Many reference guides, including the APMG PPP Certification Guide describe Public-Private Partnership (PPP) as a long-term contract between a public and a private party for the development or significant upgrade of a public asset and/or potential management and operation of public service.
The long-term nature is an essential feature of PPP contracts aimed at ensuring efficient transfer of risks and obligations to the private party who is best placed to manage and execute them respectively at the least cost possible. It is also to enable the private party to sustainably recoup their investment into the project.
