Concession Agreement for the San Jose-San Ramon Toll Road project (dated October 2004) entered into by and between the Government of Costa Rica and Sociedad Autopistas del Valle S.A. (concessionaire) following the contractual modality of “Concession of Public Work with Public Services” under a BTO scheme (in Spanish).
The agreement is for the duration of 25 years (renewable for another 25 years for public interest reasons). All risks are assumed by the private sector; in consequence, the full revenues go to the private sector - ie, toll revenues, commercial revenues and revenues from services rendered to third parties. The agreement provides for an optional “Guaranteed Minimum Income” (GMI) mechanism for the first 10 years of operation (clause 8.11) following the same guidelines as the contract above. The State of Costa Rica provides the land for the works (clause 1.5).