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So your management co. doesn't pay
roger
Posted: Friday, January 30, 2009 9:11 PM
Joined: 09/01/2009
Posts: 4


I'm a contractor, I have 23 152.76 Euro outstanding from management companies who say, "the money is late from the owner so we can't pay you yet".  I'm a sole trader and can't afford this sort of cash flow problem.  It isn't my problem that the money flow from the boss is bad.  Bills that now date to 3 months are for me unacceptable.  I'm a maritime lawyer and have no trouble usuing a liens and arrest wrants or an action in rem against a boat but if I do I get blacklisted and fighting a major company is hard work.  This is why they don't pay us until they feel like it.  One inparticular is worse than all the others put together.  Nigel Burgess.

 

My question is what would you do as a captain if you had a liens/warrants issued against you for non payment of a bill you had signed off on?


Anonymous
Posted: Saturday, January 31, 2009 5:47 AM
.  In the end its the captains problem.  Chain him down, make him grow up and get organized.  The golden rule on yachts is never spend the owners money unless you have it on the boat..  Never.   Don't be blaming management companies for failure to pay. Most " managers " are just paper pushers sitting behind their desks waiting for Friday.   Hit the captain.  I never, NEVER, commission work or purchase gear until I have the cash in hand.
Anonymous
Posted: Saturday, January 31, 2009 12:40 PM
Who signed the authorization for works? If It was the management company (or their technical department) then they definitely should be releasing the funds. Also, many management companies manage all the yachts monies for the owner,if the yacht is under full management, in that case the Captain has no owners money, unless it is supplied by the management, so he is highly unlikely to have access to that amount of cash. Who did you deal with at the management companies to ask for payment, it has probably stalled with an accountant who is buying time until the monies come in? I would try going to the top, most directors would be very unhappy if they got a bad name for this, after all, they rely on suppliers and service companies, (not just the other way around) so their good name as responsible financially trustworthy people is important (to the better companies anyway)Go to the MD's.
Anonymous
Posted: Saturday, January 31, 2009 1:06 PM
I understand what you say about management companies.   Lots of fly by night stuff about.     I see three yachts presently in the harbour that are impounded because the Management company did not pay the dockage  !!!  Choose your next job carefully !!!  I have good communications with the management.  We just purchased a new Genoa.     Expensive piece of equipment.    Estimates were sourced and reviewed. When the choice was made 50 percent of the fee was transferred to the sailmakers account and  simultaneously the remaining 50 percent was sent to the ships account. I saw the money arrive, then authorized the construction of the sail.   Its easy.  As captain I feel personally responsible that bills get paid.  I just wont let the work begin until Ive got my ass covered.
Dean
Posted: Monday, February 2, 2009 5:11 PM
Joined: 17/06/2008
Posts: 71


The root cause for late payment is often traced back to the original work plan, budget, project time line and a failure to derive agreed workmanship standards and the payment schedule.

 

When developing a work list, budget & project time line each party must define the quality standards for the work and methods for approval and acceptance of each task so progress payments can be made.

 

A work process can be easily incorporated into the payment schedule for vendors and benefit both the yacht and sub-contractor.

 

An upfront deposit and sensible progress payments which are in sync with measureable project milestones make everyone accountable for the job.

 

No method is perfect, but having known quality standards, progress milestones and something which connects payments & forward progress is better than a hand shake.

 

 


 
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