VERTEX was retained by a surety client to monitor a multi-family residential project for the Seminole Tribe of Florida from a contractor experiencing financial distress. The project consisted of the construction of a 4-story building with 16 apartment units with multiple interior bedroom and bathroom layouts. The structure of the building was reinforced concrete masonry with hollow-core plank floors. The exterior consisted of applied stucco cladding and decorative stucco bands. The roofing system was a standing seam metal roof on pre-engineered wood-trusses. The project included the installation underground site utilities and a large, paved parking area on both sides of the building exterior.
VERTEX provided construction monitoring services for several months until the contractor was eventually terminated due to its inability to adequately perform. A formal Cost-to-Complete analysis was prepared for the Surety, analysis of the subcontractor contracts & invoices were performed, and ratification agreements were then drafted for subcontractors and vendors. VERTEX then conducted a project relet with the award of a qualified completion contractor that was eventually tendered over to the Owner to complete the project.
To learn more about VERTEX’s Surety Claims Consulting or Completion Contracting services or to speak with a Construction Expert, call 888.298.5162 or submit an inquiry.
