PFI contract restructured for Birmingham highways
The Birmingham City Council has modified the private finance initiative (PFI) contract for the operation and maintenance of road network project in Birmingham, the UK.
The new contract includes the following changes:
- Reduced Contract length: The duration of the contract is only 12 years. It covers the time period from April 2023 to June 2035 and is expected to commence the full services by September 2023.
- Risk Allocation: a change has been made to the surfacing condition risk. The operating subcontractor will be responsible for the carriageway condition. Another change is structures, bridges and tunnels, with the inclusion of a shared arrangement whereby the operating subcontractor only has the risk of reinstatement works up to a capped amount and routine maintenance responsibilities.
- The key performance indicators (KPIs) have been reduced from more than 600 to 169.
- To resolve the issues quickly a fast-track dispute avoidance board (DAB) has been included.
- A new technical arbitration panel and highways oversight board (HOB) have been created to meet quarterly or as required.
Country updates
-
-
March 17, 2022
Stantec to acquire Barton Willmore
Stantec has announced its intention to acquire Barton Willmore, the planning and design consulting firm based in UK. The transaction is expected to close in early April 2022. Barton Willmore supports...
Read more -
March 16, 2022
Tender launched for USD912.38 million regeneration PPP project in UK
Wandsworth Borough Council in the UK has launched a tender notice seeking a private partner to establish a joint venture (JV) for regeneration of Alton Estate.
Read more -
March 16, 2022
Pennon Group completed its acquisition of Bristol Water
The Pennon Group has completed its acquisition of Bristol Water Holdings UK Limited in a deal worth GBP425 million (US$560.3 million). The deal was put on a hold in June 2021. The Comp...
Read more -
March 11, 2022
UK announces preferred route for A46 Newark Bypass PPP project
The National Highways (Highways England) in the UK has announced preferred route for A46 trade corridor which connects the M5 with Humber Ports. The improvements will bring smoother and more reli...
Read more -
March 07, 2022
MOSL launched new Market Improvement Fund
Market Operator Services Limited (MOSL) has launched a new Market Improvement Fund. The fund has been established to finance and deliver innovative projects that will benefit the non-househo...
Read more
