HRADF has established a special unit, the Contract Monitoring Unit (CMU), that is tasked to monitor the agreements with investors ensuring they abide and just as importantly help them develop their investment plan, like an “after sales service”. The Unit acts as a guardian of the privatization contracts on behalf of the Hellenic Republic, the Fund and the investors.
The role of HRADF’s Contract Monitoring Unit is to ensure that privatization contracts are executed and implemented as agreed by the investors and all stakeholders meet contractual obligations. In addition, the Unit oversees the smooth and unhindered execution and implementation of completed tenders over assets/projects that belong to the Asset Development Plan portfolio, following their financial closing. These projects include assets that have been matured, developed, or privatized on behalf of the Hellenic Republic by HRADF.
The CMU’s mode of operation is to monitor and oversee the complete framework of the agreements, listen to the investors’ needs, monitor market trends, and remain vigilant with regards to their impact on the contracts. The Unit acts as a conduit between the Investors and the competent Authorities and strives to seek solutions when necessary to promote the efficient implementation of the projects.
The Unit’s approach is to be cognizant of the contractual developments to act proactively to prevent the raising of disputes, financial claims, compensation requests, and the triggering of arbitration clauses. The CMU is in close collaboration with Ministries and State Authorities. As it accumulates experience, it permeates lessons learned and provides feedback internally to the Fund project teams and externally to the State Authorities.
The CMU team is staffed with well-versed project management and legal teams and is complimentarily assisted by specialized external advisors when needed.