A public and private partnership involves cooperation between the public and the private sector that is characterised by the following:
- the cooperation takes place between one or multiple public partners and one or multiple private partners involved in the public and private partnership procedure;
- the cooperation takes place in order to meet the public needs in executing construction works or providing services;
- it is a long-term co-operation lasting up to 30 years, but in the cases laid down in law – even longer;
- the public and the private partner combine and jointly use the resources available to them (e.g. property, funding, knowledge and experience);
- the public and the private partner assume joint liability and risks.