Policy updateConcession AgreementsMarch 2024

BOT Toll MCA amended: termination payment cap raised from 100% to 115% of TPC

What changed

MoRTH amended the Model Concession Agreement for BOT Toll projects. The most contractor-significant change: NHAI's default termination payment is now capped at 115% of Total Project Cost, up from 100%. The amendment also clarified the mechanism for capacity augmentation requests initiated by NHAI after the concession is operational.

Action to take

If you are in financial close discussions for a BOT Toll project, confirm that the concession agreement references the March 2024 MCA, not the earlier version. The 15% uplift on termination payment is material for lender comfort on tail-risk.

Other concession agreements updates

2024 (Multiple Amendments)

HAM MCA revised: traffic risk insulation reconfirmed, TPC coverage rules tightened

Several 2024 amendments to the Hybrid Annuity Model concession agreement clarified that the concessionaire bears zero traffic risk (annuity is paid regardless of toll collection), but tightened the definition of qualifying costs in TPC. Changes also introduced milestone-linked annuity adjustment triggers tied to NHAI's independent engineer certification process.

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