Olympics 2012: London set for inspection
Olympic inspectors will ask London 2012 organisers for assurances over the progress of the athletes' village when they arrive on a three-day visit on Tuesday.
Only one firm, Australian constructors Lend Lease, are bidding to the build the village and the Olympic Delivery Authority (ODA) admit that the "challenging'' global economic climate has made agreeing a final contract more difficult.
A source close to the IOC's co-ordination commission said: "The commission will want to be satisfied that construction of the village will proceed on time and as planned.
"It is the biggest project in Olympic Park and the commission will want assurances.''
The Government allocated £492million in their budget to build the village and the international media centres and hope to raise a significant sum from the private sector, but may have to raid their contingency fund to seal a deal.
There is also a source of income from selling the accommodation for 17,320 athletes and officials as 3,000 apartments after the Games. Negotiations with Lend Lease are covering not just the cash for building the village but the firm's involvement with selling the flats post-2012.
The ODA insist that interim agreements with Lend Lease will allow work on the village to start next month.
An ODA spokesman said: "The Olympic Village site is now clear. Planning applications for the first blocks of the flats have now been submitted and Lend Lease are due to start piling next month.
"We expect to sign interim agreements shortly and aim to have financial arrangements in place before the main build later this year.
"The changing economic situation remains a challenge but we remain on-programme.''
New London mayor Boris Johnson will address the 18-strong commission, led by Swiss lawyer Denis Oswald, on Tuesday but the fact he has replaced Ken Livingstone on 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 on Tuesday morning and then meet the main Games leaders including Johnson, London 2012 chairman Sebastian Coe, Olympics minister Tessa Jowell, British Olympic Association chairman Colin Moynihan and ODA chairman John Armitt.
The IOC will devote Wednesday to updates on issues involving sport, marketing and athletes, and Thursday will deal with cultural, communications and financial issues.
It is understood that the IOC will not be unduly concerned about the political furore that has surrounded the Games' budget with critical reports emanating from two Parliamentary select committees and the National Audit Office.