Is your project about to go sideways? Has your project already careened off the rails? Don’t know where to turn? Procido LLP offers a project recovery service for owners called Procido Project Recovery (PPR).
The problem is often lack of contracts, poorly drafted contracts missing important provisions, or simply misunderstood contracts. The PPR seeks to remedy the problem with the project agreements as efficiently and effectively as possible.
PPR works as follows:
- Sign a Retainer Agreement;
- Owner uploads or emails all project agreements and project documentation to Procido LLP using, Procido Data Room (PDR), our secure and strictly confidential data room;
- Procido LLP reviews all project agreements and project documentation and determines if a project recovery is possible;
- If Procido LLP believes after analysis that a project recovery is possible, Procido LLP determines to what project milestone the project recovery can be implement; for example, Procido LLP may have a solution which takes the project right to the Commercial Operation Date (COD) or Procido LLP may only be able to provide a solution to take the project to the completion of the permitting stage;
- Procido LLP provides a fixed fee quote to the owner as to how much it will cost to recover the project and get the project to an agreed milestone. The fixed fee quote is based on the amount of work Procido LLP estimates is required. Generally, the fixed fee quote will depend on the number of milestones to achieve. For some large, complex and very messy projects the fixed fee quote may be in the millions of dollars; however, for other small projects which just need to be put back on the rails it could be a few thousand dollars.
What makes PPR different? Procido LLP will not charge the owner anything until, and if, the agreed milestone is met. Procido LLP understands that maintaining schedule is important for project owners and, therefore, the PPR fixed fee quote will provide for a specific amount of time that Procido LLP has to recover the project and meet the milestone. As noted above, if Procido LLP does not meet the milestone, then no fee will be charged by Procido LLP and the project owner gets to retain all the benefits from the work Procido LLP completed during the PPR process.