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Blueprints for Success: Contract Red Flags for Contractors
Blueprints for Success: Contract Red Flags for Contractors
About the webinar
Contracts set the rules for your work, your pay, and your risk—but they’re rarely written in your favor. In this session, we’ll go over contract red flags that apply across many construction contracts, like insurance requirements, payment terms, termination clauses, and delay penalties. I’ll share how I started reading contracts out of necessity, what I’ve learned along the way, and how you can approach contract review even without being a lawyer. You'll leave with a solid starting point for reviewing contracts and a foundation you can build on as you refine your own contract review process.
Agenda
Introduction to Business Planning
- Understand the importance of having a business plan for your construction company.
- Learn how a well-defined business plan can help you clarify your vision and objectives.
Market Analysis
- Understand the role of market research in analyzing your target market and understanding customer needs and preferences.
Defining Your Services and Unique Selling Proposition (USP)
- Learn how to identify the services you will offer and how they differentiate you from competitors.
Marketing and Sales Strategy
- Understand what is involved with a strong marketing and sales plan to attract clients and generate leads.
Operational Plan
- Learn the factors to consider when determining your business operations, including staffing, equipment, and supply chain management.
Financial Projections
- What factors should be considered while creating financial forecasts, including revenue projections, expenses, and cash flow analysis?
Q&A Session
Agenda
Introduction
What is an EMR?
Why should contractors care about their EMR?
3 Proven tips to slash your EMR
Q&A Session
Agenda
Introduction
Strategies for Managing Finances in Construction - The MATT Method
The CEO’s Role in Business
- Motivations
- Objectives
- The Critical 4 numbers every CEO should be watching
Project Lifecycles
- Stage 1 - The Process of Building a Budget
- Stage 2 - Managing the Project
- Stage 3 - Project Post Mortem
Tying Projects into Overall Company Financials and Cashflow
Q&A Session
Agenda
Introduction to Project Management
The 7 C’s of the Project Life Cycle
- Understanding the 7 critical phases of the project life cycle: Concept, Criteria, Configuration, Construction, Commissioning, Completion, and Closeout.
The Four Pillars of Construction Success
- Deep dive into Budget, Schedule, Quality, and Safety.
- Strategies to balance these pillars and ensure project success.
Building and Leading the Right Team
- The dynamics of assembling and managing a strong construction team.
- Roles, responsibilities, and the importance of communication and collaboration.
Preparing for Project Closeout & Owner Occupancy
- Important steps to take when closing out the project and getting it ready for owner occupation
Q&A Session
Agenda
Introduction
Why should contractors build on social media?
What are the biggest benefits to building a social media presence?
How to build a social media strategy?
- Why are you posting?
- Who are you targeting?
- What should you post?
- Where should you post?
- When should you post?
- How should you go about doing social media?
Q&A Session
Agenda
Importance of Frontline Leadership in the Field
Process for Optimizing Safety & Production
Cheat Code for Overcoming Resistance to Change
Simple Method to Make Improvements Stick
Equipping Frontline Leaders
Equip your frontline leaders with the tools to:
- Elevate standards of care for their team
- Resolve production challenges efficiently
- Cultivate buy-in
- Spread the gains across teams
Q&A Session
Agenda
Welcome & Introduction
The Basics of 401(k) Plans
- What is a 401(k) plan?
- How it helps with employee retention and recruitment
Simplifying the 401(k) Setup Process
- How Human Interest simplifies 401(k) for small and medium businesses
- Key benefits and compliance support for construction companies
Affordability and Cost Breakdown
- Cost breakdown overview
- Affordability for small to mid-size companies
Q&A Session
Agenda
Welcome & Introduction
- Background on the FAR, uniform guidance, and unique requirements for federal jobs
Davis-Bacon and Related Acts
- Summary of Davis-Bacon prevailing wage and administrative requirements
- DOL 2023 update to DBRA implementing regulations and ongoing legal challenges
- Related development: Project Labor Agreement (PLA) mandate for large federal construction contracts
- Compliance challenges and best practices
Buy America Requirements for Federal Construction Projects
Construction Contractor Ethics and Compliance Programs
- Features of an effective ethics and compliance program, per DOJ’s Evaluation of Corporate Compliance Programs (updated Sept. 2024)
- Requirements for federal contracts and federally-funded projects
- Recent developments for federal grants and assistance: whistleblower protections; mandatory disclosures; debarment standards
- Enforcement trends: bribery and kickbacks; collusive bidding (including an update on DOJ’s Procurement Collusion Strikeforce); False Claims Act
- Compliance challenges and best practices
Q&A Session
Agenda
Overview of Georgia Retraining Credit
Qualifying Activities by Business & Employees
Professional Services & RTC Examples
Q&A Session
Agenda
Automating labor tracking and integrating with project management tools
Simplifying expense reporting for field workers with real-time tracking and automated submissions
How Fyle and Lumber enhance expense management for construction projects
Q&A Session
Agenda
Overview of Topic
- Importance of job costing in construction.
- How accurate cost tracking impacts profitability.
