From banks and institutions through to mom and dad investors, it is essential to undertake adequate due diligence on your potential developer/general contractor prior to contract.
All too often, price takes precedence. However, this can lead to a nasty (often costly) shock when things go wrong. As a technical advisor to international banks and investment firms, my job is to be a ‘technical translator,’ assessing project risk on their behalf.
Don’t rush this. Due diligence is necessary.
The assessment of project risk doesn’t happen in a color-coded spreadsheet or a workshop; it’s a detailed assessment of all aspects of what it takes to get a project from inception to completion. Key areas of focus can be defined as follows:
- Project Team & Capability
- Construction Methodology
- What if?