Elevator Modernization: Best Practices

Some things just get better with age, but that’s not always true with elevators and conveyance systems.

The average lifespan of an elevator is 20 to 25 years at which point you have two options: replace your existing elevator system with a new one (which can be cost-prohibitive for many organizations), or choose elevator modernization. This process involves upgrading the critical parts of your elevator and upgrading it with new technology for enhanced performance, improved safety and more appealing aesthetics. 

While elevator modernization is a great option, putting the process in motion and in doing it in a cost-effective manner can be a complex process. You will need a detailed contract with an elevator service company that effectively covers everything required for superior elevator performance and passenger safety. How can you gain best practice insights on how to overcome the challenges of elevator modernization and project management? 

Here are some things to think about when formulating an elevator modernization contract with your service supplier, plus details about a free webinar on this topic. 

How to be sure your elevator modernization contract is on the up and up. 

Even small contract details can have a big impact on elevator modernization. That’s why it’s important to keep important factors in mind that will directly affect the end result of your project. In the contract development and bidding phase, consider the following:

Build a contract on performance specifications, not product-based specifications. This will help you to get everything you want from your contract and set expectations with measurable results. 

Develop a cash flow plan for the project bid that includes a down payment and financial deductions for missed delivery dates by your service supplier. 

Include itemized pricing for everything included in the contract. This will help to create liquidity in the bidding process and ensure you understand exactly what you will receive for your investment. 

Analyze the cost of capital and financing for the project versus pure price. When financing, be sure to factor in the financing and other costs associated with the project over time. 

Request a milestone-based project plan in the submission to ensure all timelines are met and provide specifications, final contract templates and worksheets for itemizing every detail. 

Allow as many bids as possible. This way you can be confident that all budget, timeframe, safety and code requirements are met and also allows you to compare and contrast bids. 

Raising your expectations for elevator modernization. 

Once you have selected a service supplier, be sure you use your new contract to set the tone for a positive and productive working relationship. Hold your contracted supplier accountable for all delivery dates, including elevator modernization and structural drawings, municipal approvals and code inspections. 

You should also require monthly updates and follow-up inspections during each essential project phase. This allows for early detection of issues before they become costly headaches and helps you to have peace of mind in knowing that all work will be completed in a manner that meets or exceeds your expectations. 

We’re here to help you elevate your productivity. 

Your conveyance systems are an essential part of properties and business. Maintaining them with things like elevator modernization help to ensure you are always getting the most from your investment.