A Public-Private Partnership, better known as a P3, is a contractual agreement between a government agency and a private entity to provide works or services in Puerto Rico for an established period of time. It is a project delivery method that is not privatization.
- A design construction, financing, operations and maintenance partnership;
- A risk sharing approach;
- A performance-based contract; and,
- A lifecycle procurement approach that guarantees performance.
- A funding solution; or,
- An outsourcing contract.
The Private Party provides the money needed to invest in the improvements or the infrastructure project, while the Government retains the property title.
- A P3 provides greater value for every taxpayer dollar – lower infrastructure costs and further improvements during the life of the project.
- The P3 process demands transparency in the procurement process.
- The P3 encourages private-sector innovation and investment in the delivery and management of infrastructure projects.
- A P3 protects the public interest, ensuring transparency, competition, fair market pricing, accountability, value for money, and an effective governance and decision-making process.