The transition from financial close to the start of construction marks the stage by which the Procuring Authority's project specific contract management team needs to be set up and trained. As detailed in Chapter 2 (Contract management team set-up and training), this is a key task which should be carefully planned and reviewed, as the skillset required post financial close is fundamentally different from the transactional expertise needed to reach financial close.
It is recommended that procurement and contract management staff overlap to some extent before and after financial close, to allow sufficient time for training and knowledge sharing. It is also important that both the Project Company and the contractor (and possibly key subcontractors) are required to maintain overlapping staff from procurement to construction.
The research indicates that Procuring Authorities often change their contract management team completely following financial close. Where this is the case, a carefully managed and comprehensive handover is vital.
Hiring staff can also be a lengthy process, and the process may take even longer in less developed markets where there may not be as many people available with relevant experience.
| EXAMPLE Training during the transition from financial close to construction To assist with knowledge transfer on the Barranquilla Airport project in Colombia, workshops were carried out with new staff joining after contract award by representatives from ANI's (Colombia's National Infrastructure Agency) central knowledge teams, and the ANI team and consultants that structured the contract. The external consultants involved in the structuring, also worked hand-in-hand with the Procuring Authority for six months after contract signing and provide continued support, as and when necessary. For more information, see the Barranquilla Airport Case Study. |