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CFMA 2020 Virtual Conference


SS3 - Trade Contractor Prequalification - A Guide to Prepare You for What Is Expected to Come in a Post COVID-19 World


Jun 24, 2020 12:26am ‐ Jun 24, 2020 12:27am

Expiration Date: Dec 31, 2020


Credits: None available.

Members: $49.00
Standard: $69.00

Description

The sudden halt in the economy caused by COVID-19 will create a much steeper decline of economic output than the 2008 recession. The subcontracting community and insurance providers supporting performance security protection (Subcontractor Default Insurance and Surety Bonds) might be exposed to significant losses caused by COVID-19. It will be imperative for construction managers and general contractors to closely monitor subcontractor financial stability, liquidity and ongoing performance. Subcontractors will need to provide evidence of sufficient liquidity to push through this period of uncertainty. When this current COVID-19 crisis subsides, projects that have been delayed or suspended will begin to restart. We will walk you through a sample prequalification process including a 90-day liquidity review that is necessary to provide a satisfactory response to these concerns. We will discuss the importance of making timely decisions and required action steps to avoid the risk that this current situation presents to unfunded schedule impacts and project delays.

Speaker(s):

Credits

  • 1.50 - Specialized Knowledge

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