Underwriting is a temporal governance function: establish whether the evidence justifies commitment before money, pursuit capacity, delivery resources or executive attention become difficult to recover.
| Buyer | Commitment at risk | Primary decision |
|---|---|---|
| Government | Public money, executive capacity, procurement credibility | Advance / Fix / Defer / Re-scope / Stop |
| SLED Vendor | Proposal hours, pursuit dollars, partner concessions, delivery capacity | Advance / Fix / Partner / Redirect / Stop |
| PE Platform | Pursuit capital, margin, delivery capacity, EBITDA quality | Approve / condition / remediate / stop |