The new edition of a popular and highly regarded text, "Project Finance" examines the legal issues involved in the tendering, negotiation, financial structuring and management of infrastructure and energy projects. It provides detailed guidance on the specific parts of the many branches of law that are brought into play in a typical project financing, from large cross-border upstream oil and gas projects to small- to medium- sized PPP projects. It is not solely a legal work as it also gives advice on a multitude of commercial and financial issues and explains current market practice. It draws together a disparate subject into one reference source. It supplies clear, practice-focused advice on how the law works in commercial situations. It contains separate sections on the many different commercial sectors where project financings take place. It advises on a range of commercial and financial issues in addition to strictly legal topics. It features entirely new chapters on running competitions, how to structure a bid, LNG projects and projects in trouble. It includes expanded and updated coverage of finance documentation, public-private partnerships, risk allocation in power projects, cover ratios, and export credit agencies. It provides authoritative guidance - from the head of Allen & Overy's Projects Group.
Part I - General principles
1.Limited recourse financing
"What is it?
"Why do it?
"Who does it?
2.Timetable
3.Construction
"Single contractor or Construction Management
"Fixed Price
"Fixed Time
"Design risk
"Liquidated Damages
"Consents and Insurance
"Termination
"Performance Bonds
4.Operation and Maintenance Agreements
"Commencement of services
"Services
"Standards
"Payment, incentives and cash extraction
"Budgets
"Ownership of spares and parts
"Interface with Construction Contractor
"Consents and insurances
"Relief from performance
"Termination and liability
5.Supply Agreements
"Commencement of supply
"Firm/Interruptible
"Payment
"Interface with Construction Contractor
"Consents and Insurances
"Relief from performance
"Termination and liability
6.Revenue Generating Agreements
"Commencement of obligations
"Obligations
"Payment
"Interface issues
"Consents and insurances
"Change in circumstances
"Relief from performance
"Termination and liability
7.Dispute resolution
"Courts
"Arbitration
"Expert
"Mediation
8.Cash
"Accounts Waterfall
"Net Cash Flow
"Cover ratios
9.Insurance
"Interface with Force Majeure definitions
"Capital insurances
"Revenue Insurances
"Liability Insurances
"Market out
"Terrorism
"Reinsurance
10.Sponsor Funding
"Equity
"Sponsor subordinated debt
11.Third Party Funding
"Banks
"Capital Markets
"CGF
"Financial Guarantors
12.Security
"Why take it?
"Future assets
"Transferability
13.Intercreditor issues
"Sponsor subordinated debt
"DSRA LCs
""Excessive" operating fees
"Financial Guarantors
"Mezzanine debt
14.Sponsor Support
"Completion Guarantees
"Debt Service Support Undertakings
"Revenue underpinning
15.Refinancings
16.Work-outs
Part II - Sector specific issues
1.PFI
"Bidding
"Construction
A.Defence
B.Health
C.Roads
D.Light rail
E.Schools
F.LIFT
"Concession agreements
A.Defence
B.Health
C.Roads
D.Light rail
E.Schools
F.LIFT
2.Power
"Bidding
"Construction
"Power sales and Tolling
3.Oil and Gas (other than LNG)
"Bidding
"Construction
"Offtake
4.LNG
"Bidding
"Construction
"Offtake
5.Petrochemicals
"Bidding
"Construction
"Offtake
6.[Telecoms]
7.ECAs and Multilaterals
8.Other
Part III - Legal issues
1.Limited recourse financing
"Choice of vehicle
"Limited recourse clauses
"Featherweight floating charges
2.Timetable
"Procurement
"Agreements to agree
"Lock-out agreements
3.Why contracts go wrong?
4.Thin Capitalisation and Transfer pricing
5.Insurance
"Subrogation and Multiple insureds clause
6.Security
"Fixed/Floating charges
"Enterprise Act
"The Financial Collateral Arrangements (No. 2) Regulations 2003
7.Intercreditor issues
"Pari passu principle on administration and winding up
"British Eagle etc.
8.Work-outs
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