{"component": "clause", "props": {"groups": [{"snippet": "The Parties further acknowledge that where it is intended that an Authority will be sold to private investors, resulting in a change of Control of the Government, the Government agrees to give notice to the Project Company one hundred and fifty (150) Business Days prior to the event. Except as otherwise expressly provided in this Agreement, the Parties agree that such change of Control will neither affect in any way the rights or obligations of, nor give rise to any rights in favour of any Party under this Agreement.", "samples": [{"hash": "MteItNE6B0", "uri": "/contracts/MteItNE6B0#privatisation", "label": "Implementation Agreement", "score": 31.5220288025, "published": true}, {"hash": "bJdk3Y9lluI", "uri": "/contracts/bJdk3Y9lluI#privatisation", "label": "Implementation Agreement", "score": 24.0171115674, "published": true}], "size": 2, "snippet_links": [{"key": "sold-to", "type": "clause", "offset": [84, 91]}, {"key": "private-investors", "type": "definition", "offset": [92, 109]}, {"key": "the-government", "type": "definition", "offset": [147, 161]}, {"key": "the-project-company", "type": "clause", "offset": [203, 222]}, {"key": "the-event", "type": "clause", "offset": [274, 283]}, {"key": "in-this-agreement", "type": "clause", "offset": [324, 341]}, {"key": "the-parties-agree-that", "type": "clause", "offset": [343, 365]}, {"key": "obligations-of", "type": "clause", "offset": [434, 448]}, {"key": "in-favour-of", "type": "definition", "offset": [478, 490]}], "hash": "fa99fd0a2b114fa67f4182f6cc9016b4", "id": 2}, {"snippet": "Privatisation can help to make the economy more efficient and to reduce public debt. While the privatisation process has come to a standstill since the beginning of the year, the Government has now committed to proceed with an ambitious privatisation program and to explore all possibilities to reduce the financing envelope, through an alternative fiscal path or higher privatisation proceeds. To preserve the on-going privatisation process and maintain investor interest in key tenders, the Hellenic Republic commits to proceed with the on-going privatisation programme. The Board of Directors of the HRADF has already approved its Asset Development Plan (ADP) which includes for privatisation assets under HRDAF as of 31/12/2014. The implementation of this programme aims to generate annual proceeds (excluding bank shares) for 2015, 2016 and 2017 of EUR 1.4bn, EUR 3.7bn and EUR 1.3bn, respectively. As prior action, and to re-launch the privatisation programme the Government will adopt these measures:\ni. The authorities will endorse the Asset Development plan approved by HRADF on 30/7/2015. The ADP is attached to this Memorandum as annex and constitutes an integral part of this agreement. The ADP will be updated on a semi-annual basis and approved by HRADF; and the Cabinet or KYSOIP will endorse the plan;\nii. The Government and HRADF will announce binding bid dates for Piraeus and Thessaloniki ports of no later than end-October 2015, and for TRAINOSE ROSCO, with no material changes in the terms of the tenders;\niii. The authorities will take irreversible steps for the sale of the regional airports at the current terms with the winning bidder already selected;\niv. The authorities will conclude around 20 selected pending actions identified by HRADF. The Government commits to facilitate the privatization process and complete all needed Government actions to allow tenders to be successfully executed. In this respect it will complete all actions needed as agreed on a quarterly basis between HRADF, the institutions and the Government. The List of Government Pending Actions has been approved by the Board of Directors of the Hellenic Republic Asset Development Fund and is attached to this Memorandum as an Annex and constitutes an integral part of this agreement. In line with the statement of the Euro Summit of 12 July 2015, a new independent fund (the \u201cFund\u201d) will be established and have in its possession valuable Greek assets. The overarching objective of the Fund is to manage valuable Greek assets; and to protect, create and ultimately