"BOT or Build-Operate-Transfer" refers to a contractual arrangement (generally a concession) whereby a company or a consortium of companies (often acting through the medium of a project company or SPV) go through three pre-agreed phases: (i) build an asset, such as a motorway, hospital or prison, following some pre-defined specifications in terms of the asset characteristics and expected performance levels; then (ii) operate the asset during a pre-defined period usually spanning over several years and commonly up to 25-30 years, or even occasionally longer; and (iii) Transfer - generally for free - the Assets at the end of the agreement. / BOT can also refer to the Italian Treasury bills, called Buoni Ordinari del Tesoro (BOT).

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