世界银行《PPP合同条款指南》（Guidance on PPP Contractual Provisions 2017，下称“合同指南”），是世界银行对PPP合同的官方指引，2017年版指南对特定国家不同层级的PPP交易和不同法律制度下的PPP交易经验的表述方面进行了改进，并针对债券融资PPP合同和企业融资PPP合同增加专门章节。

　　PPP这群人、PPP知乎和上海段和段律师事务所余文恭律师团队以拍摄系列视频的创新形式，联合推出世行合同解读视频，分章节对合同指南进行重点解读，将其与国内PPP合同条款进行对比，并落脚于对国内PPP项目的借鉴以及对我国一带一路PPP项目的借鉴意义。

　　北京明树数据科技有限公司作为业内领先的PPP大数据服务提供商和综合研究平台，牵头多家律所和咨询公司参与了该合同指南的翻译，致力推进PPP国际先进经验在中国的学习和传播。

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　　分割线  箭头 动态

　　终止支付额（解约金），是合同提前终止时政府方对社会资本方的补偿金额。终止支付额条款是贷款人放贷的护身符，也是投资人投资的定心丸。

　　终止支付额与PPP项目的风险分担方式密切相关。根据不同的提前终止情形，终止支付额条款可以分为甲方风险全额补，乙方违约补债务，不可抗力双方担三类。

　　世界银行PPP合同条款指南提出的基于融资的补偿，基于债务的补偿等，都对我国PPP合同设置终止支付额条款有重要借鉴意义。可见指南给出的合同草案示例。

　　（注：本指南中，缔约政府部门指政府部门/实施机构；私营合作伙伴通常指社会资本。）

　　1

　　Incommercial contracts where compensation on termination for specific reasons isnot addressed specifically, the parties will rely on the chosen disputeresolution method for determining the amount of any damages should terminationoccur. This may involve bringing a court action. Generally speaking, wherethere is an innocent party, they will be the party seeking damages. However,even a defaulting party may be entitled to compensation under general law tofairly reflect the value of any works or services it has carried out. Incertain contracts, rather than relying on general law, there may be a need toagree upfront the level of compensation payable if termination events occur forspecific reasons.

　　如果商业合同没有明确规定因特定原因导致合同终止产生的赔偿金额，在合同终止时，合同当事人可以通过约定的纠纷解决办法来确定损害赔偿金额。在这种情形下可能会引发诉讼。一般来讲，无过错方会寻求损害赔偿。但是，在一般的法律规定下，为了公允地反映合同当事人在合同项下实施的工作或服务的价值，即使是违约方也可以要求获得赔偿。在某些合同中，可能需要合同当事人在事先就针对在特定情形下合同终止而应付的赔偿金额达成一致，而非依赖于法律。

　　2

　　Early termination events which may beexpected to lead to termination compensation include:

　　(a)Private Partner default termination - by the Contracting Authority where thePrivate Partner fails to comply with its material obligations;

　　(b)Voluntary termination - by the Contracting Authority at its discretion forconvenience or for public policy reasons (also known as termination for public policy);

　　(c)Contracting Authority default termination - by the Private Partner where theContracting Authority fails to comply with its material obligations (which areprimarily payment obligations if under the availability payment model); and

　　(d)Prolonged Force Majeure, MAGA or Change in Law - by either Party where no solutionhas been agreed to continue with the PPP Contract.

　　产生解约金提前终止的事由包括：

　　(a)因私营合作伙伴违约而提前终止——如果私营合作伙伴未履行其重要的合同义务，则由缔约政府部门提出终止；

　　(b)主动提前终止——缔约政府部门视便利或因公共政策原因（也称为因政策终止）酌情决定终止合同；

　　(c)因缔约政府部门违约而提前终止——如果缔约政府部门未履行其重要合同义务（主要是指在可用性支付模式下的支付义务），由私营合作伙伴提出终止合同；和

　　(d)因持续的不可抗力，MAGA或法律变更导致的提前终止——如果合同当事人未能就继续履行PPP合同达成合议，任何一方都可以提出终止合同。

　　3

　　The amount payable to the Private Partnerupon early termination of the PPP Contract will depend on the grounds on whichthe PPP Contract is terminated, so it is important for the ContractingAuthority to understand the different rationale in each case.

　　因提前终止PPP合同而应当向私营合作伙伴支付的解约金金额取决于PPP合同终止的原因，因此缔约政府部门必须理解各种提前终止情况下的计算原理。

　　4

　　If the PPP Contract is terminated on thegrounds of Contracting Authority Default, MAGA, Change in Law or VoluntaryTermination, market practice is that the Private Partner should be fullycompensated by the Contracting Authority as if the PPP Contract had run itsfull course. This reflects the principle that these categories of terminationevent are considered a Contracting Authority risk and responsibility. It alsoreflects the likely position should the Private Partner instead have to sue fordamages on these grounds under general law.

　　如果PPP合同因缔约政府部门违约、MAGA、法律变更或者主动提前终止而导致提前终止，市场实践的做法是私营合作伙伴应该获得缔约政府部门支付的，相当于该PPP合同完全履行的全额赔偿。这反映的原则是，这些类别的提前终止事件被视为缔约政府部门应承担的风险和责任。同时，也反映出这样一种可能的情形：私营合作伙伴在PPP合同中没有约定解约金条款的情形下必须寻求法律救济而获得赔偿。

　　5

　　There are two "full" compensationmethods which the Contracting Authority will need to consider:

　　(a) Book value compensation: this is basedon the investment costs the Private Partner incurs in building the PPP Project.Third party costs would be added on top. This method is not as commonly usedand although it is relatively clear and simple, it is generally not recommendedas it is not guaranteed to compensate the Private Partner fairly.

