Podcasts about construction contracts

Send us a textIn construction, failing to use the right technology can result in massive financial losses. Wade and Stephen delve into real-world examples where contractors lost big due to outdated project tracking, skipping BIM, and neglecting equipment maintenance. Learn essential lessons on how effective use of technology could have saved projects from costly overruns and preventable disasters. Discover the importance of cybersecurity, bid accuracy, material tracking, and contract management in preventing financial pitfalls. If you're on the fence about implementing new technology, this is a must-listen!Subscribe to get notified as soon as new episodes go live on YouTube: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1Topics we cover in this episode include:00:44 Real-World Case Studies: Technology Failures02:47 The Importance of Cybersecurity04:39 Avoiding Costly Bid Errors07:32 Material Theft and Mismanagement13:11 The Role of Telematics16:55 Legal and Contractual SafeguardsLINKSVisit the episode page at https://carpentercpas.com/techmisstep for more details and a transcript of the show.Take the FREE Construction Company Health Evaluation: https://profitfirstconstruction.com/free-resource-evaluate-your-accounting-system/Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com

Send us a textIn construction, failing to use the right technology can result in massive financial losses. Wade and Stephen delve into real-world examples where contractors lost big due to outdated project tracking, skipping BIM, and neglecting equipment maintenance. Learn essential lessons on how effective use of technology could have saved projects from costly overruns and preventable disasters. Discover the importance of cybersecurity, bid accuracy, material tracking, and contract management in preventing financial pitfalls. If you're on the fence about implementing new technology, this is a must-listen!Subscribe to get notified as soon as new episodes go live on YouTube: https://www.youtube.com/@CarpenterCPAs?sub_confirmation=1Topics we cover in this episode include:00:44 Real-World Case Studies: Technology Failures02:47 The Importance of Cybersecurity04:39 Avoiding Costly Bid Errors07:32 Material Theft and Mismanagement13:11 The Role of Telematics16:55 Legal and Contractual SafeguardsLINKSVisit the episode page at https://carpentercpas.com/techmisstep for more details and a transcript of the show.Take the FREE Construction Company Health Evaluation: https://profitfirstconstruction.com/free-resource-evaluate-your-accounting-system/Join the Profit First for Construction community!Find all episodes and related links at ContractorSuccessForum.com.Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs FIND US ONLINEWade Carpenter, CPA, CGMA | CarpenterCPAs.comStephen Brown, Bonding Expert | SuretyAnswers.com

After an over two-hour-long debate, the Northfield City Council appeared again split on the issue of the Water Treatment Plant. After rejecting the initial construction bids in January, city staff returned with two alternative proposals with lower costs. Here the story hereBelow, find all the stories KYMN has done about the plant:KYMN News Story (1/21/2025): A Summary of the Water Treatment Plant Project: Northfield City Council Set To Approve Construction Bids TonightKYMN News Story (1/23/2025): A Recap of the Northfield City Council Rejection of Construction Contracts for the Water Treatment PlantKYMN Podcasts (1/23/2025): Northfield Mayor Erica Zweifel and Ben Martig discuss the City Council meeting and water treatment plant bidsKYMN Podcasts (2/11/2025): Logan Wells Explains the Drinking Water Treatment Plant situation 2/11/25KYMN Podcasts (2/12/2025): Northfield City Administrator Ben Martig

Northfield, MN area news for 1/23/2025: A Recap of the Northfield City Council Rejection of Construction Contracts for the Water Treatment PlantHealthy Community Initiative Announces The Hiring of A New Executive Director: Tom Steinmetz

On today's show we are comparing two different types of construction contracts, the cost plus contract and the fixed price contract. We will describe the major differences between the two and outline the major gaping hole that exists in both from which there is almost no protection. As the names imply, a fixed price contract, sometimes called a guaranteed maximum price contract is supposed to guarantee the most that you would ever pay to get a project completed. A cost plus contract adds up the cost of the work performed by the subcontractors and then adds a percentage on top of that total price to pay the general contractor or the construction manager. You might negotiate an attractive percentage for the general contractor. Generally speaking, the construction manager will build in a substantial contingency into the guaranteed maximum price contract in order to protect their profit margin in the event of a cost overrun. On paper it looks like the guaranteed maximum price is higher than the cost plus contract. When you are getting quotes from subcontractors and you compare these two numbers, the cost plus contract will almost always appear to be less expensive. But there are 3 loopholes that exist for the guaranteed maximum price contract that don't protect the owner. On today's show we outline these risks. ---------------- **Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

Send us a textGetting bonded as a contractor can feel like navigating a maze. Join Wade Carpenter and Stephen Brown of McDaniel Whitley Bonding and Insurance in part three of our series on contractor bonding. This episode dives into real-life case studies to uncover valuable lessons for getting bonded successfully. Learn about the challenges of single large clients, territory issues, experience factors, high turnover rates, unstable project pipelines, high operating expenses, and specialized high-risk projects. Tune in for expert insights and practical advice to enhance your bonding process.

Send us a textGetting bonded as a contractor can feel like navigating a maze. Join Wade Carpenter and Stephen Brown of McDaniel Whitley Bonding and Insurance in part three of our series on contractor bonding. This episode dives into real-life case studies to uncover valuable lessons for getting bonded successfully. Learn about the challenges of single large clients, territory issues, experience factors, high turnover rates, unstable project pipelines, high operating expenses, and specialized high-risk projects. Tune in for expert insights and practical advice to enhance your bonding process.

In this episode of The Curious Builder, Mark Williams dives into the nitty-gritty of construction contracts and business continuity with construction law expert, Karalynn Cromeens. They discuss the importance of solid contracts to avoid legal headaches, the challenges of partnerships, and how collaboration can spark new energy in projects. Plus, they touch on managing client expectations, the evolving influence of social media, and how proactive legal planning can keep your business running smoothly even in tough times.   Support the show - https://www.curiousbuilderpodcast.com/shop   See our upcoming live events - https://www.curiousbuilderpodcast.com/events   The host of the Curious Builder Podcast is Mark D. Williams, the founder of Mark D. Williams Custom Homes Inc. They are an award-winning Twin Cities-based home builder, creating quality custom homes and remodels — one-of-a-kind dream homes of all styles and scopes. Whether you're looking to reimagine your current space or start fresh with a new construction, we build homes that reflect how you live your everyday life.   Sponsors for the Episode:   Pella Website: https://www.pella.com/ppc/professionals/why-wood/   Adaptive https://www.adaptive.build   Lake Society Magazine: Website: https://www.lakesocietymagazine.com/   Where to find the Guest: Website: https://thecromeenslawfirm.com/ Instagram: https://www.instagram.com/karalynncromeens/ YouTube: https://www.youtube.com/@quitgettingscrewed LinkedIn: https://www.linkedin.com/in/karalynn-cromeens-55ba216/   Where to find the Host: Website - https://www.mdwilliamshomes.com/ Podcast Website - https://www.curiousbuilderpodcast.com Instagram - https://www.instagram.com/markdwilliams_customhomes/ Facebook - https://www.facebook.com/MarkDWilliamsCustomHomesInc/ LinkedIn - https://www.linkedin.com/in/mark-williams-968a3420/ Houzz - https://www.houzz.com/pro/markdwilliamscustomhomes/mark-d-williams-custom-homes-inc

