Distressed Project Recovery Services

Due Diligence

• Interview of all development team members
• Provide a forensic analysis of all development documents to include:
  • Review land records and underlying document performance requirements
  • Provide review of zoning district requirements and any conditions of zoning approval and special exceptions
  • Provide analysis of project reporting and review requirements by local jurisdictions
  • Review all engineering reports and documents to include Geotechnical, Environmental, Archaeological,
  • Land Surveys, Life Safety Analysis and Code Analysis
  • Analyze the project contract documents including plans, specifications, change orders and other contract documents to determine the project requirements and confirm that the plans and specifications are reasonably complete
  • Review all construction logs for completeness, open issues and exposures including Cost Reports, RFI LOGS,
  • Submittal Logs and Daily Job Reports
  • Perform an overall project schedule analysis
  • Determine the status of all inspections performed by third-party and/or government inspectors and the fire marshall
  • Review third-party testing agency daily observation, testing and inspection reports to confirm that all work has been properly performed to date and/or to catalogue deficiencies, if any

Cost Analysis

• Review and analyze all claims for additional costs made by each contractor and its respective sub-trades
• Develop and render opinions as to whether each claim or pending claim for additional costs is warranted and, if so,
• whether or not the scopes of work and costs are accurate, fair, reasonable and customary
• Identify and quantify any deficient, defective or nonconforming work which may require credit or remediation at no cost to client
• Conduct a full and detailed review of all original and interim budgets and compare these to claims for additional costs and changes in respective scopes of work
• Conduct a full and detailed review of all project cost reports as issued by the owner and the respective contractors and analyze each against appropriate budgets
• Conduct a full and detailed review of all documentation related to general conditions and self-performed work
• Review all subcontracts to determine status of claim passthrough, change order accuracy and payment status
• Review payment performance of all subcontractors, suppliers and materialmen

Program Management & Project Completion

• Work with the existing general contractor or assist in the retention of a replacement general contractor to prepare cost estimates for the completion of construction. If and to the extent the cost estimates to complete the work exceed the current funds available, we will qualify the cost estimates and present them to the lender in order to obtain funding to complete the project
• Assist in negotiating a new project construction agreement
• Represent the client in all matters arising during the construction phase of the work and monitor all activities of the
  contractor(s), subcontractor(s) and materialmen to ensure that the work is being properly performed
• Establish regularly scheduled on-site construction coordination meetings
• Ensure that the work is being performed in accordance with the construction
  agreement(s)
• Review construction progress on the project site and, if requested, provide periodic reports
• Review and approve progress payment application requests
• Ensure receipt of compliant waivers of lien and other documentation required by the contract
• Coordinate with the lender to ensure compliance with provisions of the loan documents
• Collect and organize all required close-out documentation and conduct inspections as required
• Obtain all applicable warranty, guarantee and other close out documentation and certifications prerequisite to final payment
• Maintain records of all contracts, drawings, specifications, samples, material and equipment purchases, change orders, and any other construction-related documents
• Determine whether Substantial Completion of the work or designated phases thereof has occurred and prepare punch lists
• Determine if Final Completion has occurred and thereafter ensure all required warranties, guarantees, final waivers, affidavits, transfers of utilities, releases and records and as-built drawings have been obtained
• Provide timely reporting to owner and lender of status of work, project cost projections, schedule and open issues