Industry Deep Dive - Construction: Practical strategies for managing construction contracts, with Megan Shapiro

Comments? Suggestions? Text the show here! Every construction project starts with a contract—but not all contracts are created equal. If you overlook critical details or skip negotiation, you could face unexpected liabilities, payment delays, and disputes that stall progress. Poor contract management can lead to financial setbacks, strained relationships, and missed opportunities for future projects.So, how can you identify risks before signing?What strategies help you negotiate fair terms?And how can you protect your interests while keeping projects on track?My guest today is Megan Shapiro. She is a Risk Management Strategist, Construction Attorney & Founder of Construction Contract Coach. After litigating construction disputes for nearly 15 years, Megan is now taking everything she's learned and teaching construction leaders how to Do It Like A Lawyer. Through her workshops and coaching programs, Megan offers actionable strategies for negotiation, persuasion, contract review, and strategic communication. Drawing on her years of representing subcontractors, owners, GCs, and everything in between, she empowers construction leaders to win more projects, eliminate claims, and maximize profits—all while reducing risk and helping leaders adopt a lawyer’s mindset to succeed in business.We discuss: (timestamps)03:03 Contracts for construction and remodeling businesses  05:37 Key points for general contractors and subcontractors  08:36 Indemnity explained in simple terms  11:43 Managing contract defense costs  13:10 Remedies for breach of contract  14:32 Subcontractor liability for issues like water leaks  16:53 Risks in prime contracts for general contractors  17:16 When to consult your broker on contracts  21:37 Fixing non-compliant contracts in ongoing projects  22:51 Working with brokers on problematic contracts  23:59 Reasons insurance claims get denied  28:16 Negotiating contract terms as a subcontractor  31:04 Examples of subcontractors negotiating better terms  33:57 Defining late provisions and liquidated damages  35:31  Reducing contract risks for subcontractors  37:34  Preventing problems from poorly managed contracts  40:53 Addressing supply chain and labor shortage risks  42:20 Options for subcontractors in bad contracts  43:44 Actionable steps to take to improve your contracts  Resources:Megan Shapiro, Risk Management Strategist, Construction Attorney & Founder, Construction Contract Coachhttps://meganshapiro.com/LinkedIn: https://www.linkedin.com/in/constructioncontractcoach/Free Negotiation Style Quiz: https://meganshapiro.ck.page/81045b49f1Free resources on Megan’s Website: https://meganshapiro.com/free-resourcesKathy Svetina, Fractional CFO:https://www.newcastlefinance.us/Blog post | Industry Deep Dive - Construction: Practical Strategies for Managing Construction Contractshttps://www.newcastlefinance.us/listen/industry-deep-dive-construction-practical-strategies-for-managing-construction-contracts/Is your growth causing financial headaches? Sales up, but profits lagging? Financial practices stuck in entry level mode?Don't worry, it's not you—it's your financial setup.Introducing NextGen Finance Blueprint by NewCastle Finance. This CFO-led roadmap: • Brings fuzzy finances into focus • Gives you a clear money picture • Creates a step-by-step action planReady to level up? Visit newcastle.finance/blueprint