9 Mistakes That Can Kill Contracts_Part 1

First 3 of 9 critical mistakes (Part 1) that can kill a contract.

Even seasoned professionals can fall into these traps. Here are the first 3 major mistakes (with their red flags) you must avoid 👇

Please refer to my YouTube video on this article as per the link below:

⚠️ Mistake 1: No or Inadequate Due Diligence in Selecting Vendors/Contractors

🔎 What often goes wrong:

 1️⃣ Skipping validation of vendor’s credentials/certifications.

 2️⃣ Ignoring client references or vendor’s past track record on similar projects.

 3️⃣ Overlooking financial health, technical infrastructure & overall capability.

 4️⃣ Skipping on-site visits or capability audits.

 5️⃣ Neglecting legal compliances & sustainability practices.

⚠️ Mistake 2: Starting Negotiations Without Estimating Likely Costs

💰 Risks that creep in:

 1️⃣ Blindly relying on vendor quotes without cross-checks.

 2️⃣ Entering discussions without realistic budgets/benchmarks.

 3️⃣ Ignoring the 9 cost elements critical to negotiation

 4️⃣ Overlooking market trends & inflationary pressures.

 5️⃣ Assuming old contract prices still apply.

⚠️ Mistake 3: Unclear Negotiation Points or Misaligned Expectations

🤝 Common pitfalls:

 1️⃣ Failing to define the responsibilities of the buyer & vendor.

 2️⃣ Not documenting assumptions clearly.

 3️⃣ Miscommunicating on deliverables, quality, or timelines.

 4️⃣ Leaving scope undefined or incomplete.

 5️⃣ Ignoring red flags raised by internal teams.

💡 Bottom line: Strong contracts are built on solid due diligence, realistic cost estimation, and crystal-clear expectations.

Stay tuned for the next part 😎