Should I sign this contract?

Patricia Haywood
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You are about to sign something important. An investment term sheet. A partnership agreement. A board appointment. An employment contract. But do you actually know what you're agreeing to? Most contracts aren't just legal documents, their risk transfers. The people with the most to lose are often the ones who don't realise what they've signed until it's too late. In this podcast, Patricia Haywood Esq breaks down the hidden clauses, the personal liability and the governance traps that most people miss. With over 20 years managing risk on billion-pound projects, like Croassrail and the Northern Line Extension, Patricia has seen what happens when leaders don't understand the terms they've agreed to. Each episode tackles a specific contract situation: partnership agreements with no exit clause, board positions with unclear liability, payment terms that kill cash flow, investment deals that strip control and scope definitions that cost millions. This isn't legal theory. For founders, CEOs and senior leaders who need to make the right call, before they sign. Hosted by Patricia Haywood Esq | Fractional General Counsel | 20+ years in commercial law, contracts, procurement and major project delivery.

Episodes

  1. Parent Company Guarantees in the Construction Industry

    19/03/2024

    Parent Company Guarantees in the Construction Industry

    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.  She advises understanding their purpose in your contracting strategy. Patricia also covers alternatives like comfort letters if a contractor's parent company refuses to provide a guarantee, and questions whether the proliferation of guarantees helps or harms construction groups. Takeaways: Parent company guarantees provide a sense of security for the developer/employer, but they are not an absolute guarantee. The financial stability of the parent company is crucial - if the parent company is not financially strong, the guarantee may not be worth much.   Parent company guarantees and indemnities have different purposes. Guarantees only kick in if the subsidiary defaults, while indemnities are primary obligations independent of the contract. It's important to understand the difference when drafting these agreements.   If the contractor refuses to provide a parent company guarantee, alternatives like comfort letters or letters of support can provide some assurance, although they lack the legal force of a guarantee. Weighing the benefits against the challenges of obtaining a guarantee is an important part of the negotiation. In this episode: 00:00:08 What are Parent Company Guarantees? 00:00:39 Parent Company Guarantees 00:04:19 Should you add a parent company guarantee to your contract? 00:08:18 What is a Parent Company Guarantee? 00:17:14 Parent Company Guarantees 00:21:22 Parent Company Guarantee and Indemnity 00:29:46 Democracy in the Age of Trump   Quotes "Gone are the days when the contract would say may. We'll say an employer may ask for a parent company guarantee." - Patricia Haywood "In today's market, there is a change. People want the parent company guarantee to be executed at the same time that they execute the contract." - Patricia Haywood "I know of some developers and employers who will go far to get a parent company guarantee and I'm wondering, how far will you go? Would you pay to have a parent company give you a guarantee?" - Patricia Haywood   Please leave a review and send Patricia some feedback on Linkedin @patriciahaywoodesq

    34 min
  2. Being a Woman in Construction

    06/03/2024

    Being a Woman in Construction

    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 in Construction Week', a dedicated time to acknowledge and appreciate the contributions of women in the sector while also discussing necessary changes for making the environment more welcoming for women. Timeline 00:00 Introduction and Women in Construction Week 02:31 My Journey into Construction 04:14 The Beauty and Opportunities in Construction 05:41 My Personal Transformation through Construction 15:13 The Challenges of Being a Woman in Construction 18:52 The Importance of Women in Construction Week 21:13 Conclusion and Farewell - Did you know that you can find me around the Internet? Go and support me here: Medium: https://medium.com/@patricia_10040 Medium: https://medium.com/the-construction-contract Youtube: https://www.youtube.com/@TheConstructionContract Linkedin: https://www.linkedin.com/in/patriciahaywoodesq/ Website: https://www.haywoodcommercial.co.uk/ And when I am not on the Internets writing or speaking my random thoughts, you can find me in the real world living my best life over at Haywood Commercial.

