Treacherous Contract Terms - What to Watch Out for When You are Signing Someone Else's Contract

The Site Shed

The Site Shed
Treacherous Contract Terms - What to Watch Out for When You are Signing Someone Else's Contract
Jun 30, 2021 Episode 303
Matt Jones - Trade based business enthusiast

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! 

Discussion Points: 

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 the 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: 

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