1.24 The Treasury publications, Public Private Partnerships - the Government's Approach, and Appraisal and Evaluation in Central Government, recognise that appropriate risk allocation between the public and private sectors is a key requirement to the achievement of value for money in PFI projects. This reflects the principle that value for money will be achieved where individual risks are allocated to those best placed to manage them. However, if authorities seek to transfer risks which the private sector cannot manage, value for money will tend to be reduced as the private sector seeks to charge a premium for accepting such risks. In this partnership, MOD has achieved an appropriate transfer of risks to the contractor.