A performance bond that lapsed before practical completion, and a collateral warranty nobody ever executed, are both discovered at exactly the same moment: the one you needed them.
Bonds and policies have end dates, and those end dates are set at a point when the programme looked different. When the job runs long, the security runs out before the obligation it secures has been discharged.
QScope flags anything inside sixty days, because extensions take time to arrange and the last week is not enough. Anything already expired is shown in red against the record.
The commonest gap is not an expiry at all. It is a bond that was asked for at contract stage, chased twice, and never arrived. Nobody notices because there is no document to file and therefore nothing missing from the file.
QScope counts requested and draft records separately from those in place, so the absence is visible as a number rather than as silence.
An advance payment bond is the security behind money paid before the work is built in. As the advance is recovered the exposure falls, and the bond only needs to cover what is still outstanding.
QScope holds the bond on its expiry date and the advance on its recovery, so the two are read together. A bond that lapses while the advance is still being drawn back leaves that money unsecured, and that is exactly what the register is watching for.
A retention bond lets the contractor substitute security for cash retention, so the money is released and the bond stands in its place. That bond has an expiry date like any other, and it has to outlast the rectification period it covers.
QScope tracks the bond on the register and shows the retention it replaces, so a bond that expires before the retention would have been released is caught before the security disappears.
The register holds the dates, the amounts and the status. The executed bond, the guarantee and the signed warranty are documents, and they belong in the project file next to the contract they support.
QScope keeps them against the same project as the register, so when the security is called on the wording is to hand rather than somewhere in an email from two years ago.
Store the executed document in the project files area. The register holds the dates, amounts and status, which is what needs watching.
Because a bond extension needs a request, an underwriting decision and an execution, and that rarely happens in a fortnight. Sixty days leaves room for the process to go wrong once.
Yes. The register is per project and covers security given by anyone on it, with the giving party recorded against each entry.
No. It is a record of what exists and when it ends. Whether the cover is adequate is a question for whoever arranged it.
Not your whole portfolio. One live job, one certificate. If it does not save you time the first time you use it, walk away and take your data with you.