific Aspects=27

1.14. Risk Profile=28

1.15. Market Participants=29

1.15.1. Federal Government=29

1.15.2. State and Local Governments=29

1.15.3. Private Partner or Concessionaire=30

1.15.4. The Public=30

1.15.5. Advisors=30

1.16. Developing a Legal Framework Friendly to PPP Development=31

2. Local Legal Issues=33

2.1. Procurement Restrictions=34

2.2. Third Party Rights to Challenge a Project=35

2.3. Ultra Vires=35

2.4. Corporate Law=36

2.4.1. The Taxation Regime=37

2.5. Licenses and Permits=39

2.5.1. The Regulation of Foreign Direct Investment in the United States=39

2.6. Assets=42

2.7. Government Support=42

2.7.1. Appropriation Rights=44

2.8. Sovereign Immunity=44

2.9. Dispute Resolution=44

2.10. Regulatory and Statutory Duties=45

2.11. Collecting Tariffs from Consumers=45

2.11.1. Rate Setting and Adjustments=46

2.11.2. Sharing of Revenues=47

2.12. Penalties, Sanctions and Bonuses=48

2.13. Trust, Agency and Other Legal Relationships=49

2.14. Taking Security and Insolvency=49

2.14.1. Taking Security=49

2.14.2. Procedure for Creation=49

2.14.3. Step-in Rights=51

2.14.4. Insolvency=51

2.15. Currency=51

2.16. Expropriation=51

2.17. Employment=52

2.18. Choice of Law=54

3. Conclusion=54

Chapter 19. Vietnam / David Harrison ; Bui Thanh Tien [Freshfields Bruckhaus Deringer, Vietnam]=Vietnam-1

1. Overview of Project Finance and Public-Private Partnerships in Vietnam=5

1.1. Market Context=5

1.1.1. Current Status of PPP in Vietnam=6

1.1.1.1. Power=6

1.1.1.2. Ports=6

1.1.1.3. Water=7

1.1.1.4. Roads=7

1.2. Legal Context=7

1.2.1. Decree 108=8

2. Local Legal Issues=9

2.1. Procurement Restrictions=9

2.1.1. Tendering Process=10

2.1.2. Eligibility of a Tenderer=13

2.1.3. Requirements Applicable to a Party Calling for Tenders and to an Expert Tendering Group=14

2.1.4. Prohibited Conduct in Tendering=15

2.1.5. Dealing with Breaches of the Law on Tendering=16

2.2. Third Party Rights to Challenge a Project=17

2.3. Ultra Vires=19

2.3.1. General=19

2.3.2. Private Companies=19

2.3.3. Public Bodies=19

2.4. Corporate Law=20

2.4.1. Establishment of a Project Company=21

2.4.2. Requirements on Capital=22

2.4.3. BOT Companies=22

2.4.4. Management of a Project Company=23

2.4.5. Foreign Investment in a Project Company=25

2.4.6. Limited Liability=25

2.5. Licenses and Permits=26

2.5.1. General=26

2.5.2. Specific Licenses and Permits=26

2.6. Assets=29

2.6.1. General=29

2.6.2. Land and Other Immovable Property=30

2.6.3. General Property=32

2.6.4. Handover and Handback=32

2.6.4.1. Transfer of Shares=32

2.6.4.2. Transfer of Assets=32

2.6.4.3. With Respect to BOT Projects=33

2.6.4.4. Procedures for Hand-Over of BOT Project Works=33

2.6.4.5. Take-Over and Use of Projects after Hand-Over=34

2.7. Government Support=34

2.8. Sovereign Immunity=35

2.9. Dispute Resolution=36

2.9.1. Choice of Forum=36

2.9.2. Enforcement=37

2.9.2.1. Enforcement of Awards of Local Arbitration or Judgments of Local Court=37

2.9.2.2. Enforcement of Foreign Arbitral Awards=37

2.9.2.3. Enforcement of Foreign Court Judgments=39

2.10. Regulatory and Statutory Duties=39

2.10.1. General=39

2.10.2. Corporate Income Tax=39

2.10.3. Land Use Fees=40

2.10.4. Import and Export Duties=41

2.11. Collection of Tariffs from Customers=42

2.11.1. General=42

2.11.2. Determination of Tariffs Applicable to BOT Companies=43

2.11.3. Adjustment of Tariff by BOT Companies=44

2.11.4. Collection of Tariff by BOT companies=44

2.12. Obligations, Penalties, Sanctions and Bonuses=45

2.12.1. Scope of Services=45

2.12.2. Remedies for Breach=46

2.12.2.1. Damages(boi thuong thiet hai)=46

2.12.2.2. Penalties for Breach(phat vi pham)=46

2.12.2.3. Cancellation(or rescission) (huy bo hop dong)=47

2.12.2.4. Termination(dinh chi hop dong)=48

2.12.2.5. Compulsory Performance of Contract(buoc thuc hien hop dong)=48

2.12.2.6. Temporary Cessation of Contractual Performance(tam ngung thuc hien hop dong)=48

2.12.2.7. Other Types of Remedies=49

2.12.3. Limitation on Liability=49

2.13. Trusts, Agency and Other Legal Relationships=50

2.14. Taking Security and Insolvency=51

2.14.1. Taking Security=51

2.14.1.1. General=51

2.14.1.1.1. Mortgages=51

2.14.1.1.2. Pledges=51

2.14.1.1.3. Guarantees=52

2.14.1.1.4. Mortgages versus Pledges=52

2.14.1.1.5. Security over Land Use Rights and Fixtures=52

2.14.1.1.6. Practical Considerations for the Taking of Security by Foreigners=53

2.14.2. Insolvency=56

2.14.2.1. Definition of Insolvency=56

2.14.2.1.1. Bankruptcy Procedures=56

2.14.2.1.2. Committee for Asset Management and Liquidation=58

2.14.2.1.3. Voidable Period=59

2.14.2.1.4. Suspended Actions=59

2.14.2.1.5. Payment Priority from the Bankrupt Estate=60

2.14.2.1.6. Special Companies=61

2.15. Currency=62

2.15.1. Foreign Currency Conversion=62

2.15.2. Bank Accounts=63

2.15.3. Profit Remittance=64

2.16. Expropriation=64

2.17. Employment=65

2.17.1. General=65

2.17.2. Employees Benefits=66

2.17.2.1. Social and Health Insurance=66

2.17.2.2. Annual Leave=66

2.17.2.3. Allowances=67

2.17.2.4. Performance Bonus=67

2.17.3. Transfer of Employees=67

2.17.4. Redeployment of Employees=68

2.17.5. Labour Disciplines and Redundancy=68

2.17.6. Trade Union=69

2.17.7. Visas and Work Permits=70

2.17.7.1. Visas=70

2.17.7.2. Work Permits=70

2.18. Choice of Law=71

List of Country Codes=Country Codes-1

Index=Index-1