Typically Project Deeds will contain a specification for the delivery of Services during the Operational Phase. As these specifications are project specific they have not been included in the Standard Form Project Deeds, but it is assumed that they will typically be included in the PSDR or as a Schedule to the Project Deed.
The Standard Form Project Deeds are drafted on the basis that Service Payments are abated for Performance Failures consisting of:
• a failure of Project Co to provide the Services in accordance with the Services specification (Service Failures); and
• the unavailability of the Maintained Assets at any point in time (Availability Failures),
(together Performance Failures).
The PV Standard Form Project Deeds use the generic concepts of Performance Failures, Service Failures and Availability Failures to describe these potential abatement events. However the State recognises that these will be developed on a project specific basis and that other terms may be used to describe the performance and abatement regime.