Overall, the changes in Form 32 represent a significant improvement over the CCDC form and other forms of benefit retention. In addition, these amendments clarify the obligations and rights of the parties, but also give them a detailed process for the performance of the loan contract. As a result, rights under the new form of borrowing can be expected to be more predictable and effective. While Form 32 only applies to a limited number of public projects, its terms can set a useful precedent for lenders, owners and owners, which can also be used in other construction projects. With regard to public-private partnership projects (“P3”) and alternative financing and acquisition projects (“AFP”), section 1.1, paragraph 4, of the Law clarifies that “public procurement” within the meaning of section 85.1 is not the standard project agreement between a special purpose entity and the public body, but the dropdown construction contract or design contract between that special purpose entity and the contractor.  Section 3 of the General Regulation also clarifies that the minimum coverage limits for obligations for P3 or AFP projects are limited to $50 million, a 50% requirement that does not apply to projects with a contract price exceeding $100 million.  Some governments, and even private owners, use their own formulations, which they believe will increase protection through borrowing. This seems to codify and reinforce the common recommendation that bondholders communicate openly and often regarding tied work and possible problems. CCDC 222 – 2002 Obligation of labor and payment of equipment Standard obligations of guarantee and payment of equipment which guarantees that the contractor fulfills all obligations of work and payment of equipment resulting from the performance of the contract. . . .