Mission critical – Prequalifying subcontractors important in today’s economy
Abstract: Prequalification is one of the most effective strategies for minimizing the risk of subcontractor failure. This process benefits subs, as well, by providing them with a competitive advantage once they’ve made the list. This article discusses the specific information that’s required in the prequalification process, and explains that Web-based prequalification networks offer significant benefits for general contractors and subcontractors alike. A sidebar lists examples of red flags that may signal potential subcontractor failures or defaults.