Expert Work Products (EWPs)

Feasibility studies, real estate appraisals, economic projections and analyses, independent auditors’ reports, and other such studies that an issuer might include in an official statement or continuing disclosure documents are known as expert work products (EWPs).

Expert work products are intended to provide information and research about a proposed project, which can help to make a municipal security appear less risky and possibly help its credit rating. They can be particularly useful when it comes to start-up projects because they can provide evidence of the necessity for or sustainability of new developments and systems for which there may not initially be a large amount of support.

However, because of the inclusiveness of the term “experts,” an expert may or may not be required to be certified or licensed, depending on his specific field. Thus it is necessa