Franchise Agreement Ptv
The current agreements give franchisees the exclusive right to negotiate a seven-year extension of their agreement with the state, as long as they meet certain performance criteria. In December 2015, PTV assessed that both franchisees met the required benchmarks. However, PTV was unable to provide evidence to demonstrate the rationale for and assessment of some of the benchmarks. Figure 4E Case Study: Flexible Benchmarks in The Tram Franchise, 2014-2015 Victorian Rail Track (VicTrack) owns the state`s rail facilities and leases them to PTV under a cross-sector infrastructure lease agreement, known as headlease. PTV then leases the assets to franchisees under individual infrastructure lease agreements. Results reported on the basis of the ICPs defined at the beginning of the agreements, including regional rail services operated by V/Line Corporation, are the subject of similar agreements with VicTrack and PTV. VicTrack leases the regional rail infrastructure and assets to PTV, which it then sublets to V/Line as part of the Regional Infrastructure Lease. PTV conducts a limited review of this work, but does not analyze the information provided or the effectiveness of franchisees in tracking and managing asset issues….