Can the Eurasia Tunnel with Transition Guarantee Pass to the State with Force Majeure?

Can the Eurasia tunnel with transition guarantee be transferred to the state with a compelling reason item?
Can the Eurasia tunnel with transition guarantee be transferred to the state with a compelling reason item?

Sözcü Newspaper Author Çiğdem Toker shared the information that epidemic diseases are considered force majeure in the contract signed for the Eurasia Tunnel, therefore the Ministry of Transport has the right to terminate the contract.

In the Eurasia Tunnel, which is built with a model called 'public private cooperation', the operating company is guaranteed a pass for every year. If the guarantees cannot be met, the state pays the difference to the operator. Since the tolls are indexed to foreign currency, guarantee payments are also determined in foreign currency. The contract signed with the operating company is not shared with the public because it is a 'secret'.

Sözcü Çiğdem Toker, the author, reached the information regarding the contract in his article Shared; According to this, the force majeure reasons are listed as follows: Partial or general mobilization declaration, legal strikes, terrorist movements, sabotage, nuclear explosion or consequences caused by leaks, natural disasters and epidemics such as fire, storm, avalanche, lightning, flood, earthquake.

It is stated in the contract that the parties may terminate the contract by agreement if a force majeure occurs.

Some of the article is as follows: “Each party with a notice to be sent to the other party by notifying its reasons.

a) Immediately when the parties reach an agreement that one or more force majeure events prevent the parties from fulfilling their contractual obligations in a way that cannot be compensated. ”

On the other hand, in the model called "public private cooperation", if the contract is to be terminated based on force majeure, it is stated that the evaluation is made separately as "investment" and "operation".

Accordingly, if the termination is to be made, the company has to pay the equity it cannot get from the vehicle revenues, and if the financing provided for the investment has not been repaid, it must be paid to the credit institutions.

If these conditions are met, Toker said, "In return, the company's investment (that is, the tunnel in our example) goes to the state."

Günceleme: 26/03/2022 00:00

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