Defining public-private partnership (P3) has become something of an art, given the diversity of modern views on the subject. P3s are essentially complex government contracts where a federal, state or local entity hires a private party to deliver an integrated solution for the design and construction, long-term operation and/or maintenance, and often financing, of a new or existing infrastructure asset.
P3s can be structured using several models, such as Build-Operate-Maintain, Design-Build-Operate or Design-Build-Finance-Operate-Maintain. The P3 model implemented depends on factors such as the existing legal framework (for instance, some U.S. states only allow P3s for transportation projects), financial considerations, public funds availability or simply political choice.
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