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There can be a number of reasons why work on a construction project is troubled to the point where the surety must become involved. If there is a work stoppage due to default or dispute, it is essential that the project be evaluated and, if necessary reorganized, as quickly as possible. If there has not yet been a default, the circumstances of the project may merit monitoring. When the surety becomes aware of any of these situations, the diversity of the Nautilus team can be invaluable in the recognition and avoidance of problems before they occur, and quickly resolving claims when they do occur to protect the interests of the surety and minimize financial loss.
We work closely with the surety's claims team and its legal counsel throughout the process, and offer a broad range of services beginning with the initial case analysis or project assessment through litigation support. We will move quickly to assess and evaluate the options available to the surety, including the identification and factual case development of possible surety defenses. The menu of services that we can offer to a troubled project scenario includes the following:
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Cost to complete estimates |
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Completion schedule development |
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Payment bond claim analysis |
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Change order analysis & negotiation |
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Earned value analysis |
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Reconciliation of project funds |
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Ratification of subcontractor agreements |
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Assist in procurement of replacement contractor(s) |
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Project monitoring |
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Affirmative claim preparation & review |
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Expert witness testimony |
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Litigation support |
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The Nautilus team is comprised of consultants having active project skills - some of which include cost estimating, project management, CPM scheduling, cost accounting and cost control, project start-up, and project closeout. This enables us to provide real practical construction talent to your troubled project, the result of which will be the mitigation of damage to the surety. |
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