The partners are planning to monitor, reassess and review the partnership on a regular basis:
■ While the parties undertook due diligence and prepared risk registers during the preparation of the deals, we found no documentary evidence providing a clear and common understanding of risk allocation at contract signature. However, there is currently close working between LUL and the Infracos on strategic risk management and performance analysis. For example, LUL produces a joint performance report with each Infraco every month. This report sets out progress against contractual benchmarks in the previous four weeks, and indicates lessons that can be learned by all parties to improve the running of the PPPs.
■ LUL is monitoring Infraco costs by reference to historic data, bid documents, lender documents and through benchmarking.