WIDP definition
Examples of WIDP in a sentence
Presumably the reference to recovery of increased financing costs has been included to ensure waste PFIs remain bankable and ease the pressure put on WIDP by the banks, however query whether such appeasement remains at the cost of sponsor returns.
This will be bad news to many including the banking community who have asked WIDP during the course of this year (during various meetings with WIDP and HM Treasury officials) to allow a Compensation Event on the grounds that it is a simple pre-existing mechanic for compensation due to a delay.
In addition the Authorities may agree to submit the dispute to WIDP for that organisation to express an opinion.
DEFRA and WIDP promised to look at such issues at a future stage but until that time, the industry was informed that all derogations from the 2009 version had to be justified on a project specific basis.
It is to be noted that WIDP have proposed that the clawback only apply to excess third party income and so there is a case for stating that this is an element of “super-profit” against which the local authority should be allowed to clawback any costs they have incurred.
Thank you for the recent papers provided via your WIDP Transactor relating to your Authority’s proposal to exercise two options under the terms of the Project Agreement dated 7 November 2012 between (1) your Authority; and (2) Veolia ES Leeds Limited relating to the design, construction, operation and maintenance of residual waste treatment facilities in Leeds (the “Project Agreement”).
WIDP were able to offer the industry some comfort in relation to issues such as the “Option 1 – No Retendering” issue and wipe clean provisions by virtue of the Direction of Travel paper but the formal drafting still had to be agreed on a case-by-case basis.
The mechanics suggested by WIDP to deal with the delay issue include setting out any increased EPC costs (to the extent that EPC costs are not fixed until the construction longstop date) or financing costs associated with delay.
These changes are in addition to various clerical changes and minor drafting amendments some of which were identified in the WIDP Direction of Travel paper.
The contract is the much awaited successor to the previous form of contract issued by WIDP in June 2009.