There have been few studies to explore the relationship between risk-sharing and revenue-sharing within BOT projects, although many studies have explored issues of risk-sharing and revenue-sharing separately. However, to achieve the objectives of risk management and revenue-sharing it is critical, during the operational phase, to construct a balance mechanism between risk-sharing and revenue-sharing for BOT projects. In this paper we have shown a mathematical model for assessing risk-sharing and revenue-sharing based on income-guaranteed and royalty computed alternatives and then taking into account a balance mechanism. The mathematical model describes the relationship between risk-sharing and revenue-sharing using the real option approach from the public utility viewpoint. Additionally, this paper conducted a case study with the Taipei Port Container Logistic BOT project to find the operation income-guaranteed and royalty computed income, respectively. Results of the case study show that the developed model can be applied to describe the relationship between risk-sharing and revenue-sharing for BOT projects and the balance mechanism between the public utility and the private-sector.