The Holy Trinity of Contracts

Episode #2

Discover the magic behind everyday agreements and how they shape our lives. From construction sites to your routine, Jacob simplifies the "holy trinity" of contracts. Jacob spills the beans on these essential elements in the construction world, showing you how to spot the stars: scope, design, specification, program, and price. Think of it as your recipe for contract success! 

KEY TAKEAWAYS

  1. A contract is a type of agreement that involves an offer, acceptance, consideration, and legal intent. It can be verbal or in writing and is used to govern exchanges of goods or services.

  2. Subcontractors should carefully review the scope, design, and specification sections of their subcontract to ensure that they align with what was agreed upon during the pricing stage. Any discrepancies should be flagged and addressed before signing the contract.

  3. The program section of the subcontract should reflect the agreed-upon timeline for completing the work. Subcontractors should ensure that the program matches their pricing and that any sectional arrangements do not unfairly impact their entitlement to prolongation or additional costs.

  4. The price section of the subcontract should accurately reflect the pricing method (e.g., lump sum or remeasurement) and the quantities or items included. Subcontractors should check that the quantities are fair and reflective of the work before signing the contract.

  5. It is crucial for subcontractors to speak up and address any concerns or discrepancies in the subcontract before signing it. Having open and honest communication with the contractor can help prevent disputes and ensure that both parties are on the same page.

BEST MOMENTS

  1. "So guess what I'm saying is these are things that we do every day and it shouldn't be something that scares us."

  2. "Don't get hudwinked into I can't put your payment on until you've signed it so you sign and return the order without checking."

  3. "Now's your chance to make sure it's right. So compare the revisions. Are the revisions the same? If they're not the same flag it up."

  4. "Flag it up. Talk about it. Call it out when you send the contract back."

  5. "And I can't stress this enough, if something doesn't look right, shout up, say your bit, at the very least have a conversation."

ABOUT THE HOST

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/

www.linktr.ee/qs.zone

 

This show was brought to you by Progressive Media