Description B) In PPP concessions the Concession Agreement is negotiated by the Principal and the SPV Promoter. Briefly explain why this is necessary. Frequently due to the time scale or internal and/or external changes this Agreement requires re-negotiation, sometimes more than once. Re-negotiation is often regarded as a negative. Discuss, in the context of a transport infra-structure project, why re-negotiation could sometimes offer good value to the Principal, the Promoter and the general public. Assessment Criteria Focus on ALL the key points of the question – write the question out in full. Structure the paper, introduction, logical sequence, and concluding section. Do not repeat large sections of basic course notes or theory. Avoid plagiarism. Use additional references to support your statements. Write critically. Objectives The main objective of the module is to introduce the concepts and processes behind the funding of projects, particularly major transport infrastructure projects, from both public and private sectors. To introduce aspects of the source of funding, the funding options and the use of Financial Instruments. Learning outcomes i) An appreciation of the sources and types of infrastructure funding from both private and public sectors; ii) understanding of the funding issues relating in particular to transport infrastructure; iii) an awareness of the range of Public-Private-Partnership Concession Projects and the importance of the Concession Agreement; iv) the ability to understand the use of Financial Instruments; v) an introduction to the nature of re-negotiation, re-financing and re-structuring during a concession.