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The other thing about contracts is "draft contracts have been exchanged" is utter waffle and totally meaningless unless contract terms have been finalised and the parties are signing counterpart agreements for completion. This is not some poxy conveyancing process where that might mean something binding
Gaynelly - it is probably from the same book that daid a contract doesnt need to be signed. ! In practice we need a signed contract. A contract could do many things eg. Specify remuneration for pre contract work. It could even specify a probationary period!!! Indeed if the company has already deployed 100-200 stafff without an enforceable oral or written contract of any kind then it would be a massive concern (for both parties). Doing all this without a clear relationship in place, if that is what it is, would be very misguided. I hope we have plans to actually walk away very soon.
Gibbo
Perhaps ....as ever I’m happy to be proven wrong , however if you place yourself in MPS’s shoes would you have placed a 5 -10 year MSC with a company unproven in port security , prior to seeing them perform in a fully functioning facility...?
On the subject of pre contract works .... fook knows if we’re getting paid ..... has anyone emailed Fowler ?
“ Dear Mr Fowler
Will we be getting paid for all pre contract scanning works undertaken at Tema Port “
It’s a closed question imo so his response ( if any) will be telling - can’t possibly be market sensitive information..... |o:
Feeks - is that from your A Level text book?
Just to split even more hairs a contract need not even be made in writing in order to be valid in law. It is possible to have an oral contract through 'offer and acceptance' of goods or services.
Big, I can’t see MPS announcing fully operational if one of their main contractors is on probation.
Also, I can’t see WSG agreeing to go on unpaid probation for months on end, if at all, when it seems that MPS asked us to do the gig just 2 weeks prior to opening the new £1.5bn facility. If that isn’t a strong negotiating position I don’t know what is.
Agreed!
Just to split hairs with you Mike. The terms of a contract can be finalised between the parties without signatures being put at the bottom of a page.
I will post more tomorrow . ‘Good faith’ ... whatever happens Wsg will not be out of pocket... just taking a little longer than we would have liked
Aiming,... I don't remember seeing anything saying that payment will 'accrue' from signing of contracts,.... if that has been stated in an RNS then I would agree with you...--- I have seen 'commence'.... as in the RNS 28th June that I posted---- two things are different IMHO.
One end stated that revenue would accrue once the contracts were signed (or finalised....I can’t remember the exact wording). To me that says that we are unable to accrue revenue yet which means that we are not legally entitled to them yet. MPS may decide to back pay us, but from the RNSs I’m pretty confident that they don’t have to per the LoI. Doesn’t mean they won’t, they could well have changed their agreement when the delay became longer than anticipated. But I think the RNSs don’t give us any insight here
Aiming
"Anything we receive from MPS for scanning is revenue. "
___
Agreed,... but what WSG said was that revenue wouldn't be rvceived until a contract was signed. It doesn't mean that we won't be paid for containers that we have scanned prior to the signing of the contract.... just that we won't receive the money until after. Very different.
If we were being paid from day one ,(subject to contract completion) Fowler would without doubt have emblazoned it across all RNS to include his proactive interview ......... in respect of the delay , MPS / GPHA clearly have a contract dispute at large which could possibly be delaying MPS from agreeing / placing any long term contracts....... however I’ve come round to the thinking that we are working an unpaid probationary period entirely at our own risk ........ |o:
Mike: I’m a little confused as to how we can not receive revenue but can receive payment. If they give us any money, or even agree to pay but the cash hasn’t arrived, then we’re receiving (or at least accruing) revenue. Anything we receive from MPS for scanning is revenue.
H&N: I’d love to be as confident as you, but PF expressly said at the AGM we were working for
Free initially and it wouldn’t last for months and months. So I’ve seen nothing that makes me think we get paid for pre contract work.....even though logic would dictate that we would.
We will definitely be paid for all the containers scanned.
RNS Number : 8354D
Westminster Group PLC
28 June 2019
"....These negotiations are proceeding, and draft contracts have now been exchanged. Westminster's revenues will commence once the final terms have been agreed and the formal contract finalised. Further details will be announced in due course. Westminster's revenues will commence once the final terms have been agreed and the formal contract finalised. ...."
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Draft contracts were exchanged many weeks ago. It has moved beyond the Letter of Intent. Plus,.... whilst it says that we won't actually be in receipt of revenues until after the formal contracts are signed,... it doesn't actually say that we won't be paid for the work that is done before the contract is signed?
Clutching at straws?..or are we just clocking up containers being scanned,... and once the figures are agreed,.. we will be paid accordingly?