This episode is a re-run. It was originally published in June 2023.

Most people sign contracts without reading the fine print, but these will make you think twice. Don’t sign another one until you hear these 5 shocking truths—listen up to learn more!

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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.

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5 Shocking Things About Construction Contracts [#ThrowbackThursday] | Ep. 368

Construction Secrets