Live from the ROCKWOOL studio, Matt discusses the pros and cons of fixed-price and cost-plus construction contracts with guest Jeremy Martin, co-owner of Risher Martin, a leading custom homebuilder in Austin. Jeremy shares his firm's unique approach to fixed-price contracts, emphasizing rigorous pre-construction planning and detailed specifications to ensure predictable budgets and schedules. This method fosters trust and minimizes change orders by clearly defining project scopes, materials, and allowances upfront.Jeremy explains that fixed-price contracts work even for large-scale renovations by incorporating allowances for potential issues like structural damage. Pre-construction, often a nine to fifteen-month process, includes site inspections, constructability reviews, and close collaboration with architects and designers. While these efforts are treated as a "loss leader," they set the stage for efficient, on-time construction. Matt contrasts this with his cost-plus model, which offers clients transparency through access to detailed invoices and flexible budgeting. However, he acknowledges that cost-plus often involves making decisions during construction, increasing the potential for delays or unexpected costs.Both agree on the importance of peer-to-peer collaboration and continuous learning to navigate industry challenges. They highlight how thoughtful planning and communication can lead to client satisfaction and successful project execution, making it a valuable listen for builders, homeowners, and industry professionals. Find Jeremy on the web:Instagram: @rishermartinFacebook: https://www.facebook.com/RisherMartin/Houzz: https://www.houzz.com/professionals/general-contractors/rishermartin-fine-homes-pfvwus-pf~2046903330?Website: https://www.rishermartin.com/Find Matt and The Build Show on the web:Build Show Videos: https://buildshownetwork.com/go/mattrisingerInstagram: @risingerbuild and @thebuildshowTikTok: @thebuildshowYouTube channel: https://www.youtube.com/@buildshowWebsite: https://risingerbuild.com/ and https://buildshownetwork.com/Save the Date for Build Show LIVE 2025 in Dallax, TX: October 16-18, 2025! Don't miss a single episode of Build Show content. Sign up for our newsletter.

On today's show we are breaking down the different types of construction contracts that you can sign. Now let me be clear, I'm not here to offer any type of legal advice. I'm merely sharing our experience when it comes to undertaking different types of construction projects.  The first thing you need to get clear on is whether you are hiring a general contractor or a construction manager. This is a distinct choice. In either case, there will be subcontractors involved for the specific work items. You might have different subs for framing, mechanical electrical, plumbing, concrete, finishing and so on. There could be up to 20 distinct subcontractors on a typical build project. The main distinction between the general contractor and the construction manager is who hires the subcontractors? You might hire the subcontractors directly and pay them directly. The subs work under the direction of the construction manager. The bids, the schedule, and all of the practical elements of the project are handled by the construction manager. But the contractural relationship is different. There is no markup being charged on the subcontractor's work. You pay the construction manager a fixed fee.  Let's assume that you decide you want to hire a general contractor and you are going to pay only the general contractor. The GC is responsible for all aspects of the project.  In construction projects, the contract type is crucial for defining cost control, risk allocation, and payment structures. Here's a comparison of the three main types: 1) Cost Plus 2) Lump Sum (Fixed Price) 3) Guaranteed Maximum Price The biggest item to figure out with each of these models is who is going to carry the contingency fund. There is always going to be some variability in construction. The question is who is going to carry that risk and where is the money going to come from to pay for those costs if and when they do arise.  Whichever model you choose, there are pros and cons. Whatever you do, make sure you hire a lawyer who specializes in construction contracts. This is an area of specialty in the law just like real estate . ------------- **Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

Whether replacing a roof, undergoing major concrete restoration, or updating your common areas, understanding construction contracts is essential to secure the best possible outcome for your repair or renovation projects. In this week's Take It To The Board podcast, host Donna DiMaggio Berger unlocks the secrets to mastering construction contracts with Steven Lesser, Shareholder and Chair of Becker's national Construction Law and Litigation Practice.Join Donna and Steve as they dissect essential elements every community association board and management professional must consider, from setting goals and financial risk assessment to navigating complex timeframes. They share expert techniques on risk mitigation, including liability disclaimers and the importance of verifying contractor credentials and demanding insurance coverage, ensuring you're well-prepared for the intricacies of your next construction project.Discover the most common mistakes boards make when signing construction contracts and learn how to avoid them. Donna and Steve walk you through real-life cautionary tales of unlicensed contractors and highlight the necessity of thorough contracts to ward off potential legal and financial pitfalls. With insights into Chapter 558 of Florida law and similar statutes, they empower you with the knowledge to handle the right-to-cure process before escalating to legal action.From the importance of due diligence to the nuances of termination provisions, this episode covers it all. Learn how to effectively manage the scope of work, payment schedules, and insurance limits to prevent costly errors. Steven's wisdom extends to dispute resolution strategies, weighing the benefits of arbitration, mediation, and litigation. Whether you're a seasoned professional or a newcomer to the field, this conversation equips you with invaluable tips to navigate and triumph in the world of construction projects.Conversation Highlights Include:Common issues boards overlook during the initial due diligence phase of large construction projectsProblems that can arise when the scope of work is ambiguous“Change orders” and why they are a common source of disputes in construction contractsHow boards can protect themselves from excessive or unjustified change ordersRisks surrounding payment terms and payment schedules in construction contractsThe importance of timelines, payment and performance bonds and having an effective Owner's RepresentativeWarranties and guarantees boards should require in their construction contractsEffective dispute resolution mechanisms BONUS: Learn the #1 mistake boards can easily avoid when signing construction contractsRelated Links:Podcast: Everything You Need to Know About Concrete Restoration Projects with Alessandra Bianchini, of Carousel Development and Restoration Inc.Article: Becker Named a Top 25 Construction Law Firm by Construction Executive Magazine 2024Online Class: Condo Construction Defects 101

Avoid the costly fallout of contract terminations! We're breaking down the biggest mistakes and how to steer clear of them. Catch this episode for essential insights! For more videos, subscribe to our YouTube channel using this link: https://quantumcs.co/CSYouTube Our “Quantum Contract Advantage System” is known industry-wide for taking construction contractors from being contractually vulnerable, losing money on project administration, and appearing amateur during bidding and negotiations to instead putting that process on auto-pilot so they can secure more contracts, with better terms, for more profit, all while reducing risk. Ready to Earn More from Every Contract? Find out how to protect yourself from larger companies taking advantage and start boosting your profits by 15%. Click here to discover the 3 simple changes in your contracts that make a big difference: https://quantumcs.co/YtOVSL3SimpleChanges If you want to find out more, book a 30-minute, no-obligation call with one of our contract experts: https://quantumcs.co/YtOCal3SimpleChanges Timestamps: (1:05) - The main thing to consider is when you get into a contract in any agreement in life, really, is you've got to figure out if this goes badly, what is the worst case scenario? (2:26) - Termination for convenience, which is essentially they can terminate you for whatever reason they want (4:05) - Termination for default is pretty fair (4:45) - In most countries, in most states, at law, you can get out of a contract if they don't pay for you. But that's outside of the contract (6:48) - When you get into any sort of agreement in life or in a contract, you need to be able to understand the escape hatch 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

