Atlantic Construction Services, LLC
Our Services...
CONSTRUCTION RISK ASSESSMENT
By applying over thirty-five years of commercial construction management experience to existing surety underwriting techniques, ACS adds a new level of contract risk assessment to the Surety Bond industry.
In instances where a private contract has been negotiated, a public bid reflects a significant spread amongst bidders, or a given project represents a stretch in the past work history of a contractor, ACS can assist the surety in making a more informed underwriting decision on the final bond.
ACS, LLC works with the underwriter evaluating both the project and contractor from a technical and financial perspective prior to the issuance of a bond. ACS works with the underwriter to develop a Consultant Work Parameter which ACS uses as a guideline for reporting on potential risks. The contractor is sent a Project Review scope sheet with instructions as to what documents and representatives are to be made available to ACS. ACS then investigates and reports on project complexity, contractor cost control systems, accuracy of the estimate, qualifications of management personnel, geographic risks, cash flow impacts, critical path tasks and scheduling, the contract, master subcontracts and other surety risk factors.
ACS’s input, along with the financial and technical analysis of the underwriter, allows the surety to fully identify and address all pertinent contract risk factors PRIOR to making a commitment for performance and payment guarantees.
PROJECT FUNDS ADMINISTRATION
Contrary to the sales pitch of most funds administration services soliciting the surety marketplace, managing surety risk through project funds management techniques requires more than reconciling a bank account. It demands a technical knowledge to insure that funds are properly allocated, to anticipate delays in contract completion, to recognize change orders and/or claims, and to identify areas of potential budget erosion.
Unlike its competitors, ACS’s funds control process involves a review of the construction contract, analysis of purchase orders and subcontracts, and the preparation of a detailed Job Cost report. This report is compared against the budget with each requisition and is used to check for “front-loaded” over-billings as well as project overruns and profit erosion.
With each disbursement, ACS generates and sends to the underwriter a “Funds Control Activity Report” which highlights percentage of completion, change orders, contract balances, funds collected and disbursed, and any specific observations regarding the work in progress.
ACS remains involved from start to finish giving continuing feedback and recommendations on project performance, even assisting the surety in the closeout of its contract exposure.
CONTRACTOR CLAIMS MANAGEMENT
ACS, LLC provides full and comprehensive claim services. From assistance in managing and documenting a potential claim to the presentation of the claim during litigation, ACS has successfully managed claims in excess of $5,000,000.00.
ACS works with the Surety by analyzing potential claims and recommending courses of action that will mitigate or eliminate the claim situation.
In preparation for litigation, we create physical and computer models as well as forensic schedules. We create computer generated presentations for all types of litigation and provide, from our staff, experienced, qualified expert witnesses.
ACS has successfully worked with Sureties in completing projects and provides real-time as well as forensic accounting services.
Whatever the claims situation, ACS will provide the support needed to successfully manage the exposure.
ACS can provide any underwriting support your bond business requires.