    24 min

  3. 05/03/2024

    Mastering Risk Allocation in Construction Contracts

    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, and engaging in collaborative negotiations. Patricia emphasises the need for informed decision-making, seeking expert advice, staying flexible, knowing your risk tolerance, and learning from each negotiation to enhance future contracts. The aim is to secure balanced contracts that lead to cooperative relationships and successful project outcomes. Takeaways: Mastering risk allocation in construction contracts is not an innate ability but a skill that requires continuous learning, practice, and refinement.  A successful risk allocation strategy involves distributing risks according to each party's ability to manage them effectively. By ensuring that risks are assigned to the parties best equipped to handle them, construction projects can achieve more cooperative relationships, leading to better overall project outcomes. Adopting a strategic approach to risk allocation, including thorough risk assessments and aligning risks with expertise, is crucial. Collaborative negotiation, informed decision-making, and flexibility in discussions are important. This approach not only helps in achieving a balanced contract but also maintains positive relationships between parties, laying the groundwork for future project successes. In this episode: [01:02] The episode's focus is unveiled: mastering risk allocation in construction contracts to enhance profit margins and achieve sustainable cash flow, targeted at construction CEOs. [01:33] Patricia explains risk allocation using the analogy of cutting a pie, emphasising the need for a balanced distribution among contract parties. [02:00] The concept of mastery in risk allocation is introduced, stressing it as an ongoing process of improvement rather than an innate skill. [03:26] The impracticality of equal risk distribution in construction contracts is discussed, with an emphasis on tailoring risk allocation to each party's capacity. [05:11] Patricia outlines the steps for mastering risk allocation, beginning with observing and understanding the game being played in contract negotiations. [06:16] The objective of playing the negotiation game is clarified: not to win at all costs, but to achieve a balanced construction contract. [08:26] The strategic approach required for balanced risk allocation is detailed, including understanding project risks, their distribution, and negotiating collaboratively. [11:44] The necessity of a practical, not just legal, approach to risk allocation is highlighted, alongside the importance of expertise and informed decision-making. [17:25] A thorough risk assessment as the first step in balance risk allocation is discussed, emphasising the need to evaluate all potential risks and their implications. [20:31] The episode concludes with the importance of playing the negotiation game wisely and nicely to maintain relationships and achieve project success. [24:22] Patricia wraps up the episode by summarising the importance of mastering risk allocation and how Haywood Commercial can assist in navigating these challenges. Resources Haywood Commercial UK Connect with Patricia on LinkedIn Connect with Patricia via Email Quotes "I like to think [risk allocation] about it as cutting up a pie. That's how I often see it in my mind; it is a pie and we're cutting it up and we want to ensure that we give the right size pie to each party to that contract." - Patricia Haywood, Host "Mastering risk allocation in construction contracts is a process of mastery. It is something that you are doing continuously to improve. It's not something that is innate, or you just get up one day and you know how to allocate risk properly." - Patricia Haywood, Host "In business, especially in the construction business, it's all about building relationships. And so you don't want to play the game of winning at all costs. Because if you don't win, you lose. Losers come away from that game. And in business, we don't want that." - Patricia Haywood, Host

    26 min

  4. 27/02/2024

    Mastering Payment Security in Construction for Maximum Profit

    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 risks. Her insights are aimed at empowering leaders with the tools for building a financially secure and reputable business in the face of industry challenges. Takeaways: Evaluate client creditworthiness and scrutinize contract terms to mitigate payment risks. Utilize escrow accounts and milestone payments to enhance cash flow and financial stability. Implement late payment penalties to ensure timely compensation and safeguard profits. In this episode: [00:00] Introduction to the high risk of non-payment in construction and the critical need for companies to understand how to mitigate this risk, with insights from Patricia Haywood's expertise. [00:29] Highlighting the issue of dropping profit margins in construction, where even large companies face profits below 2% despite significant turnovers. [01:00] Patricia shares alarming statistics on the financial performance of construction companies, demonstrating the commonality of low gross profits relative to high turnovers. [01:38] The importance of managing payment risk in construction is emphasized, along with practical advice on how to prepare and protect your business from these challenges. [02:12] Patricia Heywood introduces herself, her background, and the mission of her firm, Haywood Commercial, aimed at helping construction CEOs leverage contracts for better financial outcomes. [03:00] Key strategies for identifying and managing payment risks, including assessing client creditworthiness, scrutinizing contract terms, and understanding project viability. [04:29] Detailed advice on mitigating payment risks through clear payment terms, the use of escrow accounts, milestone payments, and implementing late payment penalties. [06:19] The significance of regular invoicing and disciplined financial management to ensure timely payment and maintain cash flow. [08:28] Discussion on the importance of reviewing third-party contracts and funding documents to assess the financial health and viability of construction projects. [10:58] How managing and mitigating payment risks leads to improved cash flow, reduced financial stress, and a stronger business reputation in the construction industry. [19:34] Closing thoughts on the critical nature of financial management in construction, beyond just project management, to prevent businesses from going into administration. Resources Haywood Commercial UK Connect with Patricia on LinkedIn Companies House How Finance Works: The HBR Guide to Thinking Smart About the Numbers Paperback Quotes "In construction, financial management is important, if not, more important than project management." - Patricia Heywood, Host "And if you can play the game in such a way that you pay your subcontractors, you know, you pay your consultants, people aren't out here on social media naming you and shaming you. It's going to help to build your credibility in the market. People will want to work with you." - Patricia Heywood, Host "The moment you stop cash flow, that's when you know your business is going to start going through those stages of financial distress." - Patricia Heywood, Host

