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:
- 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/)
- The Subcontractor Institute “Review My Contract” (https://subcontractorinstitute.com/contract-review/)
- The Personal MBA (https://personalmba.com/)
- Cromeens Law Firm (https://thecromeenslawfirm.com/)
- Listen to the first episode of this series with Karalynn
- TSS 302: What Should Be In Your Contract https://www.thesiteshed.com/karalynn-cromeens-1
Books mentioned in this episode:
- Quit Getting Screwed: Understanding and Negotiating the Subcontract ((https://amzn.to/3h50lkb)
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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