maximize their value which it will monetize through privatisations and other means. The Fund would be established in Greece and be managed by the Greek authorities under the supervision of the relevant European Institutions. The Fund is expected to fulfil its objective by adhering to international best practices in terms of governance, oversight and transparency of reporting standards, and compliance. By October 2015 the authorities shall appoint an independent Task Force to identify options and prepare recommendations on the operational goals, structure and governance of the Fund to be created. The Task Force would report by December 2015, and the government, in agreement with the institutions, will take steps to implement the recommendations by March 2016 (key deliverable). The mandate and composition of the Task Force would be drawn up by the authorities, in agreement with the European Institutions and in consultation with the Eurogroup. The authorities may request technical assistance on this matter. The mandate of the Task Force will include:\n1. Identifying the possible assets which could be part of a new Fund and the best options for their monetization: particular attention would be paid to extracting value from the real estate assets of the Hellenic Republic including those already held by ETAD.\n2. Identifying appropriate governance arrangements of the new Fund, including whether there should be specific sub-entities for different types of assets within the Fund drawing upon, where relevant, the experiences of entities such as Hellenic Republic Asset Development Fund (HRADF) and ETAD; whether such existing entities would be reformed and maintained separate to the Fund, terminated upon conclusion of their mandate, or absorbed into the new Fund.\n3. Putting forward a proposal for the transition to the new Fund to ensure continuity from the previous arrangements, including the possible transfer of assets within the Asset Development Plan.\n4. According to the Euro Summit Statement the monetization of the assets will be one source to make the scheduled repayment of the new loan of ESM and generate over the life of the new loan a targeted total of EUR 50bn of which EUR 25bn will be used for the repayment of the recapitalization of banks and other assets and 50% of every remaining euro (i.e. 50% of EUR 25bn) will be used for decreasing the debt to GDP ratio and the remaining 50% will be used for investments. The Task Force will identify options and make recommendations on how this will be operationalized.\n5. Options for a legislative framework that would be adopted to ensure transparent procedures and adequate asset sale pricing, according to OECD principles and standards on the management of State Owned Enterprises (SOEs) and best international practices. Particular attention will be paid to maximising the value generation of the Fund\u2019s assets and to avoid circumstances of asset sales below their fair value.\n6. Based on international best practises, assess possible strategies to be designed and executed to monetise the assets through privatisation and other means; and examine options for the professional management of the assets.\n7. Examine statistical classification of the new entity in terms of general government classification and in particular the implications for the issuance of debt or guarantees to ensure that these would not burden gross Greek debt or create contingent liabilities for Greek taxpayers.", "samples": [{"hash": "e1SyBmpzpn6", "uri": "/contracts/e1SyBmpzpn6#privatisation", "label": "Memorandum of Understanding", "score": 21.8158795346, "published": true}, {"hash": "6jr26EqG5L2", "uri": "/contracts/6jr26EqG5L2#privatisation", "label": "Memorandum of Understanding", "score": 21.8158795346, "published": true}], "size": 7, "snippet_links": [{"key": "public-debt", "type": "definition", "offset": [72, 83]}, {"key": "the-beginning-of-the-year", "type": "definition", "offset": [148, 173]}, {"key": "the-financing", "type": "clause", "offset": [302, 315]}, {"key": "investor-interest", "type": "definition", "offset": [455, 472]}, {"key": "the-hellenic-republic", "type": "clause", "offset": [489, 