In certain circumstances, amendments to previously signed PPP contract documents, which are financial arrangements, may also require the Treasurer's approval under the GSF Act.
This will usually take the form of the Treasurer varying the previous approval provided for that financial arrangement. A variation of a JFA approval should be accompanied by a letter from the responsible Minister in accordance with section 6.23(3) of the GSF Act.
Responsible Agencies must consult with NSW Treasury prior to commencing contractual or commercial renegotiations with counterparties of the PPP contract documents, consistent with:
• the terms of the Treasurer's existing approval to enter into the PPP contract documents; and
• these Guidelines.
NSW Treasury will provide guidance as to whether a Treasurer's approval or other Cabinet/Ministerial approval is required to amend any existing PPP contract documents, taking into account expert legal advice. NSW Treasury should be involved in the relevant contractual or commercial renegotiations.
In certain limited circumstances, an existing Guarantee may need to be refreshed or re-issued. Responsible Agencies must consult with NSW Treasury, especially where the project risks are changing.
Where the existing Guarantee is proposed to be amended or a new Guarantee is proposed to be issued, Responsible Agencies must consult with NSW Treasury as soon as possible prior to proposing or agreeing to a new Guarantee, or changes to the existing Guarantee or the beneficiaries, or the schedule of documents covered by the Guarantee.