Federal Highway Administration releases P3 Model Contract Guide
The new guide is designed as part of the section 1534 “Moving Ahead for Program in the 21st Century Act.” This is meant to create model P3 contracts under the Obama administration’s Build America Transportation Investment Center (BATIC), which is meant to make federal credit programs more useful. It was made in hopes of improving collaboration between both local as well as state governments in their private-sector partners.
In addition, the new P3 Model Contract Guide outlines best practices for project sponsors’ labor standards. This will guarantee that the sponsors create good jobs with their P3 projects.
The Build America Investment Initiative was first implemented in July 17, 2014. The initiative is an effort that spans the entire government in order to improve the investment and economic growth of infrastructure by collaborating local and state governments and private sector investors. This will serve to expand public-private partnerships and the market as well as make federal credit programs more useful.
As part of the program, the U.S. Department of Transportation has furthered its progress in expanding access to credit programs under USDOT to encourage innovation and project-focused technical assistance.