Daewoo Engineering & Construction is launching a 'Safety Rating System' to evaluate the safety management capabilities of its partner companies and provide bidding incentives.
The company announced on July 7 that it will implement the safety rating system starting this month to enhance the safety management capabilities of its partners and promote a safety-oriented construction culture.
The safety rating system objectively assesses the safety management levels of partner companies, offering bidding incentives to those with excellent safety records while gradually restricting bidding for those with inadequate safety management.
The evaluation will be based on on-site safety assessments and corporate safety evaluations, incorporating safety ratings from credit rating agencies to assess the safety levels of partner companies. Companies with high safety ratings will receive incentives such as bidding price advantages, while those with low ratings will face penalties like bidding restrictions.
This initiative is significant as it shifts away from a price-centric selection process for partners, incorporating safety management capabilities into the evaluation. When selecting preferred bidders, the evaluation amount will be calculated by deducting the safety rating incentive from the bidding price.
However, final contracts will be based on the actual bidding amounts, ensuring that both price competitiveness and safety management capabilities are considered.
As the responsibility for safety management on construction sites increases, the safety capabilities of partner companies are becoming a key criterion that influences the business risks and competitiveness of primary contractors.
Alongside the implementation of the safety rating system, Daewoo Engineering & Construction is also expanding its cooperative efforts with partner companies. The company holds annual growth meetings with outstanding partners to share management directions and system improvements, offering benefits such as preferential contract rights, bidding participation rights, and reductions in contract performance guarantees.
Additionally, it operates a growth fund to provide low-interest financial support to alleviate the financial burdens of partner companies. Recently, it has also introduced scholarship support for the children of partner company employees and a gift program for childbirth congratulations.
A Daewoo Engineering & Construction official stated, “Safety is the most important value we create together with our partner companies,” adding, “We will continue to pursue various support and system improvements to enhance the safety capabilities of our partners.”
He further noted, “We aim to expand practical win-win programs in finance, welfare, and education to create a construction ecosystem that grows together with our partner companies.”
* This article has been translated by AI.
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