CDABP TRAININGS
MWIS Highlights Metro ’ s Contractor Development and Bonding Program ( CDBP ) and Contract Financing Assistance Program ( CFAP ) for Prime Contractors
On July 8 , 2024 , Merriwether & Williams Insurance Services ( MWIS ) hosted a webinar for prime contractors interested in learning about the agency ’ s Contractor Development and Bonding Program ( CDBP ), which MWIS , a Hub International Company , administers on behalf of L . A . Metro . Particularly focused on the CDBP ’ s Contract Financing Assistance Program ( CFAP ), the workshop was presented by Ingrid Merriwether , MWIS ’ President of Aligned Risk Management , and John D . Miller , MWIS ’ Contract Based Finance Manager .
The presenters first reviewed how the CDBP prepares small local contractors to meet standard prime contractor requirements for prequalification of contractors / subcontractors . The prequalification process is essential for mitigating financial and operational risks , as it assesses contractors based on their skills , financial status , and track record . The primary goal of prequalification is to ensure that accurate and comprehensive information is gathered and evaluated to help decision-makers select the most suitable subcontractors for projects .
Prime contractors in attendance , which included Swinerton and SJ Amoroso , learned about the following components of the CDBP :
1 . Surety Bond Guaranty Program : `
The program offers surety bond guarantees up to $ 250,000 ( or 40 % of the bond , whichever is less ) to support local small contractors . Additional services include risk mitigation and technical support throughout the project duration .
2 . Field Support Services : `
These services include assistance during the bidding process , contract review , and ongoing support during project execution – such as safety inspections , performance monitoring , and financial management .
18 - imwis . com