478: What Every Contractor Needs To Remember When Negotiating Contracts

<h1 style="text-align: center;"><span style= "color: #0000ff;"><strong>This Podcast Is Episode Number 476, And It's About What Every Contractor Needs To Remember When Negotiating Contracts</strong></span></h1> <div>Several aspects of the construction business can only be learned through experience. One of them is negotiating contracts.</div> <div> </div> <div>Most people fear the negotiation procedure because it is an intrinsically uncomfortable process. Asking for more money or making personal demands doesn't come naturally to everyone. But with the right toolkit, you can breeze through contract negotiations. And you'd better get used to it because you'll have to handle many contracts whether you're a construction company owner or employee.</div> <div> </div> <div>Having the right mindset is critical to contract negotiations. You have to believe that you are going to get your way. Bring a positive attitude and a smile to the table. You're not signing contracts with the enemy. The people you're negotiating with will be your business partners in one capacity or another.</div> <div> </div> <div> <p><span data-preserver-spaces="true">We recommend seeking the advice of a qualified construction attorney to put together a contract that fits your specific needs. Your contracts need a well-defined scope of work, clear payment terms, a reasonable schedule, and a proper change order clause. No work should ever be performed based on verbal agreements. Get everything in writing, always, no exceptions.</span></p> <p><span data-preserver-spaces="true">Let's take a look at some things you need to remember when you're in the process of negotiating contracts:</span></p> <ul> <li><span style="color: #0600ff;"><strong>Be patient</strong></span></li> </ul> <p><span data-preserver-spaces="true">Don't rush to get a contract signed. Rushed arrangements usually leave one or both parties dissatisfied. It's understandable if you want to get the negotiation done, but taking the extra time to examine your contract will benefit you tremendou