Project Profile: Beacon Retained by Leading Surety to Evaluate 160+ Payment Bond Claims Across 20 Different Projects
Beacon was retained by a leading Surety to evaluate a number payment bond claims related to a number of projects under a General Contractor in Ohio. Beacon evaluated and analyzed the merits of over 160 payment bond claims from subcontractors and vendors across over 20 different projects, totaling over $15 Million dollars.
Beacon prepared an analysis summary, obtained verification from the General Contractor, and prepared recommendations and releases for each bond claim. Beacon managed and coordinated payments directly to claimants from an escrow account. Additionally, Beacon worked directly with claimants to obtain necessary close-out documentation and to resolve punchlist items or defective work related to those bond claims. We also worked with subcontractors and vendors to close out their remaining contract balance in cases where the claim did not cover the full amount.
Timely assessment and payment of these claims was critical in both fulfilling the Surety's obligations under the bonds and in facilitating the return of unpaid subcontractors and vendors critical to project completion.
Among the services provided by Beacon:
- Collecting and reviewing supporting information necessary to evaluate each claim
- Communicating with the various parties involved
- Assisting Surety with prioritization during the claims analysis process
- Funds control / payment processing
This project is currently ongoing with multiple Beacon staff members working to help our client resolve the many challenges involved as efficiently as possible.
