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    Por favor, use este identificador para citar o enlazar este ítem: http://hdl.handle.net/10259/6869

    Título
    Toll highways in financial distress: The winding road to terminate the contracts
    Autor
    Baeza Muñoz, María de los Ángeles
    Garrido Maza, Laura
    Vassallo Magro, José Manuel
    García Moral, Andrés
    Publicado en
    R-Evolucionando el transporte
    Editorial
    Universidad de Burgos. Servicio de Publicaciones e Imagen Institucional
    Fecha de publicación
    2021-07
    ISBN
    978-84-18465-12-3
    DOI
    10.36443/10259/6869
    Descripción
    Trabajo presentado en: R-Evolucionando el transporte, XIV Congreso de Ingeniería del Transporte (CIT 2021), realizado en modalidad online los días 6, 7 y 8 de julio de 2021, organizado por la Universidad de Burgos
    Abstract
    Spain has extensive experience in the promotion of toll highways through contractual public private partnerships (PPPs) in the form of concession contracts. The Central Government has awarded thirty-two contracts since 1967, fourteen of them in the last two decades. Over time, Spain has been developing a broader legal framework to regulate these contracts. However, in 2013, nine out of the fourteen toll highways awarded between 1999 and 2006 filed for bankruptcy after years of financial distress. Most of these projects had been in operation for less than eight years and were severely affected by optimistic estimates of traffic demand and the economic crisis of 2007. Given the imminent termination of the contracts, the government, the concessionaires and the financial institutions began to position themselves strategically, and adopted different measures to safeguard their own interests. Their decision-making has been highly motivated by a legal provision —known as State’s Financial Liability— that guaranteed a termination payment to the PPP contractor in case bankruptcy was not attributable to the private sector. This research shows the causes that motivated the bankruptcy of the contracts, and studies the strategical behavior of the different stakeholders involved according to their specific interests. From this case study, some lessons are provided on the correct way to design termination clauses in PPP contracts with the aim of safeguarding good service to the user while, at the same time, avoiding opportunistic behavior.
    Palabras clave
    Autopistas
    Highways
    Peajes
    Tolls
    Materia
    Ingeniería civil
    Civil engineering
    Transporte
    Transportation
    URI
    http://hdl.handle.net/10259/6869
    Versión del editor
    https://doi.org/10.36443/9788418465123
    Relacionado con
    http://hdl.handle.net/10259/6490
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