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Project Recovery

Projects sometimes suffer the consequences of a combination of factors that can go as far back as project inception all the way through execution. Most often they manifest during the construction phase usually in schedule delays, cost overruns, and disputed issues ranging from design to contracts to performance. “Distressed”projects are those deemed to be at risk of failure to complete per contract.  The project Owner and/or Lender then seeks a qualified resource to turn the project around. banner8

The set circumstances surrounding a distressed project is unique and demands a comprehensive analysis and recovery plan to rescue the project. The approach typically involves some combination of the following:

  • Review of contract documents
  • Survey, catalogue and document “in place” construction and stored materials
  • Assess the status of all project entitlements and government approvals, permits, and inspections
  • Analyze and determine contract-compliance of installed work
  • Identify defects and faulty construction
  • Review of design documents
  • Detailed forensic project accounting and job-cost analyses
  • Preparation of “cost to complete” budgets
  • Preparation of Recovery Plan including WBS, construction schedule, and forecasted draw schedule
  • Review and assessment of loan documents to identify feasible courses of action for project funding
  • Manage the completion of construction using either the original contractor or retaining a replacement contractor
  • Litigation support documentation

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