VERTEX is an industry leader in the surety claims marketplace. We have successfully worked on many of the largest and most complex surety claim assignments throughout the globe.
Our talented team of construction, engineering, accounting, and architectural professionals have worked on thousands of payment and performance bond claims that, in aggregate, relate to billions of dollars of work and that spans every sector and every division of construction. In addition, we have served as a completion contractor on projects of all sizes that are located throughout the globe.
Performance Bond Claim Consulting
VERTEX has a deep bench of experienced surety claims professionals that have worked on thousands of performance bond claims that relate to all divisions of construction. In the event of a performance bond demand, our team can offer the following services: pre-termination evaluation; termination review; cost-to-complete estimate; project relet; project monitoring; contract administration; latent defect evaluation; overpayment evaluation; and closeout administration.
Payment Bond Claim Consulting
VERTEX’s team of engineers, construction managers, architects, and accountants assist surety providers review payment bond claims from subcontractors, suppliers, labor claimants, and tax organizations. Our understanding of contracts, state law, federal law, FARS, construction means and methods, and fair market value allows VERTEX to provide sureties the information that is needed to make timely decisions on the proper amounts to pay on individual claims.
VERTEX has full-time construction claims personnel that are experts in assembling affirmative claims for overpayment, differing site conditions, added scope, cardinal changes, delays damages, loss of productivity, maladministration, wrongful termination, etc. This same team is equally qualified to rebut claims asserted against sureties and their principals. In the event that the dispute is elevated to mediation, arbitration, or litigation, sureties can rely on the VERTEX team of experts to provide strong testimony.
VERTEX’s pool of experts has individually testified up to 150+ times in state courts, federal courts, traditional arbitration (AAA, JAG, etc.), and ICC arbitration. Our experts are qualified in construction claims, engineering issues, cost estimating, allocation, construction means and methods, surety completion contracting, and surety claims administration.
VERTEX provides construction accounting analysis including complete exposure analysis, joint control account administration, payment bond claim accounting, claim payment administration, accounting software analysis, financial statement evaluation, asset evaluation, salvage valuation, budgeting and cash flow analysis, payroll monitoring, prevailing wage and labor claims, income payroll and sales/use tax analysis, accounting office supervision, interim CFO and accounting staff, cost to complete estimates, construction delay cost analysis, claim and lien release negotiations, and specialized surety reports. VERTEX provides expertise in construction and fund accounting to meet and exceed client expectations.
VERTEX provides completion contracting services on projects of all types and sizes where the original contractor does not complete its contract work due to a termination for convenience or for cause. VERTEX understands the subcontractor ratification process and intricacies involved in the proper estimation of partially completed work. VERTEX completes partially completed and typically distressed projects throughout the globe. While serving as a completion contractor, VERTEX maintains the best interests of the surety through the course of construction.
Often times VERTEX is called upon to augment the surety’s staff be it assisting in claim writing or acting as the Owner’s Representative on behalf of the surety. Some of our Staff Augmentation Services include project scheduling, project engineering, assistant project management, senior project management, quality control, safety, risk management, assistant superintendence, and general superintendence.
Surety providers frequently retain VERTEX’s IT experts to copy and digitally retain all files from bond principals when surety obligations are triggered because of payment and /or performance issues. VERTEX typically collects accounting information, contract documents, emails, letters, etc. and preserves the information on our cloud server, which can retain any amount of information for as long as necessary. This service allows sureties to rest easy knowing that relevant project information will not go missing overnight.