Building Financial Resilience: Contractor Prequalification

In this video, Phil Castell, Vice President, and Construction Risk Expert at Hub International, discusses the importance of pre-qualifying contractors and subcontractors for construction projects.

He emphasizes that pre-qualifying these partners can help ensure the project is completed on time and within budget while reducing risks and saving money.

Castell highlights several critical factors when pre-qualifying contractors, including their financials, history of completed projects, previous litigation or liens, and safety record.

The video concludes by discussing the risks of not pre-qualifying contractors, including poor quality, delays, rework, and potential damage to reputation and client satisfaction.

Viewers are encouraged to download the contractor safety pre-qualification toolkit to learn more about pre-qualifying contractors and subcontractors, which outlines the four steps necessary to select a safety-conscious contractor.

Watch our video to learn some critical factors to consider in the prequalification process.

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