Call Us: (800) 419-4923
 Call Us: +44 (0)20 3865 7701
 Call Us: (787) 822-8377
 Call Us: (437) 855-4925
Partner Engineering and Science, Inc.
Partner Engineering and Science, Inc.
You are here: Home » Services » Construction Risk Management » Completion Commitment

Completion Commitment

The construction Completion Commitment (CC) is a proactive approach to managing the inherent risks of a construction project. It provides a comprehensive scope of fiduciary safety and construction oversight to ensure risk mitigation. The Completion Commitment can be used in lieu of a bond or in conjunction with a bond and includes the full suite of products from Partner’s Construction Risk Management services (see components below).

For construction lenders, understanding construction budgets and keeping payments in line with progress is critical. In the event of a major problem, Partner’s team of engineers, architects, and construction professionals can swiftly step in to course correct in order to take the project to completion using the remaining project budget.*

What's Involved

Completion Commitment (CC) Components:

* If necessary, Partner will provide unlimited Professional Services necessary for course correction at no additional cost.

Related Insights

Frequently Asked Questions

Several factors can influence a construction completion commitment, including the scope of work, project complexity, weather conditions, availability of materials, labor productivity, and any unforeseen circumstances that may arise during construction.

If the construction project is not completed by the agreed-upon date, it may result in financial penalties or liquidated damages for the contractor, as outlined in the construction contract. The contractor may also be required to reimburse the owner for any additional costs incurred due to delays.

Payment Bonds: Similar financial guarantees, but typically issued by a surety company and focused on ensuring subcontractors and suppliers are paid.
Escrow Accounts: Funds are held by a neutral third party until project milestones are achieved.

Both the owner and the contractor share responsibility for ensuring compliance with the completion commitment. The owner is responsible for providing necessary approvals and access to the construction site, while the contractor is responsible for executing the work according to the agreed-upon schedule and quality standards.

Let us be your Partner

Learn how we can support your next project or share insights via our newsletter.
crossmenuchevron-uparrow-uparrow-rightchevron-right-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram