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The article covers an extensive concept of partnership of private and public sectors. The authors emphasize an intermediate case existing between public procurement and privatization. The paper also give a broad overview of risks and their management related to the PPP projects. The idea of the necessity of the public sector to transfer risk to the private one maintaining the controlling function is emphasized. By applying Great Britain's example, the authors reveal some of the aspects of an effective management of PPP projects. Private companies are seen as entities that are capable of implementing projects in a faster way. The article presents some guidelines for the PPP improvement in Lithuania. The necessity of law and institution as well as the issues related to projects differentiation according to the types, responsibility and accountability is emphasized. [ABSTRACT FROM AUTHOR]