The Ministry of Road Transport and Highways (MoRTH) has recently amended the model concession agreements (MCA) for build-operate-transfer (BOT) and tolling, operation, maintenance, and transfer (TOT) projects to encourage private sector investment in the sector.
The changes include providing construction support for timely completion and extending tolling periods to address competition-related losses in BOT projects. Clarity has been provided on compensation for force majeure events, along with provisions for termination of payment if a significant portion of the project is completed during construction. For TOT projects, the frequency of toll collection checks has been increased, and the threshold for these cheques has been reduced to ensure prompt adjustments to the concession period based on toll collection variations.
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