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What happened at the 74th Version of the Unsignable PPP Contract
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(Based on several painfully true stories) ​ We were days away from financial close. The lawyers had been billing by the comma. It had already gone through more drafts than the Magna Carta. The procuring agency was proud. Very proud. Such a good job. Such a good transferal of risks… They said, “We’ve created the most comprehensive PPP agreement in history.” ​ ​ I didn’t. ​ Let’s rewind. ​ We had a 1,500-page contract (plus annexes) filled with beautiful clauses like: “The Private Partner shall use all reasonable endeavours to prevent acts of God.” ​ Then there was the KPI section — ​ One read: “Maintain user satisfaction at a level that reflects the public interest.” ​ ​ Nice. Very nice. Our lenders were preparing the champaign.
The cherry on top? ​ ​ ​ ​ A boss making fun whisper to my ear: “Trust, but verify”. Did you get protection under the contract? Version 61 had... some. ​ Meanwhile, the financiers were twitching. Their risk teams hadn’t slept in days. One bank even called it "the most elegant suicide note they’d ever seen." ​ By draft 74 (yes, we counted), we had added, deleted, and re-added the same clause five times. ​ “Actually, this one was the best.” ​ You probably know that I come from the region that makes the best ham in the world… although at the time, I was vegan. ​ In the end, the contract got signed. ​ ​ ​ ​ I passed all the info to the delivery team. As the agency did. As the lenders did. As equity partners did. ​ Some careers changes, after bonuses. Change cell. Change countries… ​ Just in case… ​ Moral of the story?​ ​ Do you want to have the detail of some horror stories. You can click in the link below. ​
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Vicente Valencia
I talk about Personal Growth, Management, Infrastructure and More | C-Suite Executive | Mentor, Coach, Strategic Consultant | Real Estate Investor | 👇JOIN +2k readers 👇
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