As part of the work of the Asian Development Bank (ADB) on infrastructure governance, sustainability, and the principles of Quality Infrastructure Investment, this discussion paper has been prepared, at the request of the ADB, to inform ADB staff and officials in ADB developing member countries. It describes the loss of confidence in public–private partnership (PPP) transactions that has led to an ongoing decline in their global use and argues that two of the major contributors to this loss of confidence are the approaches taken in PPP contracts to risk allocation and dispute resolution. The paper examines, in summary form, alternative contractual arrangements—including arrangements employed for transactions that are not PPPs—and analyzes the suitability of their use for PPPs, in the context of the development conditions that are likely to exist following the coronavirus disease (COVID-19) pandemic. Finally, the discussion paper introduces a series of suggested incremental reforms to current PPP contracting practices, incorporating aspects of the various alternative arrangements, and taking into account the associated governance challenges. This brief was financed under the technical assistance for Strengthening Fiscal Governance and Sustainability in Public-Private Partnerships.