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Listen "5 Shocking Things About Construction Contracts | Ep. 164"
Episode Synopsis
Discover the 5 shocking things about construction that will put you ahead in the game of contracts! Tune in now!😉
Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: https://quantumcs.co/casestudy-podcast
If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io
Timestamps:
(1:51) - The first thing is not having a reciprocal termination clause
(2:34) - You need to make sure you have what's called reciprocal termination so that you can terminate them for default
(4:13) - Having no cap on your liquidated damages means that if the delay is huge, those costs could just spiral and spiral and spiral and get bigger and bigger and bigger
(4:40) - Consequential damages are consequential loss, which is essentially a loss of profit
(4:48) - Liquidated damages is you compensating them for the costs of you being late
DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.
Follow our Socials and let's get connected! ⤵️
Facebook | LinkedIn | YouTube | Instagram | TikTok | Twitter
Construction Companies doing $5M+, watch this FREE Case Study on how Quantum has helped 8 Construction Companies sign lower risk contracts and boost cashflow & margin: https://quantumcs.co/casestudy-podcast
If your business is making less than $5M, YOU are why I make all my materials FREE. Get more FREE Training & goodies here: https://constructionsecrets.io
Timestamps:
(1:51) - The first thing is not having a reciprocal termination clause
(2:34) - You need to make sure you have what's called reciprocal termination so that you can terminate them for default
(4:13) - Having no cap on your liquidated damages means that if the delay is huge, those costs could just spiral and spiral and spiral and get bigger and bigger and bigger
(4:40) - Consequential damages are consequential loss, which is essentially a loss of profit
(4:48) - Liquidated damages is you compensating them for the costs of you being late
DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.
Follow our Socials and let's get connected! ⤵️
Facebook | LinkedIn | YouTube | Instagram | TikTok | Twitter
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