Defining Job Costing
The Role of Accurate Cost Tracking
Analyzing Job Costs for Better Decision Making
Tips for Contractors to Master Job Costing
Agenda
Overview of Construction Contracts
- Why contracts are essential to project success.
- The impact of well-drafted contracts on profitability and risk management.
Key Terms Every Contractor Should Know
- Overview of crucial terms such as scope of work, payment terms, and schedule.
- How these terms impact your rights and obligations.
Common Contract Clauses and Their Implications
- Indemnity clauses: What they mean and how they can impact your business.
- Liquidated damages: Understanding their purpose and negotiating reasonable terms.
- Change orders: Ensuring clarity and reducing disputes.
- Termination clauses: Protecting yourself against unfair termination.
Negotiating Construction Contracts
- Tips for negotiating contracts to minimize risk and maximize profit.
- Understanding leverage points and how to use them effectively.
Identifying and Avoiding Contractual Pitfalls
- Common mistakes contractors make when reviewing contracts.
- How to spot and address red flags before signing.
Implementing Proactive Contract Management
- Best practices for staying on top of your contractual obligations.
- How to track compliance with key contract provisions.
Actionable Tips for Contractors
- Practical advice for improving contract review and negotiation skills.
- Leveraging professional advice when needed to safeguard your business.
Q&A Session
Agenda
The Future of Construction Finance: AI’s Role
- Explore the current state of construction finance and how AI is driving innovation in project cost management and payroll.
Revolutionizing Project Cost Management with AI
- Leveraging AI to streamline budgeting and forecasting
- Predictive analytics for better cost control and risk management
Simplifying Payroll & Compliance with AI
- How AI-driven payroll systems reduce administrative burden
- Real-time compliance tracking with AI technology
AI Tools in Action
- Live demo of AI tools developed by Lumber and Premier
Q&A Session
Agenda
Introduction
- Who I Am & How I Got Here: Not an attorney—learned contracts by necessity.
- Why Contracts Matter: It's not if something goes wrong, it's when—prevention is cheaper than fixing a dispute later.
- You Don’t Need to Be a Lawyer: Knowing your work + contract basics = great business management.
Key Contract Red Flags (with Scenarios & Best Practices)
- Insurance: Verify contract requirements match your policy before signing.
- Payment Terms: Watch for unreasonable payment terms, retainage, and offsets.
- Right to Stop Work: Ensure you can stop work for non-payment.
- Terminations & Suspensions: Avoid termination without compensation, with or without cause.
- Indemnity: Limit your liability to what you control.
- Notice Requirements: Extend strict notice periods.
- Delay Remedies: Protect yourself from liability on expected delays.
- Liquidated Damages: Narrow the application of LDs.
- Consequential Damages: Exclude special, indirect, or consequential damages.
- Hazardous/Concealed Conditions: Disclaim responsibility for pre-existing issues.
- Dispute Resolution: Ensure reasonable dispute locations.
- Flow Down Clauses: Have you read your whole contract or complied with all of it?
- Scope Check: Check the scope and anything that could expand it without your say so in the t’s and c’s.
Conclusion
- Final Tips: Read your contracts, make a checklist, and stay curious!
Agenda
Construction-Specific Tax Challenges
- Mobile workforce complexities across jurisdictions
- Industry-specific compliance pitfalls
- Cost impact of non-compliance
Streamlining Multi-State Tax Operations
- Navigate the complexities of multi-state operations with confidence.
- Learn how to efficiently manage compliance across various jurisdictions, ensuring you're meeting each state’s unique tax requirements while minimizing risk and maximizing operational efficiency.
Automating Compliance and Reporting
- Learn how technology can streamline compliance and reporting processes to save time and reduce errors.
- Manage multi-state withholding seamlessly.
- Automate certified payroll and prevailing wage compliance.
- Simplify digital documentation for faster, accurate reporting.
Leveraging Real-Time Data for Strategic Decisions
- Learn how accessing live data helps you make informed, proactive tax decisions.
Q&A Session
Agenda
Identifying Hidden Costs
- Discover the common areas where construction businesses overspend, from materials to insurance, and how to spot savings opportunities.
Negotiation Strategies That Work
- Learn how to renegotiate vendor contracts, optimize supplier relationships, and get the best deals without sacrificing quality.
Streamlining Operations for Profitability
- Explore ways to improve efficiency, reduce waste, and implement cost-saving processes in day-to-day operations.
How to Get Started with Cost Reduction
- Practical steps to assess your business expenses, take control of costs, and build a more profitable, financially stable company.
Q&A Session
Speakers
Expert Guest
Maegan Spivey
Maegan Spivey is a Contract Specialist at Document Crunch, an AI-assisted construction contract document intelligence platform. She works on the Industry Solutions team to sustain the bridge from product to its application in construction. With a construction background spanning retail, multi-family, and energy markets, she also has experience from general contractor, subcontractor, and supplier sides. Her professional journey has included contract manager, accounting, and project team roles.
Webinar Host
Lance Furuyama
A noted influencer and self-proclaimed troublemaker in the construction industry. Lance brings a unique perspective and wealth of experience to the table, making him the perfect guide for our webinar series.
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