Highwire Releases New Prequalification Solution
BURLINGTON, Mass. (Oct. 16, 2024) — Highwire, a contractor success platform for capital project construction and operations, has launched its new Prequalification solution. This solution enables general contractors (GCs) to assess their subcontractors’ default and safety risk by evaluating a wide range of factors, including financial viability, capabilities, experience, pending litigation and past defaults.
Subcontractor defaults are a common threat to GCs’ ability to deliver quality work safely and on time. A 2024 AGC study found that 70% of respondents have observed an increase in subcontractor distress or defaults compared to the previous year.
Highwire’s Prequalification solution intends to streamline the risk assessment process by enabling GCs to get the thorough analysis required for effective prequalification without putting an undue burden on their subcontractors and trade contractors.
This product offers a set of features, including:
- 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
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