Penalties and Bonuses: The Construction Agreement for the Spotify Camp Nou

The construction company faces penalties for delays, but receives bonuses for early completion

First bonus already earned: Demolition finished one month ahead of schedule

Limak, the Turkish company responsible for the construction at the Spotify Camp Nou, has agreed to a contract with FC Barcelona that includes financial penalties if they fail to deliver 60% of the project by November 30, 2024, or complete the entire project by June 2026. These penalties are severe, with Limak being liable to pay one million euros for each day of delay. However, the company accepted the challenge due to the opportunity for international prestige and their confidence in their innovative approach to completing the project in record time.

Similarly, if Limak finishes the project ahead of schedule, FC Barcelona is obligated to pay them. This arrangement was outlined in the contract signed between the two parties. If Limak is delayed by one day, they pay one million euros, but if they finish a week early, FC Barcelona pays a variable fee to the Turkish company. These bonuses are not limited to the November 30, 2024 or June 1, 2026 deadlines, but are evaluated throughout different phases of the project. The payment terms differ, with FC Barcelona counting in days and Limak counting in weeks.

For instance, the demolition phase was completed several weeks ahead of schedule, resulting in FC Barcelona having to pay the corresponding variable fee as agreed upon. This phase serves as a crucial indicator of the project’s progress. The specific amount of this bonus has not been disclosed as it is considered confidential.

Progress of the works is currently on track

This can be attributed to the efficient performance of Limak, the decision to demolish part of the third tier in December, and the accelerated pace of work, including working on Saturdays and some Sundays, which was not initially planned.

Limak is expected to complete the construction of the Camp Nou by November 2024, but the rapid progress raises the possibility of an earlier completion. The decision to open the doors sooner lies with FC Barcelona. They can choose to maintain the current deadlines and allow Limak to continue accelerating the works or decide to bring forward the team’s return to the Camp Nou. However, this decision has not been made yet and is not imminent, as there are still many months of work remaining. Various factors, such as a rainy season or adverse weather conditions, could potentially cause delays.