Public-Private Partnerships (PPPs) have unique characteristics such as a long time horizon and multiple stakeholders involved. This can lead to common transaction hazards–uncertainty, asset specificity, imperfect information and incomplete contracts, which can further promote opportunistic behavior between parties. Although contracts are designed to govern projects and curb opportunism, their efficacy is limited by these transaction hazards. Therefore, the development of strong relationships and cooperative behavior among stakeholders are often emphasized to complement contractual provisions, which can mitigate transaction hazard impacts.