ricco67 Posted June 28, 2005 Share Posted June 28, 2005 Contractor Technology has filed for bankruptcy which now stalls several projects around town, including the I-10 East (59N to 610 East) which was due to be completed this month now seems to be completed in September. It was not reported which other projects will be delayed by this development as reported by KTRK. No link is available. Yay. Quote Link to comment Share on other sites More sharing options...
editor Posted June 28, 2005 Share Posted June 28, 2005 Strange that any projects would be affected at all. Usually progress continues while the company is reorganized. It's unusual for a company going bankrupt to just disappear. Quote Link to comment Share on other sites More sharing options...
kjb434 Posted June 28, 2005 Share Posted June 28, 2005 I remember two (not major projects) in Louisisana just stalled and the work went a long at a snails pace. A two year project took 4 years. The state came in an force the remains of the company to finish the work and gave them pay penalties. The state saved a million dollars on the project by citing the company's problems during the project.I don't know if Texas law is much different, but I'd had to see these project come to a hault. Quote Link to comment Share on other sites More sharing options...
LTAWACS Posted June 28, 2005 Share Posted June 28, 2005 I keep thinking this has something to do with the DEA. Quote Link to comment Share on other sites More sharing options...
Subdude Posted June 28, 2005 Share Posted June 28, 2005 You would think the contractor would have to post a performance bond. It might be necessary to find another contractor, but the bonding company should take the financial hit. Quote Link to comment Share on other sites More sharing options...
kjb434 Posted June 28, 2005 Share Posted June 28, 2005 It would be one the reasons for getting the bond in the first place. I don't know if the bankruptcy absolves them from some responsibilities. Quote Link to comment Share on other sites More sharing options...
Original Timmy Chan's Posted June 28, 2005 Share Posted June 28, 2005 You would think the contractor would have to post a performance bond. It might be necessary to find another contractor, but the bonding company should take the financial hit.<{POST_SNAPBACK}>I understand that finishing a project under a performance bond is a loooong, slow, messy process. The bonding company drags their feet at every step. Quote Link to comment Share on other sites More sharing options...
pineda Posted June 28, 2005 Share Posted June 28, 2005 link to story on KTRK Quote Link to comment Share on other sites More sharing options...
LTAWACS Posted June 28, 2005 Share Posted June 28, 2005 You would think the contractor would have to post a performance bond. It might be necessary to find another contractor, but the bonding company should take the financial hit.<{POST_SNAPBACK}>Good point Quote Link to comment Share on other sites More sharing options...
texas911 Posted June 30, 2005 Share Posted June 30, 2005 Same thing happened in WestU, the contractor rebuilding the roads went bankrupt and they have stopped all construction, even though there are several streets that are torn up and thus making driveways inaccessible! They plan to have construction resume in about two weeks. Quote Link to comment Share on other sites More sharing options...
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