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On occasion, Wilkie will be approached by "preferred" public or private clients or perhaps surety companies about stressed project takeovers. These will be bonded projects, whereby the existing General Contractor is in financial difficulty or has been terminated by the Owner as the result of failure by the Contractor to perform.
These clients know that Wilkie has the capabilities, the experience, the subcontractor and supplier database including the history for scheduled acceleration. We will enter into either a fixed sum or a cost-plus a fee to complete these jobs to the original contract requirement within a specified time.
These projects are very painful and can sometimes be harmful to all parties involved when it pertains to existing subcontractors and vendors. It takes skillful management by the contractor to work with the owner, the surety, and both new and existing subcontractors or vendors to complete a project. However, all parties must be aware that there is certain existing additions or construction work in-place that cannot be removed or remedied by this contractor. This is the nature of distressed project take-over whereby these issues must be settled in advance and documented between the owner, the surety and the contractor.
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