510]}, 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5303]}, {"key": "the-value", "type": "clause", "offset": [5420, 5429]}, {"key": "asset-sales", "type": "definition", "offset": [5492, 5503]}, {"key": "fair-value", "type": "definition", "offset": [5516, 5526]}, {"key": "based-on", "type": "clause", "offset": [5531, 5539]}, {"key": "management-of-the-assets", "type": "clause", "offset": [5728, 5752]}, {"key": "new-entity", "type": "clause", "offset": [5799, 5809]}, {"key": "of-general", "type": "clause", "offset": [5819, 5829]}, {"key": "in-particular", "type": "clause", "offset": [5860, 5873]}, {"key": "issuance-of-debt", "type": "clause", "offset": [5899, 5915]}, {"key": "liabilities-for", "type": "clause", "offset": [6006, 6021]}], "hash": "48709de59c3526f8b313aa6bf499d19e", "id": 1}, {"snippet": "In order to promote job security of employees, it is agreed that the privatisation of a Government entity may only occur where: (a) the entity does not perform a role central to the functions of Government; and (b) disadvantaged groups would not be negatively affected by the privatisation; and (c) a social impact statement has been completed which indicates that there is a demonstrated public benefit from the sale.", "samples": [{"hash": "6BxibsVHRRO", "uri": "/contracts/6BxibsVHRRO#privatisation", "label": "Enterprise Agreement", "score": 17.9472963723, "published": true}], "size": 2, "snippet_links": [{"key": "in-order-to", "type": "clause", "offset": [0, 11]}, {"key": "of-employees", "type": "clause", "offset": [33, 45]}, {"key": "it-is-agreed-that", "type": "clause", "offset": [47, 64]}, {"key": "government-entity", "type": "definition", "offset": [88, 105]}, {"key": "the-entity", "type": "clause", "offset": [132, 142]}, {"key": "functions-of", "type": "clause", "offset": [182, 194]}, {"key": "disadvantaged-groups", "type": "definition", "offset": [215, 235]}, {"key": "affected-by", "type": "definition", "offset": [260, 271]}, {"key": "impact-statement", "type": "definition", "offset": [308, 324]}, {"key": "public-benefit", "type": "definition", "offset": [389, 403]}, {"key": "the-sale", "type": "clause", "offset": [409, 417]}], "hash": "fbee60a9f18fb29b81c079f4d9f2e33d", "id": 3}, {"snippet": "The Asset Development Plan will be implemented on a continuous basis. With a view to swiftly attracting investment to support a sustained economic recovery, complete by end-2019 the transactions on Egnatia, DEPA commercial, regional ports of Alexandroupoli and Kavala, AIA shares, EYDAP and EYATH. The momentum in the privatisation process observed over the previous months could not be maintained due to the Coronavirus outbreak. The pandemic is impacting the implementation of the privatisation programme in many ways, inter alia through difficulties in engaging with potential investors, impacts on asset valuations, reduced administrative capacity to implement necessary actions, and the interruption of construction works. Despite the overall negative commercial environment caused by the pandemic, the Hellenic Republic Asset Development Fund is advancing with maturing actions on its transactions, and the authorities are supportive and are taking the required actions on their side. This will make possible the launching of the next steps in the respective transactions, at a time that the situation normalises. At this stage, the situation regarding the ongoing transactions is as follows: Hellinikon (a specific 2018 commitment): Despite the continued strong engagement of the authorities to complete the conditions precedent to allow the transfer of shares to the preferred investor (Lamda), the financial closing is delayed by complications in the tender process for the award of the casino licence. Following the dismissal of a first appeal, the excluded bidder lodged a petition for annulment along with interim relief measures before the Council of State. The Council of State rejected the petition for interim relief measures on 7 May 2020. This opens the way for a continuation of the tender process though its finalisation will need to await the Council of State decision on the merit of the petition for annulment. The