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Troubled Projects
While lending institutions
seek to be extremely cautious not to impose "lender
liability exposure" to troubled projects, current trends
in the industry include:
- Lending institutions
are inserting clauses into financing agreements that
require the project owner to seek project management
assistance from a "pre-approved list of project management
consultants" when a project is more than 10% over
budget or exceeds the original timeline by more than
10%
- Lending institutions
are attempting to mitigate catastrophic cost overruns
by prompting owners to seek "preventive" assistance
- By avoiding catastrophic
cost overrun projects, lenders avoid being drawn into
contractual settlements and associated litigation
Synergen Consulting's
project management experts quickly take action to implement
procedures to get projects back on track. Additionally,
our highly skilled team works with clients to mitigate
and resolve problems while supporting project progress.
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