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Friday, June 12, 2009AVARICE TOWERSA (FAIRY) TALE OF WOE Once upon a time, about 12mths ago, a really, really well known Regional Property Development Company - hereafter known as 'The Client' - put out a tender to build (yet another) heap of designer towers on an island nearby. The value of the contract was almost $2billion. Serious bling money eh? The Client awarded their mega bucks contract to a group of 3 international construction contractors. These 3 contractors created a Joint Venture. There was much excitement & the JV couldn't wait to get started! The Towers were to be really iconic in design & the presentation scale model was awfully pretty. It had to be, cos it had to entice buyers to part with their hard-earned dosh when they bought one of the spiffy apartments or took out a lease on a store where they could promote yet more overpriced bling. Multiple site offices were erected & after a "wait small, it's coming insh'allah" period, telephones & internet facilites were connected. The coffee machines & water dispensers were installed, office staff employed & offices assigned to senior staff of each of the JV companies. Without a moment's delay, they were A for away & the work began. Whoopee! Specialised staff were imported from countries in the Southern Hemisphere & with them came their wives & children. Homes had to be found & schools sorted for the kids. There was so much to do & the pressure of working 15hr days added strain to family lives, but people persevered. . After a few months, things settled down & work progressed. Reinforcing & formwork were placed, ready to receive concrete for the foundations, when it transpired that The Client had not received the building permit. Oooops. Cracks started to appear in the professionalism of The Client. . . The Client paid a little bit of money for a heap of work. The JV started to take strain - they needed The Client to pay what was owing as each month progressed (i.e. Monthly Certificate) but The Client had an excuse each time as to why no payment materialised. Then, there were rumours.....................rumours that The Client didn't have money. Oh no! Shock, horror! The chaps in the JV asked themselves: How can The Client expect to have these massive towers built when they didn't have money? . Meetings were held at very regular intervals. The Client assured the JV that they would get their money, but strangely enough, it was never forthcoming. Matters came to a head & at a highly-charged meeting, The Client said it didn't have funding for the project. But, there was a solution to their problem: The JV could fund the project! Ha! How about that then!! Problem solved! Er, no, not so fast said the JV - we're contractors, not bankers! We don't finance projects - we build them! They asked, how on earth could The Client expect the JV to take the risk of building the project at a rock-bottom price, as well as the risk of financing the project, with no guaranteed returns, simply in order for The Client to make their original budgeted profit WITH NO RISK TO THEMSELVES? . The Client then informed the JV that they would attempt (again) to get funding. They were sure they could get it............really.................cos they were The Client & everybody knew them! . . Guess what? . . . The Client couldn't get the financing. . . So they cancelled the project. . . The JV were naturally disappointed, but knew that life had to go on. A large percentage of staff were gradually laid off or re-assigned to other minor projects where possible, whilst others set about claiming money from The Client for work already done. This took a considerable amount of time, as there was much money outstanding. Suppliers & Sub-Contractors were getting impatient - they too wanted their money. . Many weeks passed & The Client still couldn't come up with even a hint of the outstanding amount..............but they were very creative in their excuses. . . Then, a new rumour surfaced - The Client had allegedly entered a 'new agreement' with 2 of the 3 JV contractors. It was to go ahead & build the towers after all! It would be a whole new contract! The rumour apparently became a fact when local newspapers recently published a story about The Client awarding a new contract to build their iconic towers, on an island nearby. Strange, didn't that story appear in the papers a year ago? . The really funny thing is though, The Client STILL doesn't appear to have the funding for the project! . One of the 2 JV partners is ironically the contracting division of The Client - it's all the same company. This particular company also owns a rather large bank in the Region, but strangely enough, it's own bank is rumoured to have refused to finance the project! The Client doesn't seem too bothered about this . It thinks that one day, a Magic Banker will suddenly appear from the depths of a brass lamp & in a puff of smoke, wave a blank cheque at them! . . Meanwhile, back on the island, the 3rd contractor in the original JV awaits its share of the outstanding amount owed by The Client. This contractor refuses to vacate it's offices or hand over any documentation or equipment relating to the original JV, until it gets paid. The Client is acting like an impatient child, stamping its foot & screaming "I want, I want!" because it wants to get started (again) on its project, despite apparently not having secured the necessary funding. It has now resorted to 'dirty' tactics in an effort to get the 3rd JV contractor to simply go away, without payment of course. What it fails to understand is that the longer it avoids paying the outstanding costs, the more it will ultimately cost in the end. The Client created the problem in the first place, but now simply wants to wash it's hands of all financial responsibility & start all over again as if nothing has happened. The Writer hopes this (fairy) tale has a happy ending.  
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