authorities are pursuing steps to address the remaining pending issues. \u2587\u2587\u2587\u2587\u2587\u2587 of Alimos concession (a mid-2019 specific commitment): the Cabinet Act authorising the signature of the concession agreement was published in the Official Gazette on 7 April 2020 and the concession agreement was signed by all stakeholders on 13 May 2020. The financial closing of the transaction is set to follow within 120 days of the signature of the concession agreement. Hellenic Petroleum (a mid-2019 specific commitment): The authorities are yet to decide on the approach to be followed after the failure of the first tender in mid-2019. The Fund is considering all options. However, following the recent significant fall in the capitalisation value of the company, the Fund considered appropriate to delay further the launching of the transaction to a later point of time. Sale of 30% of Athens International Airport (an end-2019 specific commitment): At end-January 2020, nine investment parties were considered qualified to proceed to the binding offers phase. However, due to the impact of the pandemic, the deadline for the submission of binding offers had to be adjusted and the process will resume once the situation improves. Public Gas Corporation \u2013 DEPA Commercial (an end-2019 specific commitment) \u2013 DEPA Infrastructure (a mid-2021 specific commitment): Good progress was achieved with both tenders attracting strong investment interest. Nine interested parties submitted Expressions of Interest in each of the two international tenders. Their evaluation is underway but the launch of the binding offers phase for both transactions will be delayed due to the Coronavirus outbreak. \u2587\u2587\u2587\u2587\u2587\u2587\u2587: The authorities have stressed their commitment to proceed with the transaction and took a number of actions in April and beginning of May 2020, including the signing of a Joint Ministerial Decision on key elements of the concession agreement and further administrative steps. Meanwhile the authorities and Egnatia S.A. are expected to proceed with the implementation of all remaining pending actions related to the specification of works for bridges to qualify as safe, the licencing of the tunnels, the completion of the construction of all toll stations and resolution by \u2587\u2587\u2587\u2587\u2587\u2587\u2587 S.A. of the open issues related to the four motorist service stations contracts that have been inactive since 2011. Regional Ports: Following a long period of delays, good progress has been achieved over the last months, with the Fund given the flexibility of designing the transactions on a case-by-case basis and the initiation of preparatory work on tenders for four ports. 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"service-stations", "type": "definition", "offset": [4259, 4275]}, {"key": "contracts-that", "type": "clause", "offset": [4276, 4290]}, {"key": "period-of", "type": "definition", "offset": [4355, 4364]}, {"key": "work-on", "type": "definition", "offset": [4551, 4558]}], "hash": "78f371f5d323d8a87e88d045f94bf291", "id": 4}, {"snippet": "With a view to swiftly attracting investment to support a sustained economic recovery, complete by end-2019 the transactions on Egnatia, DEPA commercial, regional ports of Alexandroupoli and Kavala, AIA shares, EYDAP and EYATH. Sale of 30% of Athens International Airport: The tendering process is proceeding well. On 31 January 2020, the Board of Directors of the Hellenic Republic Asset Development Fund (TAIPED) decided that nine investment parties are qualified to proceed to the Binding Offers Phase, thus effectively launching this phase. The financial closing of the transaction is expected before the end of the year. Public Gas Corporation: The necessary legislation for the partial demerger of the company and the sale of the full stake of the Asset Development Fund in the company (i.e. 65%) was adopted in November 2019. The international tender process for DEPA Infrastructure was launched on 9 December 2019, whereby the Fund and Hellenic Petroleum are acting as co-sellers (offering 100% of the share capital of DEPA Infrastructure). The