Among its options to respond to a performance bond claim, a surety may elect to perform and complete the remaining work through the use of a completion contractor. The purpose of this program is to explain the entire process of reletting a project, identify potential pitfalls and discuss strategies of the various relet scenarios we have encountered as consultants. The life cycle of the process will be examined including the surety’s investigation of the default and election to relet, the preparation and administration of the Request for Offers, the bid evaluation, notice of award, and execution of a completion contract. Understanding potential exposures and their impacts and mitigating same through a relet and the completion contract will be discussed. We will review these topics and explore them within the unique challenges we’ve encountered in our multiple relet situations and how we overcame those challenges.
CE accredited in Florida and Texas, CLE accredited in Illinois.
Presenters
Frank Benway
Division Manager
Weymouth, MA
Frank Benway provides consulting and project management services to the surety industry across New England and the United States, including investigations of defaulted projects, analyses of costs-to-complete, report preparation, budget preparation, payment bond claim analyses, and subcontractor litigation support. Additionally, Mr. Benway has extensive experience managing completion projects and/or monitoring distressed projects for surety clients. Mr. Benway has over 15 years of experience, completing and consulting on projects in Massachusetts and throughout New England, New York, New Jersey, Virginia, Illinois, Florida, and the Southeast. Mr. Benway also has experience with international work, having consulted on projects in Cuba and Canada.
Sam Reed is a licensed Architect, experienced in project management, construction management, claims investigations, architectural design, and general construction. He is currently responsible for providing oversight of VERTEX's Surety Consulting Services the Southeastern region of the United States, as well as other complex surety claims matters across the country and internationally. His roles and responsibilities include managing surety claims investigations, construction management, financial analysis, construction contract document analysis, field investigation activities, composition of complex technical reports, other consulting activities, and management of VERTEX personnel.
