--- In AsburyPark@yahoogroups.com, [EMAIL PROTECTED] wrote:
>
> I actually gained some significant
> insight into where Kate Melinna stood/stands on the relationship
with Asbury
> Partners via her recent column in the Coaster. From her writing,
I gathered
> that she sees the relationship as friends working on a project
together. Thus
> her desire to just work "in good faith" and hope for the best.
>
> This is not how business of this sort can or should be done. When
the state
> or federal government enters into a contract of the likes of our
> redevelopment agreement, there are clear timelines and penalties
for lack of
> performance. If the agreed upon deadlines are not met, then there
are serious financial
> penalties. That is standard - except in our agreement.
>
>
It is not only when governments enter into contracts. There are many
friends and relatives who entered into partnerships and joint
ventures without formal agreements and who no longer speak to each
other. Any competent business adviser will stress that even close
friends and relatives should not rely on "good faith" but put pen to
paper and spell out what is expected of and due to each party. It is
the only way to do business. To do otherwise is simply asking for
trouble. I have seen partnership and LLC agreements between husbands
and wives that have more meat on their bones than our waterfront
deal. If Kate wants to trust Fishman, that's her business. Open a
store with him. But then again, she trusts Terry Weldon as well, who
has proven he can't be trusted.
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