international tender process for the sale of 65% of the share capital of DEPA Commercial was launched on 23 January 2020. Egnatia: Three frontal toll stations were put into operation, while a detailed roadmap was provided to the institutions, with a specific timetable for the implementation of all required pending actions by May 2020. The implementation of the roadmap has started, and it will be key to build on the progress and take all necessary steps well in time before the revised deadline for the submission of binding offers on 26 June 2020. Regional Ports: The authorities are positive with respect to providing flexibility of choice on the privatisation transaction structure (i.e. sub-concession, sale of equity) so as to allow the best privatisation transaction structure to be chosen for each port. The relevant legal amendment was adopted by Parliament on 12 February, whereas the Asset Development Fund has started the process for recruiting external consultants for the sale of equity for four ports.", "samples": [{"hash": "eYWqM4hxVzS", "uri": "/contracts/eYWqM4hxVzS#privatisation", "label": "Not Applicable", "score": 24.0691307324, "published": true}], "size": 1, "snippet_links": [{"key": "with-a-view-to", "type": "definition", "offset": [0, 14]}, {"key": "the-transactions", "type": "clause", "offset": [108, 124]}, {"key": "international-airport", "type": "definition", "offset": [250, 271]}, {"key": "tendering-process", "type": "clause", "offset": [277, 294]}, {"key": "january-2020", "type": "clause", "offset": [321, 333]}, {"key": "the-board-of-directors", "type": "clause", "offset": [335, 357]}, {"key": "the-hellenic-republic", "type": "clause", "offset": [361, 382]}, {"key": "development-fund", "type": "definition", "offset": [389, 405]}, {"key": "parties-are", "type": "clause", "offset": [444, 455]}, {"key": "closing-of-the-transaction", "type": "definition", "offset": [559, 585]}, {"key": "end-of-the-year", "type": "definition", "offset": [609, 624]}, {"key": "gas-corporation", "type": "definition", "offset": [633, 648]}, {"key": "sale-of-the", "type": "clause", "offset": [724, 735]}, {"key": "the-asset", "type": "clause", "offset": [750, 759]}, {"key": "november-2019", "type": "clause", "offset": [818, 831]}, {"key": "tender-process", "type": "clause", "offset": [851, 865]}, {"key": "december-2019", "type": "clause", "offset": [908, 921]}, {"key": "the-fund", "type": "clause", "offset": [931, 939]}, {"key": "share-capital", "type": "definition", "offset": [1010, 1023]}, {"key": "actions-by", "type": "clause", "offset": [1369, 1379]}, {"key": "may-2020", "type": "clause", "offset": [1380, 1388]}, {"key": "build-on-the", "type": "clause", "offset": [1459, 1471]}, {"key": "necessary-steps", "type": "clause", "offset": [1494, 1509]}, {"key": "in-time", "type": "definition", "offset": [1515, 1522]}, {"key": "submission-of", "type": "clause", "offset": [1559, 1572]}, {"key": "june-2020", "type": "clause", "offset": [1594, 1603]}, {"key": "with-respect-to", "type": "clause", "offset": [1650, 1665]}, {"key": "transaction-structure", "type": "clause", "offset": [1719, 1740]}, {"key": "sale-of-equity", "type": "clause", "offset": [1763, 1777]}, {"key": "to-allow-the", "type": "clause", "offset": [1785, 1797]}, {"key": "the-relevant", "type": "clause", "offset": [1867, 1879]}, {"key": "the-process", "type": "clause", "offset": [1985, 1996]}], "hash": "ba7032b79b70e91b48f69f65bfe40fe9", "id": 5}, {"snippet": "In order to promote job security it is agreed that the privatisation of a government entity may only occur if all of the following apply: The entity does not perform a role central to the functions of government. Disadvantaged groups would not be negatively affected by the privatisation. A social impact statement has been completed which indicates that there is a demonstrated public benefit from the sale. In the event that privatisation of an ACTPS directorate or a service or services currently supplied by an ACTPS directorate is under consideration, consultation must occur on the implications for employees and the relevant directorate from these proposals. Where such privatisation is under