Deeds and guarantees can be a minefield in construction contracts. Learn the crucial details and avoid potential pitfalls with our expert advice. Tune in now! Our “Quantum Contract Advantage System” is known industry-wide for taking construction contractors from being contractually vulnerable, losing money on project administration, and appearing amateur during bidding and negotiations to instead putting that process on auto-pilot so they can secure more contracts, with better terms, for more profit, all while reducing risk. Ready to Earn More from Every Contract? Find out how to protect yourself from larger companies taking advantage and start boosting your profits by 15%. Click here to discover the 3 simple changes in your contracts that make a big difference: https://quantumcs.co/YtOVSL3SimpleChanges If you want to find out more, book a 30-minute, no-obligation call with one of our contract experts: https://quantumcs.co/YtOCal3SimpleChanges Timestamps: (0:26) - Director's Guarantee is taking personal liability before something going wrong (0:54) - A lot of times they want a parent company to guarantee that you will complete the work (1:30) - You can actually negotiate security out of the contract, which will increase your cashflow (2:26) - When there's a deed in the contract that they want you to sign, they're asking you to take on additional risk 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

Join us for an engaging episode with Michelle Bomberger, Founder and CEO of Equinox Business Law Group PLLC, as we explore construction contracts, redlining, and the critical elements that matter most. Tune in now!

Josh Levy is the CEO and co-founder of Document Crunch, an innovative company dedicated to explaining construction contracts as simply as possible. With a background in Construction Management from the University of Florida and an enriching experience as a construction law clerk, Josh's journey into construction and technology solutions is as compelling as it is impactful. This episode shares why Josh is so passionate about reducing risk in construction, how Document Crunch was born out of necessity, and the broader applications of their technology beyond just construction contracts.   Key Takeaways: A little bit about Josh and his role at Document Crunch. How did Josh get into construction management and technology solutions? Why is construction so risky? Everything stems from what's written in the contract. If something bad or unexpected happens, the contract should have it covered and noted. Why is Josh so passionate about this industry? How does Document Crunch work? Is Document Crunch just limited to construction contracts? Josh shares what attracted him the most to this industry when he was first studying it in college. When it came time to start his own company, what pushed Josh to become entrepreneurial? So many people don't take their shot. Sometimes now is as good a time as any to take that risk. What's next for Josh and his company? Josh believes younger folks should be investing in soft skills because that's something AI won't be able to take over as easily. The contract is key at the end of the day, which means everyone who signs it or is involved in it, needs to understand in layman's terms what the contract covers. Why does Josh have an American flag behind him? He shares a quick story. Josh's final piece of advice: Learn as much as you can and then don't be afraid to take the risk.   Mentioned in This Episode: Documentcrunch.com Josh on LinkedIn  

As a contractor, navigating the complex terrain of construction projects can often lead you to unexpected roadblocks. The post Do You Know These Hidden Conditions in Construction Contracts? appeared first on TheLienZone Podcast.

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Want to find out how to land big construction contracts? Tune in to this episode where we reveal the secrets to landing high-value projects and expanding your portfolio. Press play! For more videos, subscribe to our YouTube channel using this link: https://quantumcs.co/CSYouTube Our “Quantum Contract Advantage Service” is known industry-wide for taking construction contractors from being contractually vulnerable, losing money on project administration, and appearing amateur during bidding and negotiations to instead putting that process on auto-pilot so they can secure more contracts, with better terms, for more profit, all while reducing risk. Here's How: https://quantumcs.co/becomealegacysubcontractor If you want to find out more, book a 30-minute, no-obligation call with one of our contract experts: https://quantumcs.co/bookinthecall. Jump on a free strategy session to see how we can help you! Timestamps: (1:16) Ideally you want to get a video case study (2:35) - You might need to take a bit of a haircut to win the work (4:10) - One thing that is really, really powerful is videos build trust (5:06) - How do we sell and market to these guys so that they give us larger projects? 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

Listen in to discover Andrew Crapuchette's secrets to winning the trust of serious builders and filling your pipeline with high-value jobs. Andrew is a tech CEO turned housing developer who openly shared how subcontractors can stand out from the competition. You'll learn how to leave a lasting impression even if you think you're not that different from your competition. Turns out it's not as much a question of trade skills as it is communication and the ability to navigate awkward conversations. So what does it take to stand out? Tune in and find out!

Livhuwani Musetsho is an admitted attorney of the High Court of south Africa and the managing director Musetsho Attorneys Incorporated. She was born and raised in Venda and matriculated at Mbilwi Secondary school in 1997. She then went to UCT to study Psychology initially then changed to the arts. During her studies Livhuwani held various jobs on and off campus. After graduating, she was unemployed for 18 months before joining South African Airways in 2004 as a Cabin Crew Member/Flight Attendant. In 2016 Livhuwani graduated with a Postgraduate Diploma in Business Management from Regenesys Business School and also became a Senior Cabin Crew Member. In 2017 she became a Trainer, for pilots and cabin crew members. She held this position until getting retrenched in 2020 during SAA's restructuring. She worked for SAA for 16 years and during her tenure at SAA, she enrolled with the University of South Africa for LLB and completed her degree 2020 at the age of 41. In 2021 she completed her articles and law school, and in 2022 she wrote her boards exams. During 2022 Livhuwani also completed an Engineering and Construction Contracts course through the University of Pretoria. She was then admitted as an attorney on the 24 February 2023. In May of 2023 Livhuwani incorporated Musetsho Attorneys Incorporated which provides various legal services including medical negligence; construction law and immigration law. We would like to hear from you, follow us on Instagram @sister_in_law_ @musetsholivhuwani --- Send in a voice message: https://podcasters.spotify.com/pod/show/tebello-motshwane/message

Contract Experts: The New Titans of Construction Contracts. Get a fresh perspective on how they are revolutionizing the game. It's time to take your business to the next level with their groundbreaking insights. Are you prepared to transform your approach? Tune in now. For more videos, subscribe to our YouTube channel using this link: https://quantumcs.co/CSYouTube Our “Quantum Contract Advantage Service” is known industry-wide for taking construction contractors from being contractually vulnerable, losing money on project administration, and appearing amateur during bidding and negotiations to instead putting that process on auto-pilot so they can secure more contracts, with better terms, for more profit, all while reducing risk. Here's How: https://quantumcs.co/becomealegacysubcontractor If you want to find out more, book a 30-minute, no-obligation call with one of our contract experts: https://quantumcs.co/bookinthecall. Jump on a free strategy session to see how we can help you! Timestamps: (1:30) - 5 to 15% of margin is won or lost on every project via the contracts (2:26) - A lot of people think that risk is part of construction (3:22) - Most lawyers don't actually understand what's happening on a construction site (4:20) - The contract administrators can just take care of the paperwork and the contract strategy to make sure that you're getting paid 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

The Do You Ever Wonder Podcast Welcomes Tina Miraglia, Real Estate Partner/Member of the Firm DL Partners!Representing major national developers, Tina knows the ins and outs of defending the legal position of those who are building projects, and who will be selling units to individuals and investors before and after project completion.As an attorney representing a sponsor of a new construction multifamily building in NYC, particularly one involved in selling units, Tina addresses a variety of legal issues to protect her client's interests. Some of these issues may include:Contract Drafting and Negotiation: Drafting and negotiating contracts with contractors, architects, and other parties involved in the construction process to ensure favorable terms and protect the sponsor's interests.Regulatory Compliance: Ensuring compliance with NYC building codes, zoning regulations, environmental laws, and other regulatory requirements throughout the construction process.Title and Property Rights: Conducting thorough title searches, resolving any title issues, and ensuring clear property rights for the sponsor and future buyers of the units.Financing and Securities Laws: Advising on financing options, structuring loan agreements, and complying with securities laws if the sponsor is raising capital from investors to finance the project.Construction Contracts and Liabilities: Reviewing and negotiating construction contracts to protect against potential disputes, delays, cost overruns, and liabilities during the construction phase.Sales Contracts and Disclosures: Drafting sales contracts and disclosure documents for unit buyers, ensuring compliance with applicable laws and regulations, and disclosing any material defects or risks associated with the property.Condominium or Cooperative Conversion: Assisting with the conversion of the multifamily building into condominiums or cooperatives, if applicable, including drafting offering plans, bylaws, and other legal documents.Tax Considerations: Advising on tax implications for both the sponsor and unit buyers, including property taxes, transfer taxes, and potential tax incentives or abatements.Warranties and Insurance: Negotiating warranties from contractors and subcontractors, advising on insurance coverage for the construction project and the units, and addressing any insurance claims or disputes.Dispute Resolution and Litigation: Representing the sponsor in legal disputes, including construction disputes, contract disputes, and any litigation that may arise during or after the construction process.How can you reach Tina Miraglia?Email: bmiraglia@dlpartnerslaw.comPhone: (212) 564-9800 Ext: 401___________________________________________________Please subscribe to the Do You Ever Wonder podcast using the two links below, and don't be shy about sharing the links with your friends.YouTube: Subscribe to Do You Ever Wonder here:  https://www.youtube.com/channel/UCzmL4Yaump_9Q7tMSChDoUQStreaming: Subscribe on your favorite streaming platform here: https://areyouwondering.buzzsprout.com/share

Get ready for a gripping story about a construction contract gone wrong. See the fallout of neglecting contracts and pick up must-know tips to avoid similar issues. This story is a game-changer for how you deal with contracts — tune in now! For more videos, subscribe to our YouTube channel using this link: https://quantumcs.co/CSYouTube Construction Companies doing $5M+!

John A. Gambill, Partner at Taft Stettinius & Hollister LLP, discusses terms in Ohio construction contracts contractors should beware of. LinkedInWebsiteEmail: jgambill@taftlaw.com Phone: 614-334-6114

Standard is not enough! This podcast episode unveils the secrets of why standard construction contracts should never be taken at face value. Here's Part 1 of my interview with Frank & Bo of the Building Talk Podcast. Listen up!

This episode is a re-run. It was originally published in September 2022. Dive deep into the details and ensure you're 100% in the know before you sign your construction contracts! Tune in!

This episode is a re-run. It was originally published in September 2022. Want to know some sneaky secrets in your contracts? Don't miss this episode! Secure your cashflow! Construction Companies doing $5M+!

At its Nov. 14 meeting, the Henrico Board of Supervisors passed an ordinance allowing advertising of sports betting apps at Richmond Raceway, bringing the county in line with commonwealth law. Henrico County Attorney Andrew Newby explained that marketing could include signs, displays, and distributing marketing materials, as well as setting up hospitality areas, lounges, and platform demonstrations. This marketing would only be allowed at the raceway itself and only if the advertiser has a Virginia sports betting permit. The board also authorized several contracts or contract modifications: • 5,000 to Virtexco for security alterations at Regional Jail West. This includes...Article LinkSupport the show

Bulletproof your construction projects with foolproof contracts! Find out how to navigate the minefield of construction contracts and ensure your deals are rock-solid against today's construction challenges. Tune in! For more videos, subscribe to our YouTube channel using this link: https://quantumcs.co/CSYouTube Construction Companies doing $5M+!

Contracts: the silent architects of success or strife? Ensure your construction contracts are a blueprint for safety, not surprises. Listen here!

Why settle for average contract negotiations when you can negotiate like a pro? In this podcast, we share the expert techniques and strategies that pros use to negotiate effectively while minimizing risks. If you're in the construction business, this is a must-listen. Here's Part 2 of my recent interview with Paul Heming of the Own the Build Podcast. 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: (2:56) - This concept of liquidated damages, which is a pre-agreed amount of what it would cost if you delayed them (7:13) - We want to cap the liquidated damages, which is the cost to reimburse the clients for them being late in construction (9:34) - They're expecting you to negotiate. That's the game (12:12) - Whatever that number is in the main contracts just gets lifted and shifted 100% into the subcontracts, even though the subcontract is 5% of the overall or ten or whatever (15:06) - Your final account, your last couple of invoices, payment applications are where it all goes down 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

This episode is a re-run. It was originally published in September 2022. Contracts often state unnecessary complexities, but fear not, as we're here to help you! Tune in! 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: (2:40) - While they are construction companies that have construction expertise, they're actually finance companies (4:02) - It is in their best interest as a risk arbitrage to make the contracts down the way more aggressive than the one that they've signed (5:40) - The construction industry has the highest insolvency rate out of any industry (6:15) - Their goal is to push the risk down onto you (7:51) - Even though it looks like a standard contract, it isn't necessarily going to be a standard contract 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

Join John Pendleton with Scott Insurance as he discusses a big change within the Construction Industry with Spencer Wiegard of Gentry Locke. On January 1st 2023, a …Listen Now

In this episode we revisit the incredible success story of Matos Builders, a small construction company that has not only secured lucrative federal government contracts but has also nurtured a thriving 60-member team. Joined by Matos Builders' founders, we explore the crucial aspects of their journey that can inspire and guide small businesses aiming to venture into the world of government contracts. Discover the intricacies of Joint Ventures, a strategy that Matos Builders is using to bid for and win substantial government projects. Dive deep into the art of building a formidable team, learning from their experience in selecting, training, and retaining top talents. Explore the concept of "battle rhythm for meetings," a unique approach employed by Matos Builders, ensuring that every interaction is purposeful and productive. Understand the nuances of government financing, unraveling the complexities and demystifying the process for businesses seeking financial support for their federal endeavors. Additionally, gain insights into gow  Cybersecurity Maturity Model Certification (CMMC) is being handled by Matos as well as a variety of other topics!  Whether you're a budding entrepreneur or a seasoned business owner, this episode equips you with the knowledge and motivation to embark on your own successful journey into government contracting. Tune in and be inspired to reach new horizons in the world of federal opportunities. Matos Builders on LinkedIn: matos-builders-llc Matos Website: https://www.matosbuilders.com/ Check out the new GovClose CRM and Pipeline System at: https://govclose.com/ DoD Contract Academy: https://www.dodcontract.com/

In this episode, Ryan is talking to Cian Brennan, the founder of Quantum Contract Solutions. We're diving into the nitty-gritty of construction contracts, the stuff that makes or breaks a project. Cian Brennan is a seasoned expert in the field of contract interpretation, he specialises in how to navigate these contract mazes, find the clauses that really matter, and avoid financial disasters. Originally from Ireland, Cian shares his story of why he got involved in construction. His granddad was a legend in the construction game. They used to call him "the man who built Galway." But after his granddad passed on, the company adopted a new philosophy under the new leadership and went bust. Cian went on to work for some of the biggest oil and gas giants on the planet before starting his own company, Quantum to make his granddad proud. So, join us as we uncover the secrets of construction contracts and get inspired by Cian's incredible journey in the construction world.LinksConnect with Cian Brennan on LinkedInQuantum Contract SolutionsWhere else you can find usWebsite: https://www.masterbuilder.org.nz/Elevate Platform: http://elevate.masterbuilder.org.nzInstagram: https://www.instagram.com/masterbuildernz/Facebook: https://www.facebook.com/registeredmasterbuildersYouTube: https://www.youtube.com/channel/UCmh_9vl0pFf0zSB6N7RrVegTwitter: https://twitter.com/MasterBuilderNZ

Get wise about construction contracts and say goodbye to risks!⚠️ Here's Part 2 of my interview with Kenny Myers in the Constructing Art Podcast. Don't miss this!

High inflation is undoubtedly putting more pressure on all businesses and the construction industry is no different. We're starting to see a gradual upward trend in disputes driven by high inflation. Naturally, inflation impacts require more attention to the level of current and requested escalation and final adjustment clauses to assure proper recovery in the event of a claim at any point in the construction schedule. In this episode of Construction Blueprints, Philippa Pearce, Project Management Lead, GB Construction, is discussing with our special guest Dr Kieran Dineen, Civil Engineer and an independent consultant, the impact of inflation on construction contracts and disputes. Dr Kieran Dineen also provides helpful perspective on the effect of inflation on pricing and explains the three key ways contracts are priced. We also dive into the methods that can help deal with inflation outside contracts such as better design phase, offsite construction, modular build options and more.

Secure your success! Discover the contract mistake contractors should NEVER make.

Charlotte Shaw serves as the Executive Director/CEO of Birmingham Jefferson County Transit Authority (BJCTA). Ms. Shaw has held various leadership roles throughout her career and has extensive experience in Transit Operations, Procurement, A/E and Construction Contracts and Capital Improvement Planning & Program Delivery. Prior to her role as Executive Director/CEO, she was appointed by the Mayor as the Deputy Director of Special Projects for the City of Birmingham to deliver the city's first Bus Rapid Transit system which recently launched and is known as the BX, Birmingham Xpress. She also successfully led efforts to support transit needs for The World Games 2022. Affectionately Titled: Ms. Shaw is an insightful and innovative leader with 25 years of experience in the public and private sectors. She is honored by the "Savior of the BRT" opportunity to develop and grow transit in the City of Birmingham and surrounding municipalities. 25+ YEARS EXPERIENCE Various Sr. Leadership Roles Strategic Development & Planning Transit & Bus Rapid Transit (BRT) PUBLIC & PRIVATE SECTOR CAREER Department of Transportation Federal Transit Administration Oracle Metropolitan Atlanta Rapid Transit Authority (MARTA) City of Birmingham, Capital Project, Special Projects Sr. Leadership SKILLS Public Engagement & Customer Focus Results - Driven Strategic Thinker Interpersonal Leadership Style Key Stakeholder Management Excellent Presentation skills Good Communicator to influence decisions Eno / MAX Fellow 2019 Asset Management Certification (IAM) Charlotte demonstrates excellent leadership and communication skills to influence decision making while interacting with stakeholders and management of resources. She is highly skilled at managing client demands, identifying areas of improvement and going beyond the limit to ensure client satisfaction. Charlotte relentlessly provides guidance to improve team performance to render stellar service to support clients by directly handling customer-facing issues, and problem-solving with an interpersonal approach. Ms. Shaw is innovative, passionate about her work and is often called upon for difficult projects. She has advanced many companies in the crunch with her ability to quickly prioritize the details, meet deadlines and conceptualize future needs by developing plans to meet them. She is known for executing deliverables and projects by setting the right goals at the right time. This approach serves as a compass for determining priorities and helping her make the necessary adjustments, while identifying risks to ultimately reduce their relative effect. Charlotte possesses verifiable strengths across various multi-functional disciplines including budget management, contracts & procurement, strategic planning, supply chain, negotiations, operations management, and project engineering. She is an ENO Fellow of 2019 from the renowned Eno Transportation Leadership Program out of Washington DC. As a Fellow, she was exposed to Transit Authorities across the United States in various regions. She also achieved her Certification in Asset Management (IAM), which is a well-respected certification held by few in the United States.

Today's guest is Jeff Love.   Jeff is a Partner at Gibbs Giden Locher Turner Senet & Wittbrodt, which has been named one of the Best Law Firms in the U.S. for construction law, construction litigation, and real estate law by U.S. News. Join Sam and Jeff in today's episode.  -------------------------------------------------------------- Intro [00:00:00] Tenant Estoppel Certificates in Commercial Real Estate [00:05:14] Reviewing Leases and Ensuring Accuracy [00:06:53] Challenges with Obtaining Tenant Signatures [00:08:24] Tenant Estoppel Certificates [00:09:04] Common Pitfalls in Construction Contracts [00:11:45] Importance of Communication and Documentation in Construction [00:17:22] The importance of timing in real estate transactions [00:19:12] Adjusting timelines in real estate agreements [00:20:04] Closing [00:21:26] -------------------------------------------------------------- Connect with Jeff:  LinkedIn (personal) - https://www.linkedin.com/in/jeff-love-65a5951a/  LinkedIn (company) - https://www.linkedin.com/company/gibbs-giden-locher-turner-&-senet-llp/ Twitter - https://twitter.com/gibbsgiden Web: https://www.gibbsgiden.com/attorneys/jeffrey-b-love/   Connect with Sam: I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook: https://www.facebook.com/HowtoscaleCRE/ LinkedIn: https://www.linkedin.com/in/samwilsonhowtoscalecre/ Email me → sam@brickeninvestmentgroup.com   SUBSCRIBE and LEAVE A RATING. Listen to How To Scale Commercial Real Estate Investing with Sam Wilson Apple Podcasts: https://podcasts.apple.com/us/podcast/how-to-scale-commercial-real-estate/id1539979234 Spotify: https://open.spotify.com/show/4m0NWYzSvznEIjRBFtCgEL?si=e10d8e039b99475f -------------------------------------------------------------- Want to read the full show notes of the episode? Check it out below: Jeff Love (00:00:00) - And really understanding what you're getting from your contractor because and there's pros and cons to all of them. You know, the cost plus contract, you know, typically tell investors and clients, look, basically the contractor is passing on the cost to you, plus their premium, which is their profit and which is nothing wrong with it at all. But you got to understand that there is no maximum price if prices increase, their costs increase. So to yours. So you need to make sure you understand that and work that into your budget and your business plan. Welcome to the How to Scale Commercial Real Estate Show. Whether you are an active or passive investor, we'll teach you how to scale your real estate investing business into something big. Jeff Love is a partner at Gibbs Garden, which has been named one of the best law firms in the US for construction law, construction litigation and real estate law by US News. Jeff, welcome to the show. Thanks for having me. Absolutely. The pleasure is mine.   Jeff Love (00:00:56) - Jeff There are three questions I ask every guest who comes on the show in 90s or less. Can you tell me where did you start? Where are you now and how did you get there? I started with building blocks when I was when I was a little dude, apparently. I've always liked real estate, wanted to get into real estate. Once college, UCLA thought, Hey, why not go to law school to learn about contracts? I could, you know, help me be a real estate developer. I went to law school, realized I actually like helping investors more than doing it myself, kind of like being behind the scenes, different clients, different stages. So instead of pivoting to be the real estate developer after a couple of years, which was my plan ten years later, I am a real estate transactional attorney dealing with corporate issues, securities issues and everything real estate from your mom and pop investor to your large national syndicator. Wow, That's a that's a lot to deal with. What's your favorite part about what you do? I like to think really helping investors.   Jeff Love (00:01:53) - You know, a lot of times they come to me. It's their first project. You know, they've listened to a podcast. They say, you know, I'm a successful doctor, but I want to invest in this ten unit multifamily building and helping them do it, avoiding the pitfalls and really seeing them grow, not just real estate, but, you know, other clients companies we have seeing them start, you know, ten years later what they've been able to achieve. That's really the cool thing for me. That's awesome. What are some of the what are some of the common things that people come to you with? And you say, all right, here's how to go back and get your ducks in a row before you come back to me. Are there are there some things that you see repeated over and over that you're helping these first time people kind of that are venturing into larger scale commercial projects that you can help us kind of short circuit some of that. Yeah, and it's common sense, but it's it's hard to know what you don't know.   Jeff Love (00:02:42) - Right? So the first thing I tell people is, you know, having your team in place, you've watched podcasts, you've you've read about it, you may be owning your home, but it's different when you get into kind of commercial real estate or investment real estate. And you really need to have a good insurance broker. You need to have an accountant that understands what you're doing, especially if you have investors and you're offering some type of preferred return. You need to have good real estate broker helping you find those deals. Oftentimes a good attorney that can help you make sure that you're protecting your other assets. So what I tell a lot of first time investors is make sure you have a good team around you so they can help you with the things that you don't know and you rely on your strengths. You rely on your advisors to help you, just like you would in any other facet of life. Yeah, absolutely. Absolutely. So you work on everything from, like you said, mom and pop large scale syndications.   Jeff Love (00:03:35) - You really love the kind of first timer and watching them, watching them grow through that process. What does it look like for you? You invest as well in real estate. So what's it like on the legal side? You know, as you look at investments that you're getting into reverse, to say a lot of the times when it's me personally, I don't read half the agreements. I'm like, Oh, it's just me. No one's really relying on me. So I'm like, just sign on the dotted line. But, you know, we invest in multifamily. It's something that, you know, I like that. I like a lot of different asset classes. But for me, that's one that my wife and I, you know, kind of we understand, you know, we're not having to do allowances or brokers and manage kind of commercial. Everyone needs somewhere to live and we invest locally. So I'm in Redondo Beach City, right. You know, about 30 minutes south of LAX in Los Angeles.   Jeff Love (00:04:24) - And we're reinvest in the city where we lived. We were renters. So we kind of know what things rent for, what we looked for. We can kind of manage it ourselves. I can lease, you know, show it, I can lease it. And what we did is really thought, you know, the buildings that we have are not as much for cash flow, which is really hard in Los Angeles, if not most of California, but appreciation. And we we've done it structured it in a way where we've kind of gifted our kids, you know, small interests every year. So eventually, you know, it gets it out of our estate for estate planning purposes. But it also helps them, you know, kind of get their feet wet. They're really little now, but as they grow, they'll they'll have little portions of these buildings, hopefully spur the bug with them and kind of save that for them or their retirement one day. Right? Oh, that's.   Sam Wilson(00:05:13) - Really, really cool.   Sam Wilson(00:05:14) - So I guess you probably never want to hear your attorney say you don't read all of it, but I bet you read. I bet you read the important parts. Are there things that you really focus in on when you do dig into the documents?   Jeff Love (00:05:26) - I do. So a lot of times there's certain things that I've seen a thousand times, you know? So those are the ones that I probably don't read. It probably should. But reading for clients, but myself, you know, I've seen them over and over again, but with multifamily in particular, you know, also retail. You could make the case for any tenant is really looking at a tenant estoppel certificate in the leases because a lot of times, especially with smaller buildings, you may have ideals. A landlord may have promised a tenant certain things, you know, they could stay there for another year, but it's not in the lease. And myself or client as an investor, I want to know exactly what I'm buying. So what a tenant estoppel certificate does is it makes the tenant basically confirm certain statements in the lease.   Jeff Love (00:06:12) - This is the rent, this is the term. There's no defaults. So that once I close, I buy the building. I know what I'm getting. The tenant can't come to me later and say, you know, sorry, you know, the old landlord said, I have a five year lease at a thousand bucks a month when it was supposed to be a one year lease for $10,000 a month. That's a big difference. The problem is I can always go after the seller, but then I'm stuck with that tenant and depending on what my investment plan is, I may have wanted to try to get the building vacant because it was a one year lease. That really protects me and just make sure I know exactly what I'm buying and I know that what is in the lease is actually the terms.   Sam Wilson(00:06:53) - Now, that that would, I would think, help me clarify this, but that would work on a maybe single tenant situation. Or is this something where you ask for a review of these leases before you ever close and actually look for those things and then put that tenant estoppel in place? Is that is that even word that correctly or am I missing something?   Jeff Love (00:07:13) - No, you did.   Jeff Love (00:07:14) - And it's it's it's more practical and, you know, kind of the more tenants you get because then you have all these different leases to review Terms may have changed. I could get it for a multifamily building, for a retail shopping center, industrial building. I really want I just want to know if the lease that I'm getting, which is a very important part of commercial real estate, you know, is accurate and there's no side deals.   Sam Wilson(00:07:38) - Right? And so you sign that estoppel certificate or the seller signs that estoppel certificate, is that right? Saying, hey, look, these are the terms and then you can come after me If we find out post closed that there are terms with other tenants that vary from what I've defined here.   Jeff Love (00:07:56) - Sometimes it's a seller. Even better is having the actual tenant sign it because if the tenant doesn't sign it, I have a claim against the seller because it's not accurate. But the tenant, if this was the deal, the tenants, you know their in their right to stay.   Jeff Love (00:08:12) - So I typically want the tenant to tell me that everything and this is accurate. If can't get that for whatever reason, then I'll have the seller sign it. But one of the two parties and that protects me as the buyer.   Sam Wilson(00:08:24) - So let's assume it's a 200 unit multifamily complex. How do you practically get the tenants to sign all of this if it's not? How do you how does that work? Like, how do you get that in writing from the tenants before you close?   Jeff Love (00:08:39) - Usually it's a requirement of the lease, but when you get to that scale, there are going to be some tenants you just can't track down. So when you get to 50, 100, 200 units, it may be a certain threshold seller is going to be required to get 75%, 80% of the tenants to sign the estoppel certificate for those that they can't get, the seller is going to sign the remaining, say, 20% because it's just not going to happen. If I have a 200 unit building, I'm just some tenants going to be gone.   Jeff Love (00:09:04) - I'm not going to track them down. I'm not going to blow the deal over that. But I want the majority of them to sign it. That's something that's usually negotiated as part of a purchase agreement when you get to that type of large, large scale. But most multifamily leases, most leases in general, I should say, have a requirement that a tenant is going to sign an estoppel certificate. Because a lot of times if you're getting commercial debt, the lender is going to want to see it as well. Got it.   Sam Wilson(00:09:30) - Got it. Okay. That's that's really, really interesting. So there should be already an agreement in place in the lease that the tenant says, hey, look, if I need to sign this certificate, I will when that time comes. Or is it signed? Typically when they sign the lease.   Jeff Love (00:09:46) - It is signed. When that time comes, usually they have ten days to do it and you'll be doing that. Seller will usually do that during the process and that'll be one of the last items of due diligence.   Sam Wilson(00:09:56) - How often do you feel like this important step is skipped?   