Cian BrennanFounder, Quantum Contract Solutions · Founder

Save Hundreds Of Thousands of Dollars on your Construction Project with this tip

Name: Save Hundreds Of Thousands of Dollars on your Construction Project with this tip
Uploaded: 2022-10-12T00:19:35+00:00
Duration: 25 s
Channel: Cian Brennan
Description: In this brief advisory video, the speaker warns contractors to scrutinize termination clauses in construction contracts that allow the employer to retain…

12 Oct 2022 · 0 min

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In this brief advisory video, the speaker warns contractors to scrutinize termination clauses in construction contracts that allow the employer to retain the contractor’s plant and equipment after termination. He explains that such clauses can prevent the contractor from using the equipment on other jobs, causing significant lost revenue and uncertainty about when the equipment will be returned. The key recommendation is to ensure the contract does not contain provisions that let the employer hold onto the contractor’s equipment, thereby protecting the contractor’s ability to generate income on future projects.

Here's a tip that could save you hundreds of thousands of dollars on a construction project. If you get terminated for whatever reason, sometimes in the clause in the contract, it says that they can hold on to your plant and equipment to finish off the work depending on what they terminate you for. Make sure that that is not included in your contract because the impact of that is you can't use that equipment on other projects to make more money and they're holding on to your equipment. You have no idea when you're going to get it back.