consideration, the ACTPS must provide the necessary reasonable resources to develop an in-house bid and this bid must be prepared either off site or on site as determined by the head of service and subject to consideration on equal terms to any other bid. An independent probity auditor must be appointed by the head of service to oversee the assessment of the in-house bid.", "samples": [{"hash": "fFdmF4e4B9k", "uri": "/contracts/fFdmF4e4B9k#privatisation", "label": "Enterprise Agreement", "score": 24.9110198494, "published": true}], "size": 1, "snippet_links": [{"key": "in-order-to", "type": "clause", "offset": [0, 11]}, {"key": "job-security", "type": "clause", "offset": [20, 32]}, {"key": "it-is-agreed-that", "type": "clause", "offset": [33, 50]}, {"key": "government-entity", "type": "definition", "offset": [74, 91]}, {"key": "the-entity", "type": "clause", "offset": [138, 148]}, {"key": "functions-of", "type": "clause", "offset": [188, 200]}, {"key": "disadvantaged-groups", "type": "definition", "offset": [213, 233]}, {"key": "affected-by", "type": "definition", "offset": [258, 269]}, {"key": "impact-statement", "type": "definition", "offset": [298, 314]}, {"key": "public-benefit", "type": "definition", "offset": [379, 393]}, {"key": "the-sale", "type": "clause", "offset": [399, 407]}, {"key": "in-the-event", "type": "clause", "offset": [409, 421]}, {"key": "service-or-services", "type": "definition", "offset": [470, 489]}, {"key": "under-consideration", "type": "definition", "offset": [536, 555]}, {"key": "for-employees", "type": "clause", "offset": [601, 614]}, {"key": "the-relevant", "type": "clause", "offset": [619, 631]}, {"key": "provide-the", "type": "clause", "offset": [730, 741]}, {"key": "to-develop", "type": "definition", "offset": [773, 783]}, {"key": "be-prepared", "type": "clause", "offset": [818, 829]}, {"key": "head-of-service", "type": "clause", "offset": [878, 893]}, {"key": "subject-to", "type": "definition", "offset": [898, 908]}, {"key": "terms-to", "type": "definition", "offset": [932, 940]}, {"key": "other-bid", "type": "definition", "offset": [945, 954]}, {"key": "an-independent", "type": "clause", "offset": [956, 970]}, {"key": "assessment-of-the", "type": "clause", "offset": [1043, 1060]}], "hash": "2e6c82e2c3c8f7e10ca8476b9f805022", "id": 6}, {"snippet": "27.1 The parties note the ACT Government\u2019s policy of in-principle opposition to the privatisation of ACT Government assets. In particular the parties agree that privatisation of a government entity may only occur where:\n(a) the entity does not perform a role central to the functions of government; and\n(b) disadvantaged groups would not be negatively affected by the privatisation; and\n(c) a social impact statement has been completed which indicates that there is a demonstrated public benefit from the sale.\n27.2 In the event that privatisation of the department, or a service or services currently supplied by the department is under consideration, the parties will consult on the implications for employees and the department from these proposals.\n27.3 Where such privatisation is under consideration, the department will provide the necessary reasonable resources to develop an in-house bid and this bid will be prepared either off-site or on-site as determined by the department and subject to consideration on equal terms to any other bid. An independent probity auditor will be appointed by the department to oversee the assessment of the in-house bid.", "samples": [{"hash": "kYJf7FVDw8j", "uri": "/contracts/kYJf7FVDw8j#privatisation", "label": "Teaching Staff Certified Agreement", "score": 19.0, "published": true}], "size": 1, "snippet_links": [{"key": "the-act", "type": "clause", "offset": [22, 29]}, {"key": "in-particular", "type": "clause", "offset": [124, 137]}, {"key": "the-parties-agree-that", "type": "clause", "offset": [138, 160]}, {"key": "government-entity", "type": "definition", "offset": [180, 197]}, {"key": "the-entity", "type": "clause", "offset": [224, 234]}, {"key": "functions-of", "type": "clause", "offset": [274, 286]}, {"key": "disadvantaged-groups", "type": "definition", "offset": [307, 327]}, {"key": "affected-by", "type": "definition", "offset": [352, 363]}, {"key": "impact-statement", "type": "definition", "offset": [400, 416]}, {"key": "public-benefit", "type": "definition", "offset": [481, 495]}, {"key": "the-sale", "type": "clause", "offset": [501, 509]}, {"key": "in-the-event", "type": "clause", "offset": [516, 528]}, {"key": "service-or-services", "type": "definition", "offset": [572, 591]}, {"key": "by-the-department", "type": "clause", "offset": [611, 628]}, {"key": "under-consideration", "type": "definition", "offset": [632, 651]}, {"key": "the-parties-will", "type": "clause", "offset": [653, 669]}, {"key": "for-employees", "type": "clause", "offset": [698, 711]}, {"key": "provide-the", "type": "clause", "offset": [827, 838]}, {"key": "to-develop", "type": "definition", "offset": [870, 880]}, {"key": "be-prepared", "type": "clause", "offset": [915, 926]}, {"key": "subject-to", "type": "definition", "offset": [990, 1000]}, {"key": "terms-to", "type": "definition", "offset": [1024, 1032]}, {"key": "other-bid", "type": "definition", "offset": [1037, 1046]}, {"key": "an-independent", "type": "clause", "offset": [1048, 1062]}, {"key": "assessment-of-the", "type": "clause", "offset": [1130, 1147]}], "hash": "9a0e744197d4f4b3de84408df6413481", "id": 7}, {"snippet": "Type of Limitation: National treatment (Article 29) Legal Citation: Description: More favourable treatment may be accorded to New Zealand nationals and permanent residents in respect of ownership of enterprises currently in State ownership.", "samples": [{"hash": "2JmekVYQJ7D", "uri": "/contracts/2JmekVYQJ7D#privatisation", "label": "Investment Agreement", "score": 18.0, "published": true}], "size": 1, "snippet_links": [{"key": "type-of", "type": "definition", "offset": [0, 7]}, {"key": "national-treatment", "type": "clause", "offset": [20, 38]}, {"key": "article-29", "type": "definition", "offset": [40, 50]}, {"key": "legal-citation", "type": "definition", "offset": [52, 66]}, {"key": "more-favourable-treatment", "type": "clause", "offset": [81, 106]}, {"key": "new-zealand", "type": "clause", "offset": [126, 137]}, {"key": "nationals-and-permanent-residents", "type": "clause", "offset": [138, 171]}, {"key": "in-respect-of", "type": "clause", "offset": [172, 185]}, {"key": "ownership-of", "type": "clause", "offset": [186, 198]}, {"key": "currently-in", "type": "definition", "offset": [211, 223]}, {"key": "state-ownership", "type": "definition", "offset": [224, 239]}], "hash": "9edb67d1c36b7f399107a646230ce86e", "id": 8}, {"snippet": "In order to promote job sec(rity of employees, the parties agree that privatisation of a government entity may only occ(r where:", "samples": [{"hash": "eicfj61KQVQ", "uri": "/contracts/eicfj61KQVQ#privatisation", "label": "Act Fire Brigade Union Collective Agreement", "score": 23.8624229979, "published": true}], "size": 1, "snippet_links": [{"key": "in-order-to", "type": "clause", "offset": [0, 11]}, {"key": "of-employees", "type": "clause", "offset": [33, 45]}, {"key": "the-parties-agree-that", "type": "clause", "offset": [47, 69]}, {"key": "government-entity", "type": "definition", "offset": [89, 106]}], "hash": "d8ec779b37c456dc1c135d776674ae4f", "id": 9}, {"snippet": "Privatisation has recently become an increasingly important activity in many countries. Consequently, privatisation has been identified as a \"special topic\" in need for examination. This is an area where it might be possible for MAI to break new ground since privatisation as such is not presently subject to OECD rules. A large majority of participants in the Expert Group agrees in principle that national and most favoured nation treatment should apply to all phases of the privatisation process, giving foreign investors a right to participate. However, privatisations carried out via direct sales, as opposed to public offerings, have been identified as a potential problem in relation to the application of national treatment. Questions have also been raised concerning various measures which are seen by many as facilitating privatisation, but which according to others might reduce the opportunities of foreign investors (for example, the use of \"special