Jeff Love (00:10:01) - A lot, especially with smaller buildings and, you know, smaller, you know, maybe you talk to the tenant, you know, but you just, you know, you never know. And that's the problem, especially depending on what you're doing with the property. You know, if you're buying it for, you know, long term investment, maybe it's not as big of a deal. But if your strategy is, you know, I'm going to buy it, I'm going to, you know, rehab it tenant might leave, you know, rent it for a higher amount, then it's a big problem. If that one tenant's, you know, in there for five years and you didn't know about that. So I think it is overlooked but it is an important aspect of do your due diligence process for any real estate acquisition, along with, you know, environmental and tidal issues that we should be looking at as well.   Sam Wilson(00:10:44) - Yeah, absolutely.   Sam Wilson(00:10:45) - No, that's a great that's a great nugget. And these are things that when you look at a deal as a passive investor, you say, hey, I want to I want to find out, you know, do we have these estoppel certificates? I think if I'm using the right terminology here, do we have those signed?   Jeff Love (00:11:01) - You are. And yes, yes, you should.   Sam Wilson(00:11:03) - Okay, That's cool. Wow. I have I learned something new here today as a passive investor myself in multiple multifamily deals. I can't say I've ever asked that question. So there we go. Tip pro tip from Jeff Love here today. For those of you who are listening, that's that's awesome. Thank you for sharing really the inside scoop on that and what some of the things are that you look for. Let's talk a little bit about construction. I know there in your bio we mentioned the word construction. You guys handle a lot of things on the construction side of it. When I say that and you talk about commercial real estate construction, give us kind of some inside scoops on what it is you're looking for there, how you help clients out, common pitfalls, all of those things.   Jeff Love (00:11:45) - Starting from the beginning. I think it's, you know, a lot of times, you know, maybe we do residential construction on our own home. But when you start investing and you have larger deals, the construction becomes kind of a different animal, so to speak. The first thing, you know, a lot of clients come to me and they don't understand is the different types of construction contracts that are just out there and what's the difference between a cost plus versus a guaranteed maximum price called sometimes you hear it called a gap and really understanding what you're getting from your contractor because and there's pros and cons to all of them. You know, the cost plus contract, you know, typically tell investors and clients, look, basically the contractor is passing on the cost to you, plus their premium, which is their profit and which is nothing wrong with it at all. But you got to understand that there is no maximum price if prices increase, their costs increase. So to yours. So you need to make sure you understand that and work that into your budget and your business plan, especially lately with inflation and rising costs.   Jeff Love (00:12:46) - Really something to think about. And on the other side, I'll tell clients, well, yes, you could have a gap, which is it's my fixed price, but if the contractor has a fixed price, are they going to be cutting corners because they can get things cheaper? Is it the quality that you want and you expect or is it a different type of materials that they're using that you weren't expecting? So the first most important and probably most important thing is just to understand the relationship with the contractor, what you're getting from them, how they're billing it and how that's documented in a contract so that there are no surprises later on.   Sam Wilson(00:13:23) - Yeah, I would imagine. I would imagine so. Yeah, there are. I mean, I've been a been a contractor and have contracted a lot in my life. And you're right, there's there's costs or there's benefits to both. I think the cost plus one, like you said, there's no maximum price. And it's and it's in its own right. I like it.   Sam Wilson(00:13:41) - But it's also. You're basically giving your contractor a blank check. All right. Right. Hey, man, you know what and where? Ordinarily, if there's a maxed or a max price in the deal where they say, okay, you know what, maybe we don't have to order an extra, you know, truckload of whatever it is, OSB or whatever the project is. I'm just dreaming out loud here. But whereas if it's like, hey, it's cost plus it's like, yeah, sure, we'll take an extra semi load of OSB because maybe we'll need it when we're doing roofing repairs or whatever it is we're up against and oh well, just tack it on and there goes an extra 20 grand. No big deal. Right. So it's it's, it's a, it's a catch, a catch 22 there. On which way is the absolute right way to do it. What are some common not maybe the disputes isn't the wrong word but common uh things you see people getting wrong in that contract side of things that could have been worked out ahead of time.   Jeff Love (00:14:35) - I don't know that would say getting wrong. A lot of times we'll use, you know, form as American Institute of Architects that are kind of common forms out in California and are pre-printed, but just not understanding the contract. You know, one of the big ones that we get, you know, defaults and kind of disputes over are termination clauses because timing is a huge issue. You know, I've got investors or even for myself, you know, I'm losing rent because I'm waiting for this to be done. And the contractor, for whatever reason, not not putting on the contractor, but they're delays. That could be the you know, the contractor is understaffed or can't get the subs out there. It could be materials. They're not coming in. But as the owner, you know, I may not be fully informed and just. I don't understand what's taking so long. So making sure you understand that. And if it doesn't work out, what does the termination section look like? I had a client, you know, a couple of weeks ago that was entering into, you know, rather small contract.   Jeff Love (00:15:35) - But, you know, for what it was, it was, you know, maybe, you know, a couple million dollars, but it was for a single family residence. And what this contract had is it had a fixed fee. It was cost plus. But the contractor basically had a fixed fee in there of $200,000 that no matter when I terminated the deal, if for any reason, no reason, he got that $200,000. So to me and to the client, he had no idea that was in there and said, Well, you know what? If I just want to, you know, stop and flip the property, I've got a lot of interest. I said, If you sign this tomorrow, you owe your contractor $200,000, right? So making sure, you know, is there something like that in there or is it more common where if I terminate, I'll pay my contractor everything I owe him to date? You know, maybe there's some lost profit, but I'm not on the hook for the whole thing and that I understand that because those delays do lead a lot of times to default and desires to terminate.   Jeff Love (00:16:33) - And that's where we see a lot of disputes between both sides.   Sam Wilson(00:16:37) - Yeah, I can only imagine. And again, coming at it from I mean, I've been on both sides of the equation, both the the contractor doing the work in a previous life and then also the one now as the as the contractor or the general contractor, if you will, or the property owner, rather, that is, you know, contracting this this work out. And you do run into delays, be it. My problem, be it their problem, be it other subs, be it weather, be it all these things. And I think I think what I'm hearing you say and tell me if I'm wrong, but is that it's just imperative to have a clear line of communication where you guys are talking back and forth saying, hey, this is why we're slowing down. This is why it's taking more time. There is. And do you recommend if that conversation does happen, is it important to get those things in writing?   Jeff Love (00:17:22) - Absolutely.   Jeff Love (00:17:23) - And that's probably, if not the most biggest takeaway. You know, those listeners can communicate in every single deal because most of the problems that we have, you know, when it gets to litigation and I'll bring one of my partners say, hey, this dispute, I can't handle it now. It's not transactional. It's litigation because you can communicate whether you're contractor, you're investors, you know, whatever party it is, they didn't know what was going on, so you left them with no choice. So to your construction contract is communicate. And if there is something that changes or documenting it, you know, put it in an email, have the conversation, you know, a phone call and then follow up with an email, just, you know, confirming what we talked about. So you have that paper trail if it ever becomes an issue. And hopefully it wasn't, because now you guys you talked through it. You everyone is aware of what's going on and no one's left in the dark.   Sam Wilson(00:18:14) - Yeah, absolutely.   Sam Wilson(00:18:16) - Absolutely. Cool. We've talked about a lot of really great stuff here so far. We've talked about the Estoppel certificates and what you look for in opportunities. We've talked about construction and just kind of some things we should be looking for and how to how to avoid the common problems that happen on large scale commercial projects. Is there anything else that comes to mind, I guess, from the legal side of things that you think about that you say, man, here's here's the way the world is changing or stuff that you are making sure are now in deal decks or or pens maybe that weren't there a year ago. Anything any new updates on that front?   Jeff Love (00:18:50) - It's a timing is a big one. I think the last couple of years when things really slowed down have showed us, you know, things take longer. A lot of times now with clients, purchase agreements, leases, we're kind of building in extra kind of contingency periods, so to speak, because I can't get someone I can't get my inspector out there.   Jeff Love (00:19:12) - He's taking longer. I've had a number of clients kind of run up against hard deadlines where they're, you know, in a purchase agreement, they're forced to waive contingencies and risk their money being non-refundable, but they haven't been able to get everything done. And seller or buyer aren't cooperative. So we're really just kind of thinking that things from a 10,000 foot level and saying, can I get this done in this time period? Can I raise money from investors? Can I get my lender to respond? Can I get my property inspector out there? And if not, you know, working in can have a 30 day extension, even if I have to pay for it to make sure that that doesn't affect my deal. And that really goes across the real estate spectrum is making sure that you have adequate timing for what you need. Things are moving slower. Make sure that you're going to be prepared for that.   Sam Wilson(00:19:58) - I think that's a great word. It's funny you say that because even yesterday we're sending out some LOI.   Sam Wilson(00:20:04) - We kind of had a verbal agreements on things and we were changing the timelines. It was just like before it was, you know, 30 days and maybe it was 15 days, 30 days to close. And now it's, you know what we're doing 30 and 30 with a 15 day extension on the due diligence period, due diligence period, because all of the above things you just mentioned. And so it was funny just having that conversation yesterday afternoon, just slowing things down, saying, you know what, we're going to we're going to need more time for all of the aforementioned reasons. So thanks. Thanks for pointing that out because that is something that probably even six months ago I wouldn't have thought was really going to be an issue. But now it is. It's just it's just taking everybody surveyors, you name it. I mean, oh, sorry. We're four weeks out. We'll shoot. We're under. I mean, what do you do? You just you got to just, you know, get in line and wait.   Sam Wilson(00:20:51) - So. That's right. That's the way it goes. Well, Jeff, thank you for taking the time to come on the show here today. Certainly learned a lot from you. A lot of great homes here for us to practically employ. So I appreciate that. If our listeners want to get in touch with you or learn more about you, what is the best way to do that?   Jeff Love (00:21:06) - Check out our website. It's Gibbs Gedcom or feel free to email me J. Love at Gibbs Gate and always happy to answer real estate questions.   Sam Wilson(00:21:15) - Fantastic. And for those of you who are listening, Gibbs is Gibbs getting giddy in? So Gibbs giving Jeff, thank you again for coming on today. I do appreciate it.   Jeff Love (00:21:26) - Thank you.   Sam Wilson(00:21:26) - Hey, thanks for listening to the How to Scale Commercial Real Estate podcast. If you can do me a favor and subscribe and leave us a review on Apple Podcasts, Spotify, Google Podcasts, whatever platform it is you use to listen. If you can do that for us, that would be a fantastic help to the show.   Sam Wilson(00:21:43) - It helps us both attract new listeners as well as rank higher on those directories. So appreciate you listening. Thanks so much and hope to catch you on the next episode.  

