Construction Secrets

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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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

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:

(3:28) - 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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Upgrade your payment game!🤑 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:

(5:14) - The worst case really is you win a tender, so you've had to cut your margin to win the tender or you've had to do something to perform the work cheaper than anybody else

(5:56) - You want to get the payments to lock in the costs of the materials

(6:09) - Try your best to negotiate that front payment

(6:38) - What is your offer that you can supply that will differentiate you from everybody else?

(7:26) - Stay away from that vicious cycle of tendering lower, lower, lower, lower, lower, lower, lower until you basically make no money on 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.

Follow our Socials and let's get connected! ⤵️

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

Stand out and make a big change for your company! Learn about liquidated and consequential damages, and transform your system. Take action now to make a difference!

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) - Liquidated damages are to reimburse them for the costs, the increased costs of construction because of your delay

(3:48) - Agreeing to consequential damages is just something that you should always look for and make sure that you don't agree to

(4;39) - Liquidated damages is a pre-agreed estimate to what those damages would be to save everyone the rigmarole of having to go to court

(5:37) - If you see liquidated damages not filled out, that doesn't mean the liquidated damages are zero

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.

Follow our Socials and let's get connected! ⤵️

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