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completion,
circumstances.
even in the event of relatively adverse
27.
It is pertinent to note that the position of the
of the airport project are
PAA/AA and the nature
Fundamentally different in many respects from the MTRC and
the airport rail project.
The PAA/AA, unlike the MTRC, is a
new corporation with ΠΟ financial track record. For the
airport project, pre-completion
significance than for the
isks are of greater
airport rail, since during this
period the PAA/AA will have no major revenues of its own to
cushion adverse events (in contast to the MTRC). On the
other hand,
after completion, the AA will have a relatively
secure revenue stream (inheriting Kai Tak's traffic) unlike the airport rail (where patronage levels are less certain).
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28.
The
principles set
possible the
liabilities and
Government has been careful to ensure that the
out in the Outline Agreement avoid as far as
creation of open-ended or unquantifiable
contingencies either for the present or the
A copy of the outline Agreement is
The key elements are discussed below.
future Government.
attached at Annex B.
:
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