Public Private Partnership (P3)
Definition - What does Public Private Partnership (P3) mean?
A public-private partnership is defined as a contract, typically long-term in nature, between a government body (federal, state or local) and an entity in the private sector. In this agreement, the skills, assets and resources of the public and private entities are shared with the goal of successfully delivering goods or services to the general public.
Public-private partnerships are also known as P3 partnerships.
Trenchlesspedia explains Public Private Partnership (P3)
Public-private partnerships are very common in construction projects, and the past few decades have seen a rise in governments worldwide using this type of arrangement with trenchless technology firms.
Governments are continuously exploring trenchless technology options due to the numerous time and cost benefits associated with using these methods. For example, using horizontal direction drilling (HDD) to install sewage pipes can be appealing since this technique is expected to prevent the excavation of roads and significantly reduce traffic diversions and disruptions.
In addition, trenchless technology allows for faster installation, less maintenance due to fewer joints, and a decreased chance of causing contamination to drinking water.