shares\", management buy-outs, and other forms of participation programmes). It has also been suggested that a MAI provision on privatisation should contain tailor-made rules on transparency.", "samples": [{"hash": "3UV1ExvZINw", "uri": "/contracts/3UV1ExvZINw#privatisation", "label": "Multilateral Agreement on Investment", "score": 19.0, "published": true}], "size": 1, "snippet_links": [{"key": "important-activity", "type": "definition", "offset": [50, 68]}, {"key": "subject-to", "type": "definition", "offset": [298, 308]}, {"key": "oecd-rules", "type": "definition", "offset": [309, 319]}, {"key": "majority-of-participants", "type": "definition", "offset": [329, 353]}, {"key": "expert-group", "type": "clause", "offset": [361, 373]}, {"key": "in-principle", "type": "definition", "offset": [381, 393]}, {"key": "most-favoured-nation-treatment", "type": "definition", "offset": [412, 442]}, {"key": "all-phases", "type": "clause", "offset": [459, 469]}, {"key": "foreign-investors", "type": "definition", "offset": [507, 524]}, {"key": "right-to-participate", "type": "clause", "offset": [527, 547]}, {"key": "direct-sales", "type": "definition", "offset": [589, 601]}, {"key": "public-offerings", "type": "clause", "offset": [617, 633]}, {"key": "in-relation-to", "type": "clause", "offset": [679, 693]}, {"key": "application-of", "type": "clause", "offset": [698, 712]}, {"key": "national-treatment", "type": "clause", "offset": [713, 731]}, {"key": "according-to", "type": "definition", "offset": [857, 869]}, {"key": "for-example", "type": "definition", "offset": [930, 941]}, {"key": "special-shares", "type": "definition", "offset": [955, 969]}, {"key": "other-forms", "type": "clause", "offset": [997, 1008]}], "hash": "68c335add6eecc986d5d59d79840adb2", "id": 10}], "next_curs": "ClYSUGoVc35sYXdpbnNpZGVyY29udHJhY3RzcjILEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhZwcml2YXRpc2F0aW9uIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"title": "Privatisation", "parents": [["limitations-of-new-zealand", "Limitations of New Zealand"]], "size": 27, "children": [["", ""], ["framework-for-the-preparation-of-the-strategic-plan", "Framework for the preparation of the strategic plan"], ["national-treatment-and-most-favoured-nation-treatment", "NATIONAL TREATMENT AND MOST FAVOURED NATION TREATMENT"], ["monopolies", "MONOPOLIES"], ["state-enterprises", "STATE ENTERPRISES"]], "id": "privatisation", "related": [["stabilisation", "Stabilisation", "Stabilisation"], ["organisation", "Organisation", "Organisation"], ["strategic-procurement", "Strategic procurement", "Strategic procurement"], ["telework", "Telework", "Telework"], ["procurement-lobbying", "PROCUREMENT LOBBYING", "PROCUREMENT LOBBYING"]], "related_snippets": [], "updated": "2025-07-07T12:37:40+00:00", "also_ask": ["What are the essential elements to include in a privatisation clause to protect both parties' interests?", "How can the clause be structured to maximize flexibility or control during the privatisation process?", "What are the most common legal pitfalls or risks associated with privatisation clauses?", "How do privatisation clauses differ across key jurisdictions or sectors?", "What factors most influence a court\u2019s willingness to enforce or interpret privatisation provisions?"], "drafting_tip": "Specify the extent of privatisation, identify affected assets, and outline transition procedures to ensure clarity, prevent disputes, and facilitate smooth implementation.", "explanation": "The Privatisation clause defines the terms and conditions under which a public entity may transfer ownership or management of assets, services, or operations to a private party. Typically, this clause outlines the process for such a transfer, including requirements for transparency, regulatory approvals, and the protection of public interests. For example, it may specify how employees are treated, how assets are valued, or how ongoing obligations are managed post-transfer. The core function of this clause is to provide a clear legal framework for privatisation, ensuring that the process is orderly, fair, and protects both public and private stakeholders."}, "json": true, "cursor": ""}}