Looking for Proven Strategies to set your Business on the path to SUCCESS? Dive into this podcast episode and learn why Starting Off Contractual matters.

This is Part 1 of my interview with Andy Alagappan of the Construct Strategically Yarns with Andy Podcast.

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io/

Timestamps:

(5:41) - The thing about disputes is it's a race to see who loses the least amount of money

(8:33) - When you get into a dispute, even if you're fully in the right, you're still going to lose money

(9:06) - Think of the biggest guy in your sector, is that person commercial or contractual?

(10:45) - The cold, hard fact about it is at the moment relationships aren't as important as they used to be

(12:05) - If you are on top of your contractual paperwork, more often than not, there won't be a dispute in the first place

(13:32) - It is better to submit a bad document on time than wait for a perfect document and submit it late

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

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Get expert advice on dealing with REMOVED Scope of Work. Listen up!👂

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(4:07) - They are entitled to be paid for what you agreed in their contract and the work that they've done

(5:35) - They're entitled to be paid for the costs unless the contract says different

(5:57) - If they’re terminating you in the contract, you are entitled to get paid for demonstrated actual costs

(6:32) - You should be entitled to claims for the costs that you have incurred

(7:04) - Check your termination clauses, check your variation clauses in your contracts that you signed

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

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This episode is a re-run. It was originally published on July 2022.

Gain valuable knowledge from real-life examples in this podcast episode about Avoiding Bankruptcy in the Construction Industry.

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(2:26) - You should always have a rise and fall clause in your contract and you should tie it to an index so that if the base price increases you still don't get hit

(3:06) - The reason they asked you to sign a lump sum contract is to lock in a cost

(3:26) - I suggest you use at any time you go into a meeting at all is to use what we call the G-R-O-W model

(7:58) - Which of those would you like to go forward with or which of those, you know, do you feel most comfortable with?

(8:07) - It’s a structure that you can use and you can practice and you know how you're going to deliver this information to them so that they understand what's going on

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

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Ready to explore the game-changing impact of AI on the construction business?🤯 Here’s Part 2 of my interview with Casey Grey of The Conscious Builder Show.

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(6:33) - AI is here. It's like when the Internet arrives

(9:43) - AI now has been created and it's very cheap and it's very quick and it's very powerful

(13:26) - The returns are in the terms

(13:28) - If you're a contractor, the margin is in the post-award phase

(13:33) - Avoiding a dispute is far cheaper than getting into a dispute

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

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Gain a profound understanding of why Construction Companies FAIL and learn strategies for long-term success in this episode with me and Casey Grey of The Conscious Builder Show.

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(5:44) - In the last 5 to 10 years, standard contracts are few and far between

(6:09) - Cost plus is beneficial to the builder and it can be beneficial to the owner in a different circumstance

(9:56) - The concern is not the lowest price. The concern is I need to get that thing done and that's my number one priority

(10:54) - What costs a lot more money is the job not being done

(15:47) - You need to be looking at risk as a real factor in your business because eventually something will go wrong

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

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Discover the 5 shocking things about construction that will put you ahead in the game of contracts! Tune in now!😉

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(1:51) - The first thing is not having a reciprocal termination clause

(2:34) - You need to make sure you have what's called reciprocal termination so that you can terminate them for default

(4:13) - Having no cap on your liquidated damages means that if the delay is huge, those costs could just spiral and spiral and spiral and get bigger and bigger and bigger

(4:40) - Consequential damages are consequential loss, which is essentially a loss of profit

(4:48) - Liquidated damages is you compensating them for the costs of you being late

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

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This episode is a re-run. It was originally published on June 2022.

Maximize efficiency and minimize costs! Follow these steps to regain control of your Construction Project. Listen here!👇

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(2:05) - Retention obviously is cheaper because you actually don't pay for anything.

(2:26) - Cash flow is king.

(3:35) - If there is debating that you haven't finished on time or stuff happens during defects liability periods, they use that money and not give it back to you.

(6:05) - Paperwork is always the key to getting things moving.

(6:12) - The contract’s not over until the defects liability period is up.

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

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Get valuable insights on navigating contract management challenges. Listen and ensure your business thrives!🔊

Here's an insightful chat with Sean Carroll of the Tradie Connection Podcast.

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(3:25) - A lot of the smaller companies, they're often of the opinion that they can't negotiate a contract and they have to just sign the contract

(3:58) - The bigger and more advanced construction companies know that the margin is in post-award

(4:22) - If you start off submitting a notice within your variations quickly, EOTs quickly, and following a contract perfectly, they just look at you as very professional

(5:15) - You want to be in the they know what they're doing camp, rather than they'll do whatever we say

(5:27) - They also know that companies like yours, if you are contractual, are actually going to be able to deliver the work because ultimately you're getting paid

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

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Don't underestimate the power of effective contract administration. Tune in and elevate your game!💪

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(4:34) - Relationships are important. The industry has definitely changed in that they are less important

(7:03) - As you start off being contractual, they actually just think you're very, very professional

(8:10) - If they can save costs by doing something contractually to you to make sure that you don't get paid, they will do it

(8:28) - One very good tip is to submit notices if you've been delayed and managed to mitigate the risk away

(8:57) - There's a contracts game at play here, it's being played whether you want to play it or not. Learn how to play it

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

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Don't let contract management software eat into your budget. Listen and find out why!

Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: ⁠⁠⁠⁠⁠https://quantumcs.co/casestudy-podcast⁠⁠⁠⁠⁠

If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io

Timestamps:

(4:21) - People almost didn't use it because they didn't want to bother going through every single step and clicking it and opening it and go to the next step and the next one

(6:29) - A lot of the softwares are put together by IT people and the actual people that need to use the software on construction sites are supervisors and project managers

(8:31) - Think twice before you do invest because it's very expensive and it costs a lot of money

(8:49) - The system itself won't put money in your back pocket

(8:58) - Focus on making sure that you're getting your notices in, that you're doing all the contractual things that you should be doing

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

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