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

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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

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

What is the best approach when facing a dispute in your company? Should you proactively set up preventive measures or swiftly negotiate to mitigate its impact before it escalates? Listen to this! 🔊

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) - If you have the expertise and if you have the right advice, you can set yourself up to avoid the dispute completely or negotiate the dispute away before it becomes an issue

(7:22) - Everybody loses in a dispute

(7:33) - It's a race to see who loses the least amount of money when you're in the dispute

(7:38) - If you can negotiate away the dispute in the front end, you're going to have better relationships

(8:13) - The best way to approach these things is to make sure that you get rid of the dispute before it is, as we have it, a dispute avoidance strategy

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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Pay close attention to Liquidated Damages in your contracts! Do not disregard them!

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

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Timestamps:

(3:28) - Liquidated damages is to reimburse the client for the cost of the delay to the construction project itself

(4:38) - The key thing in consequential damages is your client, more often than not, is so big that his profit or his loss of profit could be the size of your company

(5:20) - What can go wrong is they can hit you with liquidated damages and then they can also take you to court as well

(5:35) - We want the liquidated damages clause to say that liquidated damages are the sole remedy for delay

(6:19) - The biggest thing is capping how big the liquidated damages can be

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 in this Part 2 of the Buildipedia Podcast with Mat Wilk how to steer clear of the Vicious Cycle in Construction and the importance of exercising caution regarding Termination Clauses.

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:

(13:01) - Every major builder will have their own contracts because they are pushing risk

(13:14) - If you are lowering your risk as a builder, then you are without a doubt improving your long-term prospects

(15:34) - You will definitely get a higher margin if you deliver the projects on time within budget

(17:29) - People who are subcontractors that charge less tend to be at a higher risk in one way or another

(29:04) - Understand what happens. If you’re not happy with them, try and get them changed

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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Achieve Tangible Results with Proven Construction Strategies.💪 Here is Part 1 of the Buildipedia Podcast Interview with Mat Wilk.

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:

(4:31) - In a leadership position, you're more of a servant to the organization

(9:32) - Every project has a combination of things that go right or wrong

(15:25) - Our success actually looks like silence, because if you sign a contract that has less risk or sets you up for success, there's no outcome

(18:05) - There's a lot more to be gained from just saying how it is

(23:02) - Being able to deliver your service to a high standard is just the price of admission

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 August 2022.

Enhance your contracting game with insider knowledge! Listen to this 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:

(00:39) - Each different type of company has different ways of making money and not making money or different risks that they have

(1:18) - You want to make sure that you're either eliminating liquidated damages from the contract

(3:55) - What you guys need to do, is going to make sure that there's no re-warranty period

(4:37) - You need to be prepared for the moment where you're late or whatever has happened or issues that happen

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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Learn how two perspectives drive success 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:

(1:45) - 33% materials, 33% people and 33% profit

(3:48) - You need to have your contractual docs in a row or you get steamrolled

(6:16) - The thing is, it's not black or white. It is on a continuum

(7:26) - When you bridge that gap of showing them that you're an actual business, that makes the difference

(8:05) - They're afraid to say their business because they don't want to look unprofessional

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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Mind your actions! This is how you can damage your relationships on-site‼️

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:

(3:29) - Even though they're doing good work on-site, they weren't getting paid

(5:15) - There's a chain of command that needs to be followed

(5:38) - The mindset shift that you need to understand here is it's not how good a job that you do

(7:14) - Create a great relationship where you consistently try and make him look good in front of his bosses. And that is the key to success on your construction projects

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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