　　(b) Financing-based compensation: this isbased on the financing for the PPP Project (e.g. senior debt (whether in theform of bank or bond finance), subordinated debt and equity), again with thirdparty costs on top. This approach is more common across the PPP market and isthe recommended approach in this Guidance.

　　缔约政府部门需要考虑的两种“全赔”的赔偿方式：

　　(a)账面价值赔偿：该赔偿方式是基于私营合作伙伴在建设PPP项目中投入的投资成本。第三方成本将被叠加进去。这一方法虽然相对来说更加简单和清楚，但并没有被广泛地使用，因为它无法保证私营合作伙伴可以获得公允的赔偿，所以不建议使用。

　　(b)基于融资的赔偿：这种赔偿方式基于PPP项目的融资（比如银行或债券融资中的优先级债务，次级债务和股权权益），第三方成本也应该叠加进去。这种方式在PPP市场中更加常见，并且为本指南的推荐方式。

　　6

　　COMPENSATIONON PRIVATE PARTNER DEFAULT TERMINATION :

　　Although market practice is to paycompensation on Private Partner default termination, the Contracting Authorityneeds to choose a method which does not result in overly generous compensation.This would not properly incentivise the Private Partner to perform (nor itsLenders to due diligence the PPP Project thoroughly or exercise their rights tomonitor and step into the PPP Project); it would also raise value-for-moneyconcerns.

　　因私营合作伙伴违约而提前终止合同产生的赔偿：

　　尽管在因为私营合作伙伴违约而导致合同提前终止时，市场实践是支付赔偿，但是缔约政府部门需要选择一种不会支付过多赔偿金的赔偿方式。过高的赔偿会给私营合作伙伴履行合同造成不当激励，也会导致贷款方怠于履行其谨慎勤勉义务或行使其监督和介入PPP项目的权利；同时也会产生关于物有所值的问题。

　　7

　　COMPENSATION ON FORCE MAJEURE TERMINATION :

　　Each Party shouldhave the right to terminate the PPP Contract as a result of prolonged ForceMajeure and compensation is calculated to reflect the principle that ForceMajeure is considered a shared risk. In this case, the risk is shared by virtueof the Contracting Authority being liable for a less than full compensationpayment and having the right to take over the relevant asset, while the PrivatePartner loses any return on its equity investment (i.e. the profit elementwhich will have been at the heart of its decision to bid for and undertake thePPP Project in the first place) and possibly some of its invested equity.

　　因不可抗力而提前终止产生的赔偿：

　　各方都有权因持续的不可抗力终止PPP合同，此时赔偿的计算需要遵守的原则是，不可抗力的风险是合同双方共同承担的风险。在这种情况下，风险的分担方式是：由缔约政府部门支付部分的赔偿并接管相关的资产，而私营合作伙伴损失其对PPP项目的股权投资回报（即盈利——私营合作伙伴最初决定投标参与PPP项目的核心因素），甚至可能损失其投入的部分股权。

　　8

　　The method of payment of the terminationcompensation will also need to be considered by the Contracting Authority.Generally speaking, providing for payment by lump sum in the PPP Contract seemsmore typical market practice, but there are a number of factors to take intoaccount, including the grounds for termination:

　　Payment capacity - the Contracting Authority will need to assess whether itwill be able to pay a lump sum if such a large payment may not be budgeted foror have backing from its government treasury department. Payment over time maybe preferable.

　　Private Partner/Lender perspective - it is likely that the Private Partner andits Lenders will favour a lump sum payment.

　　Interest - payment over time will incurinterest costs for the Contracting Authority, usually from the date the paymentis recognized as due until the final payment.

　　Asset transfer - Lenders may be reluctant to release their securityinterests on PPP Project assets until compensation payments have been made infull.

　　Set-off rights - the Contracting Authority should try to negotiatethe right to set off any amounts due to it from the Private Partner under thePPP Contract against any compensation it pays (unless these are already takeninto account in the relevant formula).

　　缔约政府部门还需要考虑解约金的支付方式。一般来说，典型的市场实践是在PPP合同中规定一次性支付，但有一些因素需要考虑，包括提前终止的理由：

　　支付能力——缔约政府部门需要评估：若无这样一大笔支付款项的预算，其是否能够一次性支付；或者是否能够从政府的财政部门获得支持。此时，分期支付的方式可能更佳。

　　从私营合作伙伴/贷款方的视角——私营合作伙伴及其贷款方会更偏向于一次性支付。

　　利息——分期支付会使缔约政府部门产生利息成本，通常是确认应付款项之日起至最终支付完成之日为止。

　　资产转移——贷款方在收到全额的赔偿款之前可能不会放弃PPP项目中的担保利益。

　　抵销权——缔约政府部门应该尽量与合同其他当事人协商获得从私营合作伙伴在PPP项目项下尚欠的款项中抵销其支付的任何赔偿（除非在相关计算公式中已经纳入了这些抵扣项目）的抵销权。

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