Changes in circumstances and termination
This chapter deals with some of the key changes in circumstances after Financial Close which can affect the rights of either party to the PPP Contract, namely:
• Compensation Events, i.e. cases where there is a delay in completion, or increase in capex or opex for which the Public Authority has to compensate the Project Company (§15.2);
• Relief Events (also known as Temporary Force Majeure), i.e. cases where the Project Company’s completion of the Facility is delayed, or its performance after completion does not meet the PPP Contract requirements, but which do not result in the Project Company suffering any penalty or receiving any compensation from the Public Authority (§15.3 ...