Signing a $50,000 contract when you don't have the money to pay for it sure is gambling alright, but it's gambling with someone else's time, money and livelihood. I sure hope the vendor was in on the risk.
There's a lesson in this for all you contractors out there. Take money up front (I used to expect 50% for small projects, but less for larger ones.) Don't assume your client necessarily has the money to pay once you've completed the job.
Yup. I just left a comment on the blog about this.
There's a little more context there that is probably relevant to this story. In short, the bet wasn't made quite so belligerently. It just so happened that unexpected circumstances made the situation a little more dire than we anticipated when we signed it.
There's a lesson in this for all you contractors out there. Take money up front (I used to expect 50% for small projects, but less for larger ones.) Don't assume your client necessarily has the money to pay once you've completed the job.