3 Tips on When to Close your Wrap-Up Contract!

June 5, 2018

silhouette of construction workers on steel beams at jobsite

image credit: Camp1994/shutterstock.com

If you are working on a Wrap-Up, it can be hard to know what to do when you have finished your work. There are a few different questions you may have. Here are 3 tips to help you understand when is the right time to close your wrap-up Contract!

1. I finished my work. What do I do now?

If your company’s work is onsite—as well as the work of any of your lower-tier subcontractors is complete—you can close out your CIP contract. If there is a chance you may return, your contract should stay open.

2. How do I close the contract after my work is complete?

First, make sure any outstanding requirements have been completed (payroll, etc.). Once you have confirmed your work is complete and you are ready to close out, you can typically enter your close out details via the Wrap Administrator’s online portal. After your closeout has been verified, you’re all set!

3. What do I do if I have to go back on-site, but I’ve already closed out?

If you have to return to the project site after you have closed your contract, you should contact the project team for further instructions first. Depending on the program rules, you may be asked to provide your own insurance, or the contract may be reopened. 

Whether you are on a Wrap-Up now or in the future, TSIB can help guide your closeout process. If you have any additional questions regarding Wrap-Ups or any other insurance policies, please give TSIB a call today at 201-267-7500! You may also download TSIB's Wrapworks infographic below to learn more about our technology solution for Wrap-Up Administration. 

Download the Wrapworks Infographic

Topics: Contracts, Wrap-Up Insurance

Written by The TSIB Team

All Authors and TSIB