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The VEGAS LEX law firm has participated in the professional development program, Specifics of Preparing Public-Private Partnership Projects: From Theory to Practice, which took place in St. Petersburg on May 25-29, 2015.

Mikhail Kornev, an associate with VEGAS LEX’s PPP and Infrastructure Practice, delivered a presentation, Private Initiative in Concessions* and Legal Risks it Entails. International Experience of Using Private Initiative. The expert discussed the flaws in the current procedure for considering private initiatives and grounds for rejecting it, compared the private initiative model with the standard bidding procedure, and demonstrated various approaches to private initiatives that can be used by potential initiators, the government agency involved and the financing institution. In conclusion, the lawyer analyzed the initiator’s risks stemming from filling out the concession proposal form and gave recommendations on how to minimize them.

Other subjects covered by the program included the regulatory and practical specifics of implementing PPP projects in Russia; the management and decision-making system implementing PPP projects; the financial and legal aspects of structuring a PPP project; and the bidding procedure while preparing a PPP project.

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*Private initiative in signing concession agreements is one of the most popular novelties in the sphere of concession-based projects. Starting from May 2015, any potential participant in a concession project will be entitled to apply to a potential concession grantor to initiate a specific concession project. The initiator has to prepare and submit a filled-out application and a draft concession agreement.

For more information on VEGAS LEX’s PPP and infrastructure projects please go here.