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A corollary is to use persuasion for influ- encing the decision makers as early as pos- sible in the process. Be sure the convincing occurs well before the blackout period or cone of silence goes into effect. It often is possible to drive the RFQ and RFP in a direction beneficial to the team. Lawyers, financial consultants, and risk- management teams must be involved early, especially on significant conceptual points. By way of example, comments should be provided at the outset on performance cri- teria and standards for payments, off-sets, and hand-back provisions at the end of the concession, use agreement, and other critical aspects of the bid. Changes in political leadership can kill projects almost overnight. Florida’s proposed $2 billion high- speed rail project between Tampa and Orlando is just one example. Benchmarking Processes Study other recent and similar deals, even if from other jurisdic- tions. Many of the key players, including law firms, underwriters, insurance companies, and financial advisers, often move from deal to deal. The club is relatively small. Becoming familiar with the key issues, such as liquidated damages and market terms, is a must. Typically, many of the documents to be reviewed as part of this diligence and bench- marking process are accessible because they are public records. Reality Check Clear and well-defined risk allocation and user-friendly documentation are relevant. Many individual participants in the P3 pro- cess will not be around at the end of a long- term concession that takes 25 to 35 years, so consider as many risks and variables as possible. At the end of the day, to avoid a no-bid situation, the deal must be enticing for lend- ing institutions. In addition to being attractive for financing, P3 deals must be palatable to the taxpayers and elected officials. Public-private partnerships undergo more scrutiny than private transactions. Michael A. Bedke is a partner at DLA Piper LLP in Miami. Contact him at [email protected]. Life with The Pin CCIM Institute provides its members with the most sophisticated knowledge, technology, and operational platform to power their business. CCIM Membership Benefits: Lifelong Learning STDB Free and discounted courses covering crowdfunding, big data, and more. The industry’s best digital toolkit for market analysis. FindaCCIM.com and CCIM Connect CIRE Magazine Subscribtion An exclusive global network for business and industry intelligence. The award-winning publication that covers market trends and innovations. Affinity Provider Program DealShare Exclusive discounts on travel, tech tools, printing, and more. A database of listings not found anywhere else. Experience life with the pin. Visit www.ccim.com/benefits CCIM.COM March | April 2018 19