ConsensusDocs recently published a new standard form agreement for public-private partnership (P3) projects. The ConsensusDocs 900 is a P3 agreement between an owner and concessionaire to design, build, finance, operate, and maintain (DBFOM) a project. P3 contracts typically involve complex 200-plus page contracts that can inappropriately shift risk. The new ConsensusDocs 900 provides a fair off-the-shelf solution for P3 projects that can be modified to meet specific project needs, which can significantly lower the transactional costs for small-and medium-sized P3 projects to both create a contract as well as assess the risk involved for pursing potential P3 projects.

According to Ernest C. Brown, a San Francisco-based construction lawyer, mediator, and arbitrator, who chaired the ConsensusDocs P3 Working Group, “Rather than create a P3 agreement from scratch, the new ConsensusDocs 900 P3 Agreement provides a sophisticated and flexible contractual solution that users can modify based upon the specific needs.” “P3 is an innovative contracting vehicle that offers a better mechanism to consider a project’s life-cycle costs and flexibility in financing for a project,” he said.

Brian Perlberg, Executive Director and Senior Counsel of ConsensusDocs added, “P3 projects are often clouded by rampant risk shifting that ultimately hurts project outcomes.” “At the very least, the new ConsensusDocs P3 agreement creates a fair baseline for owners, financiers, builders, and designers alike to begin a real conversation to contract utilizing public-private partnerships,” he said.

The NASBP membership can save 20% on ConsensusDocs document subscription packages
Because NASBP is an endorsing member of ConsensusDocs, the NASBP membership receives 20% off of their purchase of ConsensusDocs subscription packages from ConsensusDocs at the ConsensusDocs online store when they provide the following discount code when prompted during purchase, Promotion Code: NASBP100.

For more information, visit https://consensusdocs.org/ and nasbp.org.