Russian and International Experience of Private Partner's Civil Guarantees in Public-Private Partnership

Abstract

Public-private partnership is a new form of interaction between the subjects of civil turnover, the state and business to achieve joint goals of strategic importance for the economy. The paper is devoted to the legal experience of including in the public-private partnership (hereinafter - PPP) of civil-law guarantees of the private partner rights. The content of such guarantees and rights is disclosed taking into account the existing world and domestic practices, with the focuse on guarantees in the event of unfavorable political and financial-economic circumstances. Particular attention is paid to guarantees against changes in the legal regime during the validity period of a public-private partnership agreement, the ways of their reflection in the law and the shortcomings of the existing domestic legal regulation. It is noted that Russian rulemaking in this area largely corresponds to international standards that establish rules for minimizing the risks of parties within the public-private partnership framework. Despite this, there is a need to expand the list of guarantees available in the current legislation based on the experience of the CIS and South-East Asia countries and the relevance of their concretization in relation to the specifics of a particular project. It is proposed to supplement the existing list with currency guarantees, as well as to make changes in the order of actions of the parties to the public-private partnership agreement, with a significant decrease in the expected profit of an investor and a significant increase in the financial burden on it.