London 2012 chiefs insist Olympic Village will be finished on time

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London 2012 chiefs insist plans for the Olympic Village are on track despitethe fact work is due to start next month without a contract being agreed withthe constructors.The Olympic Delivery Authority (ODA) admit that the "challenging" globaleconomic climate has made agreeing a final deal with Australian firm Lend Leasemore difficult.The issue will be one of the main items International Olympic Committeeinspectors will seek assurances over when they start a three-day visit to thecapital today.

Deadline meeter: Lord Coe with the IOC delegation in London

The IOC's co-ordination commission have had little cause for concern overLondon's preparations previously but the fact that a contract has yet to besigned for the village has raised eyebrows.The ODA insist interim agreements with Lend Lease, the only firm bidding forthe project, will allow work on the village to start next month.An ODA spokesman said: "The Olympic Village site is now clear. Planningapplications for the first blocks of the flats have now been submitted and LendLease are due to start piling next month."We expect to sign interim agreements shortly and aim to have financialarrangements in place before the main build later this year."The changing economic situation remains a challenge but we remainon-programme."The IOC are aware of the situation and are expected to ask for clarification onthe current standing of the project.A source close to the IOC's co-ordination commission told PA Sport: "Thecommission will want to be satisfied that construction of the village willproceed on time and as planned.

Here's one we did earlier: The IOC delegation is show around Wembley Stadium

"It is the biggest project in Olympic Park and the commission will wantassurances."The Government allocated £492million of their budget to build the village andthe international media centres and hope to raise a significant sum from theprivate sector, but they may have to raid their contingency fund to seal adeal.

There is also a source of income from selling the accommodation for 17,320athletes and officials as 3,000 apartments after the Games.Negotiations with Lend Lease are covering not just the cash for building thevillage but the firm's involvement with selling the flats post-2012.New London mayor Boris Johnson will address the 18-strong commission - led bySwiss lawyer Denis Oswald - today but the fact he has replaced Ken Livingstoneon the four-person Olympic Board will not pose any problems to the IOC members,who are used to dealing with changes in personnel.The IOC will visit the venues this morning and then meet the main London 2012leaders, including Johnson, London 2012 chairman Sebastian Coe, Olympicsminister Tessa Jowell, British Olympic Association chairman Colin Moynihan andODA chairman John Armitt.The IOC will devote tomorrow to updates on issues involving sport, marketingand athletes, and on Thursday will deal with cultural, communications andfinancial issues.