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For the purpose of this questionnaire, and in accordance with the International Monetary Fund’s definition (https://www.imf.org/external/np/sta/di/glossary.pdf), a foreign firm is a foreign-owned domestically incorporated enterprise (e.g. subsidiaries) in which a foreign investor owns 10 percent or more of the ordinary shares or voting power.)×
Material Adverse Government Action means any act or omission by the procuring authority or other relevant authority, which occurs during the term of the PPP Contract and which has a material adverse effect on (i) the ability of the PPPCo to comply with any of its material obligations under this PPP Contract and/or (ii) the cost or the profits arising from such performance.)×
A financial model is an analytical tool that allows the user to assess the financial robustness of the project by representing its expected financial performance, including cash flows, returns, etc. Not to be confused with a financial proposal.)×
To conduct the analysis on Korea, Rep., the Benchmarking Public Procurement team referred to Act on Contract to Which the State is a Party dated 2012, Enforcement Decree of the Act on Contract to Which the State is a Party dated 2012, The Public Procurement Service (PPS) found at http://www.pps.go.kr/kor/jsp/government/procure_law.pps, and the Ministry of Legislation found at: www.moleg.go.kr / www.law.go.kr.
To conduct the analysis on Korea, Rep., for the Public-Private Partnerships Procurement topic, the team referred to Act on Public-Private Partnerships in Infrastructure - Act No. 12248, January 14, 2014, the Enforcement Decree of the Act on "Public Private Partnerships in Infrastructure", Presidential Decree No. 25358, May 22, 2014, the Basic Plan for Public-Private Partnership Projects of 2015, the Detailed Guideline for Value-For-Money Test for Build-Transfer-Operate Public-Private Partnership Projects of June 2010, the General Guidelines for Preliminary Feasibility Studies of December 2008, Public and Private Infrastructure Investment Management Center, the Draft Standard Concession Agreement for BTO Projects - Road projects, dated March 2010, the 2007 Study Report Summary of Study on Standard Financial Model for Public-Private Partnership Projects, dated December 2007, and the Standard Request for Proposals for Build-Transfer-Operate (BTO) Public-Private Partnership (PPP) Projects - Road Projects, dated March 2010.×