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Agenda

Agenda. Objective Evaluation and Monitoring Program Broker Services Program Benefits Program Risks. Objectives. Provides an alternative to DBE/SBE subcontractors procuring performance and payment bonds

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Agenda

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  1. Agenda • Objective • Evaluation and Monitoring Program • Broker Services • Program Benefits • Program Risks

  2. Objectives • Provides an alternative to DBE/SBE subcontractors procuring performance and payment bonds • Creates a fund out of savings obtained by limiting bonding requirements for lower tier subcontractors • Allows DBE/SBE’s to compete on subcontracts where bonding could have been a barrier • Reduces obstacles to participation • West Corridor subcontracts valued at $500,000 or less

  3. Evaluation and Monitoring Program • Evaluation and Monitoring of eligible DBE/SBE subcontractors provided through Project Management Consultant Team • Subcontractors must meet eligibility requirements • Monitoring is intended to ensure subcontractor performance

  4. Broker Services • Formulates underwriting criteria • Formulates method to calculate savings • Works with DBE/SBE team to determine bond eligibility • Assists in processing claims

  5. Program Benefits • Program has broadened participation among DBE/SBE community – an RTD Board objective • Increased competition may result in lower bid costs • Reduced Guaranteed Maximum Price from General Contractor due to elimination of bond costs • Monitoring program should work to reduce and /or eliminate claims

  6. Program Risks • No commercial bond against which to file a claim • Program inserts RTD into contractor/ subcontractor relationship • Fund may be depleted prior to completion of Project • Program may not achieve goals

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