3.1  Length of contract term

The expiry date of the project agreement will be the last day of the Contract Term which will generally be defined as a fixed period (e.g. 45 years) commencing from the date of the execution of the project agreement or Financial Close.

The Contract Term will be fixed by reference to factors such as:

(a)  the minimum term considered necessary to deliver a reasonable return on the asset;

(b)  the need not to unduly limit government's flexibility in the longer term; and

(c)  the likely length of the design and construction phase.