303 – Treacherous Contract Terms – What to Watch Out for When You are Signing Someone Else’s Contract

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The last thing you would want to experience after all the money and hard work you’ve put in a project is getting screwed over terms stated in a contract you weren’t aware of in the first place. You can only wish that you knew of those things before you signed anything. Unfortunately, this dilemma is common among tradies and contractors. The only way to make sure you never have to go through that ordeal is by arming yourself with the proper information. 

In the second episode of this miniseries with Karalynn Cromeens, Karalynn and I talk about terms everyone should be on the lookout for when signing contracts. She also shares the dangers posed by those terms and what the repercussions would be if you signed the contract. She also discusses possible workarounds that will be beneficial to you and the other party involved.

Arm yourself with the right information before you sign contracts on projects. Tune in to this episode today!

What’s Discussed In This Episode:

0:00 The Elevation Program  

5:58 Bid versus scope

7:21 What the actual contract is 

8:17 Save yourself from the grief

8:51 Internal process you can do during bidding 

10:22 Being responsible for the terms of the prime contract 

12:14 Another provision in the contract you need to watch out for 

13:37 Delay damages 

15:19 Pay when paid and pay if paid clauses 

16:54 Liens 

20:44 Personal guarantees and bonds 

24:14 Prior work 

25:44 Default and terminate 

28:02 Retention

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:


Books mentioned in this episode: 

 

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! 

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