In this section of the report, we consider the structure of P3s through analyzing the strengths and weaknesses of four P3 contracts. We begin with the Presidio Parkway contract. The Presidio Parkway contract is the most recent P3 contract that Caltrans has prepared; as such, we used it as a baseline to represent, a) the current thinking and positions of the department; b) the department's best efforts; and, c) the best of industry-wide current practice. Using Presidio Parkway as a base, we compare and contrast it with three other P3 contracts, one each from Virginia, Texas, and Puerto Rico: the Pocahontas Parkway, Sam Rayburn Tollway, and PR-22/PR-5, respectively. We chose these contracts because, a) they are contemporary and domestic P3 contracts; b) people in the industry frequently hold up these three locales as models for P3 implementation (see Section VI Market for Private Capital); and, c) the final signed versions were readily available to us. We focus our attention on areas where the out-of-state contracts are superior to Presidio Parkway; our assumption is that any future California P3 would take the existing strengths of that contract and build up from that baseline. Please note that our analysis does not include advice that is not unique to public-private partnership contracts (e.g., clearly defining terms or establishing an order of precedence).