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The Hidden Power Dynamic in Billion-Dollar Construction with Lance Coburn
What happens when a multi-billion dollar construction project's contract ends up in the bottom drawer? The consequences might surprise you.
In this enlightening episode of The Billion Dollar Builder, host Mark Bodner and construction attorney Lance Coburn dive deep into the complexities of mega-construction projects and the critical role of contractual frameworks. They explore how standard of care, technology adoption, and effective project management can make or break billion-dollar ventures. Through real-world examples from iconic projects like City Center and the Atlanta Olympics, they reveal insider perspectives on why construction disputes arise and how to prevent them through proper contract structuring and implementation.
TAKE your business to the next level, answer these 7 questions and we’ll send you a personalised report: https://mark-3k8bffrx.scoreapp.com/
[00:00:00 - 00:15:00] The Foundation: Understanding Standard of Care
Contract requirements must be specific and detailed, not vague
Information asymmetry poses significant risks for owners
Importance of documentation requirements in change orders
[00:15:00 - 00:25:00] Technology's Double-Edged Sword
BIM modeling advances haven't eliminated coordination issues
Resistance to technology adoption remains industry-wide
Real-time project monitoring capabilities are often underutilized
[00:25:00 - 00:34:00] The Human Element in Mega Projects
Project manager egos can derail effective processes
Relationship building is crucial for project success
Balance between control and collaboration is essential
[00:34:00 - 00:42:00] The Shareholder Factor
Public company obligations impact project announcements
Accurate cost estimating becomes crucial for public trust
Planning phase importance often underestimated
[00:42:00 - 00:49:00] Legal Implications and Best Practices
Course of dealings can modify contract terms
Consistent enforcement of contract terms is crucial
Project Management Information Systems create single source of truth
Notable Quotes:
"He who holds the gold makes the rules." - Lance Coburn
"Every project has a story. Make sure you know how to tell it." - Mark Bodner
For more information, please visit: https://cmx.llc/
Connect with us on Social Media:
Facebook: https://www.facebook.com/profile.php?id=61567905852996
Twitter: https://x.com/CMXLLC
TikTok: https://www.tiktok.com/@cmx.llc
Instagram: https://www.tiktok.com/@cmx.llc
YouTube: https://www.youtube.com/@TheBillionDollarBuilder
LinkedIn: https://www.linkedin.com/company/cmx-llc/
View all episodes
By Mark BodnerWhat happens when a multi-billion dollar construction project's contract ends up in the bottom drawer? The consequences might surprise you.
In this enlightening episode of The Billion Dollar Builder, host Mark Bodner and construction attorney Lance Coburn dive deep into the complexities of mega-construction projects and the critical role of contractual frameworks. They explore how standard of care, technology adoption, and effective project management can make or break billion-dollar ventures. Through real-world examples from iconic projects like City Center and the Atlanta Olympics, they reveal insider perspectives on why construction disputes arise and how to prevent them through proper contract structuring and implementation.
TAKE your business to the next level, answer these 7 questions and we’ll send you a personalised report: https://mark-3k8bffrx.scoreapp.com/
[00:00:00 - 00:15:00] The Foundation: Understanding Standard of Care
Contract requirements must be specific and detailed, not vague
Information asymmetry poses significant risks for owners
Importance of documentation requirements in change orders
[00:15:00 - 00:25:00] Technology's Double-Edged Sword
BIM modeling advances haven't eliminated coordination issues
Resistance to technology adoption remains industry-wide
Real-time project monitoring capabilities are often underutilized
[00:25:00 - 00:34:00] The Human Element in Mega Projects
Project manager egos can derail effective processes
Relationship building is crucial for project success
Balance between control and collaboration is essential
[00:34:00 - 00:42:00] The Shareholder Factor
Public company obligations impact project announcements
Accurate cost estimating becomes crucial for public trust
Planning phase importance often underestimated
[00:42:00 - 00:49:00] Legal Implications and Best Practices
Course of dealings can modify contract terms
Consistent enforcement of contract terms is crucial
Project Management Information Systems create single source of truth
Notable Quotes:
"He who holds the gold makes the rules." - Lance Coburn
"Every project has a story. Make sure you know how to tell it." - Mark Bodner
For more information, please visit: https://cmx.llc/
Connect with us on Social Media:
Facebook: https://www.facebook.com/profile.php?id=61567905852996
Twitter: https://x.com/CMXLLC
TikTok: https://www.tiktok.com/@cmx.llc
Instagram: https://www.tiktok.com/@cmx.llc
YouTube: https://www.youtube.com/@TheBillionDollarBuilder
LinkedIn: https://www.linkedin.com/company/cmx-llc/