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Frequently
Asked Questions
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What is the IT Project Guaranty?
This first-to-market guaranty authorizes Fortera to assume the financial
risk from the IT buyer in the event that the systems integrator does
not perform their contractual duties.
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What is covered?
Budget overrun caused by the system integrator defaulting on their contractual
duties in implementing the buyer-approved technical design.
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What is not covered?
Budget overrun caused by buyer default, buyer cancellation or costs
related to defects in the contractually approved technical design. Additionally,
approved change orders are not considered budget overrun, and therefore
are not covered.
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What are the guaranty limits?
The buyer pays the first portion of the overrun up to a nominal threshold
(typically 5%-10%). Above the threshold, a marginal portion is paid
by the buyer (typically 10%- 20%). Typically, this limit is equal to
the amount of fees paid to Fortera for its services.
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How do I file a claim? How is the claim paid?
Once the buyer becomes aware of a covered cost overrun, they are required
to notify Fortera in writing, describing the cause of the overrun. When
the project is completed, Fortera will reimburse the buyer according
to the Guaranty terms.
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How do I apply?
Applicants can request their IT Project Guaranty Application Form
online or by contacting
a Fortera representative toll free at 866.367.8969. Fortera
is committed to quickly and efficiently responding to your needs
and will contact you upon receipt of the information you provide.
See also Fortera Privacy Policy.
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