Successful P3s have common features, including (1) underlying laws that define the process for identifying and evaluating opportunities, defining structure and relationships, and overseeing contracts; (2) determinations of cost effectiveness, value for money, and risks and rewards; (3) transparent procurement processes that allows for innovation; (4) stakeholder/community support; and (5) contracts that define performance metrics and payment terms upfront, fairly balance risks and rewards and are for the appropriate length of time to manage risk and provide a reasonable return on investment.