Highwire’s prequalification system removes the guesswork from the subcontractor vetting process, allowing you to save time, streamline applications, and accurately assess risk.
Evaluating subcontractors can be time-consuming. Subcontractors devote hours to repetitive data entry, and then preconstruction teams spend ages reviewing it, mired in documents, without having a solid idea of each subcontractor’s absolute risk level.
It is crucial to effectively and efficiently vet subcontractors and assess risk. One 2024 survey found that 70% of respondents have seen an increase in subcontractor distress or defaults over the last year, which means ensuring that your subcontractors are adequately vetted is more important than ever.
Highwire began as an internal risk assessment out of Harvard University before growing into a company dedicated to helping contractors succeed by managing risk. Highwire has created a new prequalification system to help assess subcontractors’ financial viability and ensure they have the ability and capacity to deliver. The system lets you view each subcontractor’s safety performance and use third-party quality assurance and validation.
Prequalification helps companies ensure subcontractors have the experience to do the job, avoid delays and defaults (and their associated costs), meet SDI prequalification requirements, improve safety, and lower recordable rates.
Highwire CEO Don Fornes says this new update will help make the vetting process easier for everyone involved, “We designed our new Prequalification solution with subcontractors in mind. At every step, we sought to remove the friction that has characterized traditional prequalification. Contractors get a dramatically easier user experience while GCs get insight into each contractor’s unique risks to help them succeed through continuous engagement and improvement.”
In a press release, Highwire detailed some of the prequalification program’s new features:
- Financial analysis
- Contractor capabilities
- Past project experience
- Corporate entity information
- Diversity classifications
- Safety performance history
- Insurance tracking
- Surety bond tracking
- Litigation and default history
- Client and supplier references
Using Highwire’s prequalification tool will help companies and contractors save time and money while reducing the risk of any project.
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