Part 3: There are general principles which departments can apply to refinancings
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Departments should consider a range of principles when they assess a refinancing
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It is reasonable for departments to seek compensation for any increased exposure to termination liabilities
It is reasonable for departments to seek compensation for any increased exposure to termination liabilities
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The Prison Service used this approach to secure £1 million from the Fazakerley refinancing
Future refinancings should not increase termination liabilities arising from contractor default