Regulation 73. Limit on the duration of a concession

(1) For concessions lasting more than five years, the maximum duration of the concession shall not exceed the time that a concessionaire could reasonably be expected to take to recoup the investments made in operating the works or services together with a return on invested capital taking into account the investments required to achieve the specific contractual objectives.

(2) The investments taken into account for the purposes of the calculation shall include both initial investments and investments during the life of the concession.