Re: £3m Budget for 2014 Homecoming
Originally Posted by
cessna152towser
...
You will recall that the 2009 Edinburgh Gathering went bust leaving performers and those who set up and dismantled the marquees etc. unpaid, despite the organisers receiving £670,000 of taxpayers' money.
That should have never happened, and certainly should not happen again.
The public entity holding the rights to the event should insist (in a contract with the promoter/organizer) on a surety bond, or performance bond, that will cover at least a portion of subcontractors' costs in the event of financial default.
Such bonds, though they act more like a "loan" in actual practice, provide insurance against bankruptcy. The cost of such "insurance" would likely be an incremental cost of each ticket.
It surprises me that in the country (Great Britain) that invented modern insurance, this kind of protection isn't routine. Does anyone know why?
Last edited by mookien; 7th March 12 at 04:03 PM.
Reason: Added () for clarity
I changed my signature. The old one was too ridiculous.
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