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Surety Consulting and Support

When problems occur on a construction project to the extent where the Surety has to become involved, immediate action is necessary to evaluate the problems, work stoppage or impending defaults.  Early involvement by objective experts will provide an opportunity to evaluate a variety of remedies.  Whether reorganization and monitoring support will assist the contractor in completing the work in an expeditious manner needs to be determined as early as possible.

A complete assessment of the project status both financially and completion wise will be necessary to facilitate the Surety’s decisions on how to proceed.  Tectonic Systems, LLC can provide these very necessary services and advise in a timely manner.

The review and assessment process can support the Surety’s position from build-out to legal action by providing a detailed history of the default or events leading up to the default. Some of the necessary services will include:

  •          Detailed estimates of the Cost to Complete

  •          Development of a detailed schedule for project completion

  •          Requisition history analysis to determine the cost of work in place

  •          The detailed Cost to Complete will also produce a Value of Work in Place which when compared to the cost of the work in place will provide a picture of the extent of the overall damages that need to be recouped or litigated.

  •          Review of change orders in place and those in progress will complete the financial analysis of the project.

  •          Procurement of a replacement contractor if necessary

  •          Project monitoring systems – cost and schedule

  •          Documentation for potential legal proceedings

  •          Complete claim analysis and support system (see Claims Analysis and Support)

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