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Company Profile
Contractor Financial Statement
Contractor Work in Progress Report
Solar and Storage – PV Inspection and Quality Control
Project Component
Insurance Policy
PG&E - Self-Generation Incentive Program (SGIP)
Enabling Digital Data Interoperability
Software providers to the construction community enable their systems to import or export standardized data sets so that clients can securely and reliably exchange their own data between systems for prequalification and applying for insurance, surety or bank credit.
Software providers to the solar construction community enable their systems to import or export the standardized “Monthly Operating Report” for project administration, accounting and reporting to banks, insurance and surety companies.
Establishing Digital Surety, Insurance and Bank Program
Contractors that are prospective bidders for public works apply for the required surety credit, insurance program and financing by identifying where their company data is stored that can be retrieved as a standardized data set to facilitate applying for a surety program and bank line.
Bidders provide the data sets to their surety and insurance broker and bank.
Surety brokers import and aggregate the data from various sources for a complete underwriting submission uploaded to a surety company system.
Surety company performs its underwriting and establishes credit limits, terms and digital reporting requirements.
Digital Procurement
Project owner initiates the process to award a contract by entering data into the system that manages procurement, completing as much of the “Construction Contract” data set with data available at the outset.
The procurement system builds on the initial data with any additional data elements and makes the “Construction Contract” data set available for bidders to import into their respective systems along with the traditional bid documents.
Prospective bidders import the “Construction Contract” data set with common procurement data elements and builds on the data set with their respective data elements for contract amount and any information required for issuance of the contract, insurance and surety bonds.
Prospective bidders export the “Construction Contract” data set to their insurance and surety broker for insurance pricing and surety bond underwriting.
Surety broker imports the “Construction Contract” data into surety system, executes a digital bond and generates a Bond Validation Number (BVN).
Contractor logs onto secure surety system to execute the digital surety bond and provides project owner with BVN.
Project owner, and all project stakeholders, validates the BVN online and receives a digital PDF of the fully executed surety bid bond and the “Surety Bond” data set for importing into their project management software.
Project owner awards contract to successful bidder and “Construction Contract” data set reflects final contract details at award, and available to all stakeholders for importing into their respective systems.
Project owner and contractor execute a digital “Smart Contract”
Contractor provides executed “Construction Contract” data set to insurance and surety broker.
Insurance certificate is issued digitally.
Contractor surety broker executes digital surety contract performance and payment bond and provides contractor with BVN.
Contractor logs onto secure surety system to update bid data with contract award data to execute the digital contract surety performance and payment bond and provides project owner with BVN.
Project owner, and all project stakeholders, validates the BVN online and receives a digital PDF of the fully executed surety performance and payment bonds and the “Surety Bond” data set for importing into their project management software.
Contractor system exports subcontract “Construction Contract” data sets to subcontractors, suppliers and vendors.
Subcontractor provides executed “Construction Contract” data set to insurance and surety broker.
Subcontractor insurance certificate is issued digitally.
Subcontractor surety broker executes digital surety subcontract performance and payment bond and provides subcontractor with BVN.
Subcontractor logs onto secure surety system to execute the digital subcontract contract surety performance and payment bond and provides project owner with BVN.
Subcontractor system exports monthly progress payment application data set for submitting to Contractor.
Contractor and Subcontractor mutually agree to monthly progress payment application and payment to contractor is digital, direct to contractor’s bank account.
Monthly Progress Payment Application is the source data for subcontractors work in process reporting, and for project reporting to subcontractor surety.
McKinsey Analytics
Taking digital ecosystems to the next level
Collaborating for the common good: Navigating public private data partnerships
World Economic Forum in Collaboration with McKinsey & Company
World Economic Forum - Great Reset Dialogues
Unleashing the Power of Data Standardization - Video
Construction Financial Management Association (CFMA)
Data Standards on the Horizon for Construction
Construction Users Roundtable (CURT)
How Smart Contracts are Reducing Inefficiencies in Construction
Caltrans - Progress Payment Transparency
Virginia Department of Transportation
ConsensusDocs Coalition
Publishing eight newly revised Performance and Payment Bond Forms
Construction Progress Coalition - Publications
Orange Button Taxonomy
Orange Button Data Element Reference
Orange Button XBRL Taxonomy Guide
XBRL Application Programming Interface (API)
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