US law firm Hogan Lovells has been selected by the Private Investment Promotion Agency of Peru (ProInversión) to develop a contractual guide and standard contract for public-private partnership (PPP) projects.

The firm was selected through an international public tender process. Bids for the advisory services contract were also received from Allen & Overy, Clifford Chance, Squire Patton Boggs and White & Case.

The contractual guide and standard contract will draw on the best legal practices of successful PPP projects across the world that are applicable to the Peruvian market and serve as reference points for ProInversión, public authorities and consultants when drafting PPP contracts.

The development of a contractual guide and standard contract for PPP projects is recommended by the World Bank. It reduces the time taken to prepare and finalise PPP contracts, and thus reduce costs.