The topic of PPP (Public-Private Partnerships) is gaining increasing importance in Germany. Reasons for this include the precarious financial situation of public budgets and the possibility for the public sector to fulfill its tasks more efficiently through PPP projects than through conventional implementation. The distribution of risks between the public sector and the private partner is crucial for the success of PPP projects. In Germany, the commonly used forfaiting with waiver of objection for financing PPPs, alongside project financing, leads to a redistribution of risks. The public sector now assumes risks that would fall under the responsibility of the private partner in a project financing scenario. The aim of this work was to assess these risks from the perspective of the public sector. It has been shown that...