Most of the time, contracts tend to be the most challenging part of entering a business, and this is where we mostly fail. When we see a contract five pages long, we lose our interest in reading it and lean towards signing without even taking a look — not knowing this will be our downfall.
Contracts are very crucial in whatever business or trade you are in. In part one of this miniseries, Karalynn Cromeens of The Cromeens Law Firm joins us to share her extensive knowledge about contracts — the necessary things you need to add in the draft and the kind of people you need to watch out for.
Stay away from unsuspecting contracts and safeguard your rights by knowing what’s in them. We have lots of valuable takeaways in this podcast, so stay tuned to this episode!
What’s Discussed In This Episode:
0:00 The Elevation Program
3:44 Brief introduction to the topic and the guest
5:20 Karalynn talks about her book and her podcast
9:37 Who is Karalynn Cromeens?
11:28 Drafting your contract: Dos and don’ts and why it’s essential
14:52 Things you need to include in your contract
21:03 Why it’s so important to include the payment terms
25:02 Insurance and indemnity
26:44 What are defaults, and how do they cover you?
31:02 Karalynn recommends adding this to the contract you’re writing because it’s beneficial for both parties
33:36 Warranty, workers, attorney’s fees
35:12 What is a complete agreement? Why close the contract with it?
37:06 Most common problem tradespeople and businessmen encounter in their trades and in running their businesses
About Our Guest
Karalynn Cromeens is a published author and devoted leader. She is the Owner and Managing Partner of The Cromeens Law Firm, PLLC, who holds more than 16 years of experience practicing construction, real estate, and business law. Karalynn is passionate about protecting the businesses her clients have built and being a lifelong partner in their company’s success.
Resources:
- Tradie Web Guys ‘automation’ – (https://www.tradiewebguys.com.au/automation/)
- Tradie Web Guys Elevation Program – (https://www.tradiewebguys.com.au/elevation/)
- Tradie Web Guys’ Apply (qualification) page (https://www.tradiewebguys.com.au/apply/)
- The Quit Getting Screwed Podcast (https://the-quit-getting-screwed-podcast.castos.com/
- Quit Getting Screwed: Understanding and Negotiating the Subcontract ((https://amzn.to/3h50lkb)
- The Subcontractor Institute “Review My Contract” (https://subcontractorinstitute.com/contract-review/)
- The Personal MBA (https://personalmba.com/)
- Cromeens Law Firm (https://thecromeenslawfirm.com/)
Connect with me on LinkedIn. For more podcast episodes, you may also visit my website. Tune in and subscribe to The Site Shed: You can also listen to The Site Shed on Apple Podcasts, Spotify, and Stitcher.
Thank you for tuning in!
If you enjoyed this podcast and this series, please take 5 to leave us a review:
