Definitions

In this Act, unless the context otherwise, requires,- (1) "Authority" means the Punjab Infrastructure Regulatory Authority established under section 4; (2) "Board" means the Punjab Infrastructure Development Board established under section 18; (3) "bye-laws" means the by-laws made by the Board under section 24; (4) "Chairperson" means the Chairperson of the Authority; (5) "concession" includes any right or interest granted to a concessionaire in relation to any aspect of an infrastructure project, as well as any subsidy, subvention, grant or other similar financial incentive granted by the State Government to secure the viability and commercial efficacy of an infrastructure project; (6) "concession agreement" means any of the contracts executed for the purposes of private participation in an infrastructure project between a concessionaire and a public infrastructure agency in terms of this Act, or the rules or regulations made thereunder as per the model specified in Schedule-II; (7) "concession fee" means the sum of money required to be paid by the concessionaire to a public infrastructure agency in consideration of grant of a concession for undertaking an infrastructure project pursuant to the provisions of this Act, rules or regulations made thereunder; (8) "concessionaire" means a person, who is selected and awarded a concession for financing, development, maintenance or operation of an infrastructure project in terms of this Act or rules or regulations made thereunder; (9) "committee" means a Committee and includes a Sectoral Sub-Committee, Project Implementation Sub-Committee or any other Committee called by any other name, constituted by the Board under this Act for the purposes assigned to them; (10) "development" includes creation of new facilities, rehabilitation, improvement, expansion, alteration and replacement of existing facilities; (11) "Development Fund" means the Punjab Infrastructure Development Fund constituted under section 27; (12) "disinvestment" means a sale of equity or shares held by the State Government or a public body to any person; (13) "fee" means a charge levied and collected for facilitating the development, maintenance and providing of infrastructure facilities under this Act; (14) "infrastructure project" means a project in any of the infrastructure sectors, which may involve development, maintenance or operation of infrastructure facilities through private participation or financial sources other than those provided by State Budget; (15) "infrastructure sector" means an infrastructure sector specified in Schedule 1 and shall include such other sectors as may be notified by the State Government from time to time in this behalf; (16) "milestone bonding" means a schedule or chart indicating the specified time within which a work is to be completed; (17) "negotiated contract" means a compact entered into by the State Government in terms of section 36; (18) "notification" means a notification published in the Official Gazette of the State of Punjab; (19) "prescribed" means prescribed by the rules made under this Act; (20) "private participation" means the participation in development, maintenance or operation of infrastructure projects by any person other than the State Government, public infrastructure agency or public body as may be permitted by the Board from time to time; (21) "Project Management Team" means a team of expert officials of the Board; (22) "public body" means a body either established by State Government or working under the control of the State Government; (23) "public infrastructure agency" means a Government Department, Government Company, Government-owned or controlled Corporation, Local Authority or a Public Body, which own, govern or control infrastructure sectors or infrastructure projects; (24) "regulations" means the regulations made by the Authority under section 17; (25) "rules" means the rules made by the State Government under section 46; (26) "Schedule" means a schedule appended to this Act; (27) "Schedule of amortisation" means a schedule of periodic payments of interest and principal owed on a debt obligation; (28) "section" means a section of this Act; (29) "sectoral policy" means a policy pertaining to an infrastructure sector; (30) "service provider" means any agency or body other than those constituted under the Act, which provides services to the Board; (31) "special purpose vehicle" means any body or authority, consisting of experts in the relevant fields as may be constituted by the Board to execute an infrastructure project; (32) "State Government" means the Government of the State of Punjab in the Department of Finance; (33) "tariff" means a toll or charge or fee, other than the fee levied under clause (13) of section 2 and section 25, payable by the users of an infrastructure project; (34) "unsolicited proposal" means a proposal for the development, maintenance or operation of an infrastructure project received from any person without any invitation or a proposal initiated by the State Government of the Board in terms of section 37; and (35) "Vice-Chairperson" means the Vice-Chairperson of the Authority. (d) Build-Own-and-Operate (BOO) shall mean a contractual arrangement whereby a Concessionaire is authorized to finance, construct, own, operate and maintain an infrastructure or development facility from which the proponent is allowed to recover its total investment, operating and maintenance costs plus a reasonable return thereon by collecting tolls, fees, rentals or other charges from facility users.

(e) Build-Lease-and-Transfer (BLT) shall mean a contractual arrangement whereby a Concessionaire is authorized to finance and construct an infrastructure or development facility and upon its completion turns it over to the government agency or local government unit concerned on a lease arrangement for a fixed period after which ownership of the facility is automatically transferred to the government agency or local government unit concerned.

(f) Build-Transfer-and-Operate (BTO) shall mean a contractual arrangement whereby the public sector contracts out the building of an infrastructure facility to a private entity such that the concessionaire builds the facility on a turn-key basis, assuming cost overrun, delay and specified performance risks. Once the facility is commissioned satisfactorily, title is transferred to the implementing agency. The private entity however, operates the facility on behalf of the implementing agency under an agreement.

(g) Contract-Add-and-Operate (CAO) shall mean a contractual arrangement whereby the concessionaire adds to an existing infrastructure facilitywhich it is renting from the government. It operates the expanded project over an agreed franchise period. There may, or may not be, a transfer arrangement in regard to the facility.

(h) Develop operate and Transfer (DOT) shall mean a contractual arrangement whereby favorable conditions external to a new infrastructure project which is to be built by a private project proponent are integrated into the arrangement by giving that entity the right to develop adjoining property, and thus, enjoy some of the benefits the investment creates such as higher property or rent values.

(i) Lease Management Agreement An agreement whereby the State Government, the Government Agency or the specified Agency leases a project owned by the State Government, the Government Agency or, as the case may be, the specified Government Agency to the person who is permitted to operate and maintain the project for the period specified in the agreement.

(j) Management Agreement An agreement whereby the State Government, the government Agency or the specified Government Agency entrusts the operation and management of the project to a person for the period specified in the agreement on payment of specified consideration. In such agreement, the State Government agency may charge the user fee and collect the same either itself or entrust the collection for consideration to any person who shall after collecting the user fees pay the same to the State Government, the Government Agency or, as the case may be, the specified Government Agency.

(k) Rehabilitate-Operate-and-Transfer (ROT) shall mean contractual arrangement whereby an existing facility is turned over to the private sector to refurbish, operate and maintain for a franchise period, at the expiry of which the legal title to the facility is turned over to the Government. The term is also used to describe the purchase of an existing facility from abroad, importing, refurbishing, erecting and consuming it within the host country.

(l) RehabilitateOwn-and-Operate (ROO) shall mean a contractual arrangement whereby an existing facility is turned over to the private sector to refurbish and operate with no time limitation imposed on ownership. As long as the operator is not in violation of its franchise, it can continue to operate the facility in perpetuity.

(m) Service Contract Agreement shall mean and agreement whereby a person undertakes to perform the service for the State Government for the specified period. The State government shall pay him an amount according to the agreed Schedule.

(n) Supply, Operate and Transfer Agreement shall mean an agreement whereby a person supply to the State Government equipment and machinery for a project and undertakes to operate the project for a period and consideration specified in the agreement. During the operation of the project, he shall undertake to train the employees of the State Government to operate the project.