Beware of Standard Construction Contracts that are NOT really “standard”!

In this episode, host Alex Barthet demystifies the concept of indemnity - a term integral to the construction sector. Indemnity, essentially, involves the shifting of responsibility for losses or damages from one party to another. The post Unraveling the Indemnity Puzzle: An Insight into Construction Contracts appeared first on TheLienZone Podcast.

Discover the 5 shocking things about construction that will put you ahead in the game of contracts! Tune in now!

Welcome to Season 6 of Couture & Construction! We are an uplifting podcast dedicated to the many different aspects of the luxury building industry.This week, for our 97th episode of the podcast, we jump into the new realm of negotiating construction contracts . We have the delight of linking up with one of our most exciting brand new guests, Cian Brennan of Quantum Contract Solutions & the hit podcast Construction Secrets!Cian joins us virtually to help break down the typical construction hierarchy & how to best navigate the negotiation of your contract. He does a phenomenal job of representing the Independent Contractors & provide some incredible insight how to best avoid the contract risks that can arrise in the industry!Cian Brennan:WebsiteLinked InPodcast

As a contractor, unforeseen circumstances can dramatically impact your project's budget and timeline. Whether it's unanticipated subsurface conditions, changes in local ordinances, or sudden cost escalations, we'll steer you through the potential pitfalls that can compromise your business. Failure to identify these hidden conditions can lead to expensive repairs, replacements, or even legal disputes. Be … + Read More The post Navigating the Fine Print: Uncovering Hidden Conditions in Construction Contracts appeared first on TheLienZone Podcast.

Bradley L. Croft, Esq., Sara P. Bryant, Esq., and Bruce I. Tribush, Esq. break down suspension and termination within commercial construction contracts in this podcast, excerpted from MCLE's 11/8/22 live webcast: Understanding & Negotiating Commercial Construction Contracts. The full program is available as an on demand webcast or an MP3 here.  Get 24/7 instant access to hundreds of related eLectures like this one—and more—with a subscription to the MCLE OnlinePass. Learn more at www.mcle.org/onlinepass.

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One of the most important documents in the construction industry is the release, which serves as proof of payment for completed work. However, many contractors make the mistake of signing a release without ensuring that it includes one key thing – a clear statement of what is being released. In this episode, Alex explains why … + Read More The post The Release Agreement Trap: Avoiding Costly Mistakes in Construction Contracts appeared first on TheLienZone Podcast.

The builder that Brian and Heather have contracted, has pulled a free contract template off the internet and they all signed quickly before having it reviewed by an attorney. None of them understand the process enough to anticipate that there will be consequences to this hasty move… How do you think this will pan out for all parties involved? Karalynn and Curtis talk about construction contracts and the risks that you may be entering into if your contract is poorly written and non-specific to your project. They also go through all the things that are often overlooked but must be included to protect everyone, lien laws, costs associated with litigation, and much more. Arbitration and lawsuits can be avoided if you go into a project with a well-defined contract – join us to educate yourself. --- Send in a voice message: https://podcasters.spotify.com/pod/show/curtis-lawson0/message