1.1.1 HM Treasury have issued a new policy document and new contract standardisation guidance for PF2 as follows:
(a) "A New Approach to Public Private Partnerships" ("PF2 Policy") (http://www.hm-treasury.gov.uk/infrastructure_ppp_contractual.htm) and
(b) "Standardisation of PF2 Contracts" ("PF2 Guidance") ((http://www.hm-treasury.gov.uk/infrastructure_ppp_contractual.htm).
PF2 Guidance replaces the old PFI guidance named "Standardisation of PFI Contracts Version 4" which was issued in March 2007 ("SoPC 4").
1.1.2 The purpose of this User Guide is to assist practitioners to identify how the new PF2 Policy has been translated into PF2 Guidance and to show how the new PF2 Guidance differs from the old SoPC4.The PF2 Policy Document should however be referred to for full details of the new policy.
1.1.3 The chapter order of the PF2 Guidance is different to that of SoPC4 and reflects more closely the different stages of development of a PF2 project and the way in which PF2 contracts are characteristically structured.
1.1.4 This User Guide has three tables as follows:
(a) Table 1 is a "derivations table" showing, where relevant, how old SoPC 4 Chapters relate to the new PF2 Guidance.
(b) Table 2 shows how the different chapters from the PF2 Policy are reflected in the new PF2 Guidance.
(c) Table 3 describes, in slightly more detail, the principal changes that have been made and groups them into two categories:
(i) changes arising from the new PF2 Policy, and
(ii) changes required as a result of changes in law and market practice since SoPC 4 was produced in 2007.
1.1.5 Users are referred, in particular, to:
(a) Chapter 7 (Efficiency and Value for Money) of PF2 Policy which explains when PF2 should be used, and
(b) Chapter 2 (Assurance and Standardisation) of PF2 Guidance which explains how it should be used,1 and
(c) Schedule 1 to the PF2 Guidance, which is a new compendium of all the definitions used in PF2.2
1.1.6 This User Guide does not show every change from old SoPC4 drafting. It is merely a reference tool for the practitioner, and is, of course, no substitute for the experience which a full reading of PF2 Guidance can offer.
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1 As was the case with SoPC4, some drafting in PF2 Guidance is expressed as being "required" and some as only "suitable" or "recommended".
2 As before however, most definitions are introduced and explained in the relevant chapter in the PF2 Guidance where they first appear. Where this applies the compendium also cross refers to the relevant chapter for context.