Why is it smart to have a Work In Process Schedule?

The importance of a Work in Process Schedule

A Work in Process schedule (WIP) is a great tool for contractors and surety companies.  It helps to document the progress and projected success of a project.  Basically, a WIP is a game plan that is followed through and checked upon, to determine how the project is progressing and when it will be completed.  A well-documented WIP can help the contracting company earn approval for future surety bonds.

Under construction concept design background - orange highway traffic construction cones with white stripes isolated on white

In the construction industry, several things are documented in a WIP.  They are, but are not inclusive or limited to, the contract price, billings to date, costs incurred to date, estimated completion cost and estimated gross profit.  By providing a WIP, the contractor shows competency to the surety bond producer in their ability to complete the job.

In addition, a WIP is important to a surety bond producer because it is a way to be assured that the project is progressing as planned.  Specifically, it helps to monitor profitability, any errors and profit fade and gains that may happen.  For the contractor, a WIP helps to show the financial strength of the company and the competency to complete the project.


A WIP is a great communication tool for a contractor and surety bond producer.  It helps the contractor show competency and ability to complete a project and it reassures the surety bond producer of the contractor’s abilities.  For future benefits, a WIP that is on or ahead of schedule can help in future surety bond applications.

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