Contractor failure presents a major headache for the Design Team charged with picking up the pieces on a half finished project.
We are here to ease the pressure!
We approach claims in the same way we approach our underwriting - un-bureaucratic, open minded and efficient.
We can offer assistance in the following areas:
- Determination of Original Contract
- Securing Site
- Selection of Completion Contractor
- Sub Contractor Liaison
- Dealing with Liquidator
- Formulation of Claim
In any claim our imperative is to have the least possible interruption to the works.
We strive to have the contract recommenced as quickly as possible and completed with minimum delay.
The reason for every claim is different. Causes of contractor default are often complex, however, ascertaining the loss payable under the bond is simplicity itself ...........
(A) Amount Paid to original Contractor + Amount paid to replacement Contractor
(B) Other necessary costs e.g. security, additional design team fees.
(C) Notional Contract Sum (i.e. what would have been paid to original Contractor)
A+B-C = Amount Payable
As simple as ABC !