a. The Government Entity responsible for a Project may establish a Project Company jointly with the Private Sector. This company must take the form of a limited liability company.
b. Where a Government Entity does not wish to participate in the Project Company, the bidder to whom the Partnership Contract is awarded must establish a Project Company whose sole purpose is to implement the Project covered by the Partnership Contract. The resolutions issued in pursuance of this Law will determine the requirements that must be met by the Project Company.
c. Notwithstanding paragraph (b) of this Article, a Government Entity may, subject to the approval of the DOF, authorise a bidder who is awarded a Partnership Contract to implement the Partnership Project without having to establish a Project Company where that winning bidder is, under the then current situation, capable of implementing the Project using his own financial and technical resources, and of providing sufficient financial guarantees. In this case, the Partner will be treated as a Project Company.