Maximizing Profitability: Strategies for Handling Extensions of Time

Episode #4

    Think of Jacob as your time-travel mentor, revealing five essential steps to score that sought-after EOT. He spills the beans on crafting notices, tracking events, and presenting a rock-solid case for delays and costs. It's like having an EOT superhero by your side!

    With Jacob's practical wisdom, you'll not only shield your business but also foster positive contractor relationships. Tune in to become an extension of time whiz, and let Jacob navigate you through this intricate landscape. Your ticket to mastering time extensions and boosting your subcontracting game awaits!

    KEY TAKEAWAYS

    1. Issue a notice to raise awareness of potential delays: It is important to notify the contractor as soon as you become aware of an event that may cause a delay. This allows for collaboration and potential mitigation of the issue before it becomes a problem.

    2. Understand how and where to issue the notice: Refer to your subcontract to determine the specific requirements for issuing a notice. It may need to be in writing or via email, and there may be specific individuals or email addresses to send it to.

    3. Record all events and matters that cause or may cause delay: Keep detailed records of any events or issues that impact your ability to complete the work on time. This includes adverse weather, access delays, discrepancies in contract documents, and more.

    4. Present your claim clearly and concisely: When presenting your claim for an extension of time, keep it simple and factual. Use the evidence and information you have collected to support your case, and clearly explain the impact of each event on the project.

    5. Keep your notices and letters simple: Avoid overcomplicating your notices and letters. Keep them clear, concise, and focused on the specific issue at hand. This will make it easier for the recipient to understand and address the problem.

    BEST MOMENTS

    1. "A lot of subcontractors out there that I've worked with don't really get on board and engage with the extension of time provisions."

    2. "You want to use [good relationships] as a positive and a means to getting things settled rather than something that you're relying on and using as almost a reason not to follow the proper process or the proper procedure."

    3. "The contract really is looking for you to have a little bit of forward planning, a bit of foresight about what might hurt you and give notice so that something can be done about it."

    4. "Use it [the contract] to your advantage and fire in your notices and that will put you really on the front foot."

    5. "The time and the cost elements in the JCT contracts are separate to each other. Whereas under NEC these are one and the same thing."

    HOST BIO

    Meet Jacob Austin, a Chartered Quantity Surveyor with a rich background at industry giants Balfour Beatty, Kier, and Vistry Group. With extensive involvement in education, health, and residential projects spanning various scales, from £1000s to £100M, Jacob brings a unique perspective. Having collaborated with numerous small businesses, he's now committed to sharing his expertise to drive their success. Join Jacob on his podcast, where he blends his profound insights and personable approach to offer guidance, industry secrets, and inspirational stories.

    LinkedIn - www.linkedin.com/in/jacob-austin/

    Instagram - www.instagram.com/qs.zone/

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