Surety Claims Consulting
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.
- Cost to complete estimating
- Cash flow analysis
- Reserve calculation
- Termination review
- Completion strategy development
- Negotiation with principals, obligees, subcontractors and vendors
- Change order resolution
- Inventory stored material
- Clean and protect site
Scheduling Services and Project Controls
- Preparation, analysis and updating of project schedules
- Delay claim preparation using the following methods:
- Time impact analysis
- Windows analysis
- As-planned analysis
- But-For analysis
Procurement Services
- Ratification of subcontractors
- Bid package preparation
- Relet administration
- Bid result analysis
- Assist takeover and completion contract negotiations
- Outstanding change order negotiations
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.
- Settlement negotiations
- Stop notice review
- Lien review
Forensic Accounting Services
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.
FUNDS CONTROL
When funding a contractor, our clients require experienced personnel in construction and accounting to ensure receipt of funds from the project owner and proper disbursement of funds to subcontractors, vendors, suppliers, labor unions, etc. VERTEX provides expertise in fund control to ensure timely and accurate services.
Closeout Services
- Punchlist development and completion
- Procure warranties
- Commissioning and start-up of systems
- Prepare O&M manuals
- Prepare as-built drawings
- Collect final releases
- Collect remaining contract funds
Project Monitoring Services
- Full/part time site monitoring
- Project monitoring reports
- Payment application review
- Surety disbursement review
- Cash flow analysis
- Latent defect assessment
- Funds administration
Surety Completion Contracting
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.
- Completion contracting
- Construction management
- Interim project management
- Staff augmentation
Expert Services
Surety claims are frequently resolved through litigation. When the litigated issues relate to schedule and productivity delays, our litigation support experience is a perfect fit for assisting our surety clients. 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.
- Affirmative claim preparation using:
- Actual cost method
- Total cost method
- Modified total cost method
- Measured mile method
- Review merits of claim
- Discovery and deposition assistance
- Trial exhibit preparation
Staff Augmentation
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.
Document Management
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.
Construction Claims Consulting
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.
Services
- Forensics
- Surety Claims Consulting
- Construction Claims Consulting
- Environmental Claims Consulting
- Forensic Engineering
- Forensic Cost Engineering
- Forensic Architecture
- Forensic Accounting and Fraud Investigations
- Forensic Fire & Life Safety Claim
- Insurance Appraisal Consulting
- Builder’s Risk and Delay in Start Up (DSU) Insurance Consulting
- Subcontractor Default Insurance Claims Consulting
- Expert Witness & Dispute Resolution
- Standard of Care
Contractor - Standard of Care
Contractor Termination - Standard of Care
Owner - Standard of Care
Architectural & Building Envelope - Delay and Damages
- Productivity Loss
- Termination
- Commercial Damages
- Standard of Care
Structural - Standard of Care
Site Civil - Government Contracts
- Standard of Care
Heavy Civil - Standard of Care
Geotechnical - Standard of Care
MEP - Fire Protection
- Standard of Care Construction Safety
- Delay
CPM Scheduling Expert - Standard of Care Fire Protection and Life Safety
- Delay
Productivity - Delay
Acceleration - Damages Cost of Repair and FAULT ALLOCATION
- Business Interruption & Lost Profits
- Damages
Differing Site Condition - Damages
Added Scope - Environmental Cost Expert
- Environmental Scope Expert Witness Services
- Environmental Schedule Expert Witness Services
- Environmental Compliance Expert Witness Services
- Standard of Care
- Engineering
- Environmental
- Project Advisory
- Construction Management
- Owner’s Representation
- Owner’s Project Management
- Program Management
- Construction Monitoring
- Distressed Project Services
- Project Controls – Scheduling
- Cost Management & Cost Estimating
- Construction Inspections
- Restoration and Tenant Improvements (RTI)
- Market Research & Real Estate Economics