Episode 2 - In this episode, Patricia Haywood, founder of Haywood Commercial, rides on a captivating journey through the winds of change in the construction industry. She emphasises the need for proactive contracting, focusing on legal well-being, and shares insights on fostering a collaborative, value-driven approach to construction contracts. Takeaways: Embrace Industry Evolution: Recognizing the winds of change in the construction sector and understanding the collective responsibility of stakeholders to drive positive transformations. Proactive vs. Reactive Contracting: The significance ..read more

Episode 9 Summary In the video, Patricia discusses parent company guarantees - documents where a parent company promises to step in if their subsidiary construction company breaches a contract or goes insolvent. She notes that developers increasingly demand these guarantees upfront, seeing them as providing security, but questions whether they are really worth the hassle.  Patricia explains what parent company guarantees are, why developers want them, and their limitations - they rely on the financial stability of the parent company and don't provide all the protections developers presume ..read more

Episode 8 In the episode, Patricia Haywood, a construction lawyer, discusses the unique challenges and opportunities she experienced as a woman in the male-dominated construction industry. Detailing her journey, Patricia shares how she entered the industry, the surprising scope of career opportunities in construction, and the joy and satisfaction she discovered in contributing to various projects. She also reflects upon the industry's issues, such as the low percentage of women in high-ranking or decision-making roles and the sexism faced by women at the workplace. Patricia talks about 'Women ..read more

Episode 7: Patricia illuminates the pivotal role of risk management in projects of all sizes, likening risk allocation to the equitable division of a pie. She underscores the importance of ensuring each stakeholder receives a proportional slice reflective of their risk-handling capabilities. Patricia also posits that mastering risk allocation is a continuous journey of growth and adaptation, rather than an inherent skill. The episode outlines key steps for achieving balanced risk allocation, including comprehensive risk assessments, matching risks with the party best equipped to manage them, a ..read more

Episode 6 - In this episode, Patricia Haywood of Haywood Commercial tackles the critical challenge of payment defaults in construction, a sector where even large companies face the threat of financial instability with profit margins dipping below 2%. She highlights the importance of safeguarding finances through diligent client evaluation, contract review, and the use of escrow accounts to protect funds.  Patricia offers actionable strategies for improving cash flow, such as milestone payments and late payment penalties, to help construction CEOs navigate the industry's financial ris ..read more

Episode 5 - Patricia Haywood, founder of Haywood Commercial, a rapidly expanding construction contract advisory firm in London, addresses the critical issue of construction companies going into administration on her podcast, aimed at CEOs in the construction sector. Highlighting the current distress within the industry, where approximately 12% of UK construction companies, equating to around 80,000 businesses, face financial difficulties due to factors like high interest rates, inflation, cash flow problems, and low profit margins. Patricia discusses the process and implications of administrat ..read more

Episode 4 - In this episode of "The Construction Contract," host Patricia Haywood, founder of Haywood Commercial, discusses the critical importance of contract management in the construction industry. She emphasises the need for comprehensive understanding and compliance with contracts to drive profit margins and achieve sustainable cash flow. Patricia also shares her insights on the common pitfalls in contract management and offers practical tips for construction CEOs to improve their contract management strategies. She stresses the importance of teamwork, risk evaluation, and continuous impr ..read more

Episode 3 - Hold on to your seats as Patricia spills the beans on how to turn those mind-numbing contracts into something we can all high-five about. Forget the legal jargon – she's all about adding a splash of design thinking, throwing in some visual appeal, and even a sprinkle of proactive law. But here's the real kicker: Patricia's got the scoop on turning contract negotiations into a team fiesta. Imagine us huddled up, brainstorming, and co-creating our way to stress-free contracts. No more yawning in meetings – it's time to make this construction talk as easy as chatting with a buddy over ..read more

Episode 1 - In this episode, Patricia introduces herself and the concept of balanced contracts. If you would like to learn more about Patricia or follow her social media posts, please connect with her on Linkedin: https://www.linkedin.com/in/patriciahaywoodesq/ or visit the website: https://www.haywoodcommercial.co.uk    TRANSCRIPT That is a very good question. I love this question, what qualifies me to do this? Absolutely nothing. Welcome to THE CONSTRUCTION CONTRACT, the podcast with me, Patricia Haywood. I am the founder of Haywood Commercial, the fastest-growing construction ..read more