2026-06-17T23:26:23Zhttps://riubu.ubu.es/oai/requestoai:riubu.ubu.es:10259/68692024-05-20T09:47:52Zcom_10259.4_104com_10259_2604col_10259_6848
Repositorio Institucional de la Universidad de Burgos
author
Baeza Muñoz, María de los Ángeles
author
Garrido Maza, Laura
author
Vassallo Magro, José Manuel
author
García Moral, Andrés
2022-09-15T12:07:36Z
2022-09-15T12:07:36Z
2021-07
978-84-18465-12-3
http://hdl.handle.net/10259/6869
10.36443/10259/6869
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.
eng
Autopistas
Peajes
Highways
Tolls
Toll highways in financial distress: The winding road to terminate the contracts
info:eu-repo/semantics/conferenceObject
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URL
https://riubu.ubu.es/bitstream/10259/6869/1/Baeza_CIT2021_359-367.pdf
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Baeza_CIT2021_359-367.pdf