It is like oxygen to lungs or fire that burns brightly
On the 25th subbies scribe their prayers politely
The three quarters done will be 80 on the run
at the end of the month, guessing rightly
The contractor will predict 83, if he is quick
To exploit the consultant late on the 5th
Who is too busy to measure all his projects at once
appears the 3% was done, last month in a lick
The Ides appear
the subbies fate is near
What will he be paid
for labour dear?
The contractor can
only see 78
that’s 2 less
than the subbies best guess
On well he’s too busy delivering
to count more than once a month
he’ll take it,
It’s better than half a lunch
So, the contractor pockets
5% in one month
But the deception backfires
If this party trick retires
So,
what will he do?
Here’s
a hunch
Give it back slowly
The slower the better
To ease the pain of withdrawal
Is this cash or cocaine in a letter?
The best QS magic
all tricks in a row
make project profit appear
100% in cashflow
When only a quarter
of the project is built
Like spinning plates
on a stick with a tilt
From then to the end
it’s a balancing act
To distribute the drug
between client and the bank
The subbies are ok
We’ve got retentions on them
They have to come back
Like live baiting on the Thames
Start with front end loading
Shave the claims as you go
Submit variations
Like angels in the snow
Pass the subbies VO calcs
conservatively high
To the consultant asleep
Or it will never get by
Playing both ends to the middle
Where the contractor keeps
What either does not see
or miss, unless they peep
Retentions once protected
Worker’s wages
sounded
good
but like a drug
it had flavour
to the contracting
neighbourhood
When the liens act was repealed
And with no justification
Liens Retentions became
Just retentions the same
Let the show go on
Until 2017
When trust appeared
To make contractors lean
Now 3 points of cashflow
Are slowly withdrawn
Over 20 or so
Monthly dawns
Then we watched
them tumble
Like
Dom – in - os
Ebert,
Arrow,
Stanley
On the list goes…
But some retentions now return
in judgemental trepidation
For directors’ fear a lawsuit
in their next liquidation
By Matthew Ensoll.
Life Member NZIQS. Reg.QS.
Editor The New Zealand Building Economist.