EXECUTION OF CONCESSION AGREEMENT

(1) Immediately after the issuance of the notice of award under sub-section (4) of section 33, the Board shall execute a Concession Agreement with the awardee, or successful bidder. For PPP projects, the concession agreement may be signed by the respective departments or tri-partite agreement with both the board and the respective departments. (2) Where the Board, having regard to the nature of a project is satisfied that, it is necessary to do so, it may permit combination of two or more model contracts of the nature specified in Schedule II into one agreement for the purpose of private participation in the development, operation and management of the projects. (3) Where the Board, having regard to the nature of a project is satisfied that, it is necessary to do so, it may permit new model contracts other than those specified in Schedule II for the purpose of private participation in the development, operation and management of the projects.