At Fund Control, we’re keeping an eye on all the alternatives we observe as every industry looks for methods to withstand the coronavirus and the resulting closures. Take a look at these steps to help you arrange everything so you’ll be ready to go when circumstances shift. Please contact us at 800-625-5972 if you require assistance with loan disbursement or other industrial software.

Determine the level of risk associated with your projects

To begin, be honest with yourself about which initiatives are high risk and which are medium risk. Which of the following will be the most affected by major delays? Different projects will be impacted in different ways, so keep this in mind while planning your schedule. When everything is said and done, allocating extra time and money to high-risk initiatives can deliver significant returns.

Examine your contracts

Take a look at the contracts you’ve written for each project. Take note of any relevant delays that may have an impact on contract stipulations. The truth is that coronavirus will cost contractors and mortgage firms money — in fact, it will cost every construction-related organization money. The idea is to examine your contracts to see how delays could affect them and their expenses.

If you have terms for extensions, delays, and so on, handle them as quickly as possible. If you know you’ll need an extension or have a strong suspicion you will, the sooner you handle it, the better. It will only get more difficult – not easier – to obtain the extensions you want as time passes.

Evaluate project statuses.

Next, look at the project statuses for your high- and medium-risk projects. This will provide you with the information you need to grasp the real state of the position and its implications. Consider the following scenario: It will serve as the starting point for any future disruption and delay studies. Progress on the timeline, feasibility, and quality should all be evaluated.

Have a plan in place for overall delay monitoring and analysis

You should have a strategy in place for tracking and assessing initiatives as they emerge. You’ll need to think about how effectively delays have been documented, evaluated, and understood in the past or should be in the future. The answer to that question will have a strong bearing on the amount of success you’ll have on future projects in terms of both cost and time.

We can help you keep papers organized, safe, and secure at Fund Control. We can also assist you with a variety of other issues. Request a free demo at 800-625-5972 to discover more about how we can help you in these trying times.