Public-private partnerships are all the rage, as governments seek new ways to deliver public infrastructure, facilities and services in the face of daunting budget limitations and doubts about older procurement modes. PPP projects and future prospects in states such as Virginia, Indiana, Texas, Illinois and California have led European companies with large PPP portfolios to dive into the U.S. market. Many well-qualified U.S. companies are not familiar with the differences between the PPP and traditional procurement models.

We have advised clients over the years on numerous PPP transactions, from airports to courthouses to toll roads to railroads, among others. From that experience, we offer four questions that are key to evaluating any PPP, particularly for U.S. companies entering this increasingly popular field.

Originally published in Law360, New York on March 7, 2014.