A contractor’s financial statements matter. But they only tell part of the story.
For a surety market reviewing a bond request, the Work in Progress schedule, often called a WIP schedule, can be just as important. It helps explain the contractor’s active workload, remaining cost exposure, project profitability, and whether the next bond request fits the contractor’s current work program.
That context matters because construction files are rarely static. Project timing, financing conditions, labour availability, cost pressure, and backlog can all affect how a contractor’s current workload should be viewed.
A WIP schedule tells the current story
A year-end financial statement shows a contractor’s position at a fixed point in time.
A WIP schedule helps answer a different question:
What is the contractor carrying right now?
For brokers, this is where the file often becomes clearer. A contractor may have a strong balance sheet, but the WIP schedule may show several large jobs starting at once. Another contractor may look tight financially, but the WIP may show profitable jobs nearing completion and cash flow expected to improve.
A useful WIP schedule usually helps explain:
| What the WIP Shows | Why It Matters |
| Current projects | Shows the contractor’s active workload. |
| Contract values | Helps assess project size and concentration. |
| Costs incurred | Shows how much work has already been absorbed. |
| Estimated cost to complete | Helps evaluate remaining exposure. |
| Expected gross profit | Shows whether work is projected to finish profitably. |
| Completion dates | Helps assess timing and capacity for new work. |
Why brokers should ask for it early
WIP schedules often become a bottleneck because they are requested too late.
A contractor may call with an urgent tender deadline. The broker may have the bond form and bid details ready. But if the surety market cannot see the contractor’s current work on hand, the review may slow down.
That is especially true when the contractor is asking for:
- A larger bid bond than usual
- A performance bond for an awarded contract
- A labour and material payment bond
- Increased bonding capacity
- Support while several projects are already underway
A clean WIP schedule gives the market a faster way to understand the file.
What underwriters may notice
The WIP schedule can help identify questions before the submission goes out.
For example:
- Is one project too large relative to the contractor’s history?
- Are multiple projects expected to complete at the same time?
- Are margins thin or inconsistent?
- Is the contractor carrying delayed or disputed work?
- Is there enough remaining capacity to take on the next project?
- Does the contractor have the management depth to handle the workload?
None of these questions automatically make a file unworkable. They simply help determine what context the broker should provide.
Broker takeaway
For brokers, the WIP schedule is not just another attachment. It is one of the best tools for showing how a contractor is managing active work.
When a new bond request comes in, asking for the WIP schedule early can help reduce back-and-forth, clarify capacity, and make the submission easier to review.
Approved Casualty & Surety works with brokers on contractor bonding files, including bid bonds, performance bonds, labour and material payment bonds, and related construction surety needs. If you are reviewing a contractor file and want to understand what information may be useful before going to market, connect with Approved for contract bonding support.
