Contracts can make or break a business and you must not only have one, but also know what’s in it so you can protect yourself from lawsuits, litigation and lost revenue. Tom’s guest today is Karalynn Cromeens, owner and managing partner for the Cromeens Law Firm, creator of the Subcontractor Institute, and author of the new book Quit Getting Screwed. Listen in and learn how to play defense for your business by really understanding what’s in your contract so you don’t have to learn the hard way!
The Subcontract Institute was created by Karalynn Cromeens, Owner & Managing Partner of The Cromeens Law Firm. In the sixteen years she has practiced construction, real estate, and business law, she has reviewed and explained thousands of subcontracts. For years, she has tried saving companies that have signed problematic subcontracts. Unfortunately, by the time they came to her it was too late; there was nothing she could do to help.
As hard as she fought, she could not get them out of the poisonous, one-sided subcontract they had signed. She hated seeing clients lose money- sometimes their entire business- over language they did not understand. Seeing these situations play out day after day was the driving force behind her book, Quit Getting Screwed, Understanding and Negotiating the Subcontract, and the creation of The Subcontractor Institute.
In this episode, we talk about…
- Different areas to negotiate as a subcontractor and contractor
- Understanding the difference between scope vs. bid
- Litigation is never a win for anybody—having something in writing is better than nothing
- Be clear and specific on your expectations, payment schedule, and know what’s in your contract
- Document everything to cover your ass!
- Don’t do any favors: Submit change requests and get paid for the work you do
- Why you shouldn’t sign a personal guarantee and how to recognize them in contracts
- Details about the Subcontractor Institute
- Remember there’s no set of rules to protect you once you sign a contract
- Advice for how long your contract should be
The $100k Contractor is designed to get you to at least $100k a year in personal income. It’s time we quit stealing from our families and get that time back!
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