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Troubled Projects
To minimize "lender liability exposure", lending institutions utilize Synergen's experience in resolving troubled business situations by reviewing and implementing pro-active risk control measures. Some current trends in the industry include:
- Lending institutions
are inserting clauses into financing agreements that
require the 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
When a project is troubled,
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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