When it comes to construction of any kind, due diligence is an important matter. The list below isn't exhaustive but does represent the minimum due diligence for construction.
- First and foremost, verifying that the construction company is in a solid financial position is essential. The financial failure of a contractor or key supplier can be catastrophic to a project.
- Validation of all certifications and licenses or permits necessary to do the work
- Business continuity and disaster planning and test results
- Listing of subcontractors and resources used to secure labor.
- Third-party risk management processes, including evidence of due diligence and monitoring
- Evidence to demonstrate that suppliers of electrical equipment and components prove the products they provide are genuine and meet safety requirements
- Listing of equipment owned vs. equipment to be leased or subcontracted
- Proof of insurance
- Litigation, claims, or other legal disputes- including any judgments
- List of workers' compensation claims
- Disclosure of any past or current safety violations or hazards
Hopefully, this answer is helpful to you, but I would love to get more input from other members.
Original Message:
Sent: 06-06-2022 02:18 PM
From: Anonymous Member
Subject: Bank is building a new location
This message was posted by a user wishing to remain anonymous
Good Afternoon!
Our financial institution is going to build a new branch building. What vendors should be subject to vendor due diligence?
Thank You!
Suzie