    25 min

  5. 20/02/2024

    Navigating Contractor Administration in the UK Construction Industry

    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 administration, where a licensed insolvency practitioner, referred to as Mary, steps in to potentially rescue the business. She advises subcontractors on immediate actions, such as contacting the insolvency practitioner, understanding their rights under the Corporate Insolvency and Governance Act, and emphasizes the importance of maintaining thorough documentation and a strong understanding of their contracts to navigate through these challenging times efficiently. Takeaways: About 12% of UK construction companies are in financial distress, influenced by high interest rates, inflation, cash flow issues, and low profit margins, impacting both small and large businesses. When a construction company enters administration, a licensed insolvency practitioner is appointed to manage the company with the aim of rescuing the business, involving a statutory moratorium to provide breathing space for strategic planning. Subcontractors should immediately contact the insolvency practitioner, ensure all documentation and invoices are in order, and familiarise themselves with the Corporate Insolvency and Governance Act to understand their rights and obligations during the administration process. Companies should conduct due diligence on partners, maintain robust payment processes, and build a cash reserve to mitigate the impacts of potential administration scenarios, emphasising the need for proactive financial and contract management. In this episode: [00:36] Patricia Haywood introduces herself as the founder of Haywood Commercial, sharing her background as an award-winning entrepreneur, lawyer, and her extensive experience in the construction industry. [01:08] The focus of the podcast is revealed: leveraging construction contracts for improved profit margins and sustainable cash flow, specifically aimed at CEOs in the construction sector. [01:40] Discussion on the distress within the UK construction industry, with about 12% of companies facing financial difficulties, translating to roughly 80,000 businesses. [02:12] Patricia outlines the main causes of distress in the construction industry, including high interest rates, inflation, cash flow problems, and low profit margins. [03:29] The real-world impact of a construction company going into administration on projects, employers, and subcontractors is examined. [04:03] Detailed explanation of what administration entails for a construction company, including the role of a licensed insolvency practitioner. [05:07] The significance of the statutory moratorium period during administration for strategic planning and potential business rescue. [06:50] The concept of the "lucky window" and the challenges of finding a financial savior for construction companies due to low profit margins. [07:58] The continuation of business operations during administration and the reality of the challenges faced due to slim profit margins. [08:23] The process of moving from administration to liquidation and the role of converting assets to cash to address cash flow problems. [10:09] Insight into the common financial misstep of investing in assets, which can exacerbate cash flow issues. [11:09] How to recognise signs that a company is heading towards distress and the importance of due diligence. [15:49] Immediate steps subcontractors can take if their main contractor goes into administration, including contacting the appointed insolvency practitioner. [17:17] The importance of familiarising yourself with the Corporate Insolvency and Governance Act and understanding its implications on contracts during administration. [18:02] Advice on reviewing and understanding the specifics of construction contracts to navigate administration effectively. [19:16] The broader impact of a main contractor's administration on the project hierarchy and the importance of collaborative efforts among subcontractors. [20:54] Strategies for subcontractors to enhance their resilience against future instances of main contractors going into administration, including financial preparedness and contract management. Resources Haywood Commercial UK Connect with Patricia on LinkedIn Corporate Insolvency and Governance Act 2020 Quotes "In the world of construction, liquidity is not just a financial metric; it's the lifeblood that keeps the project and your business flowing smoothly." - Patricia Haywood, Host "Facing administration is like navigating through a storm. It's not the winds of adversity that determine your destination, but the set of your sail. Remember, every challenge carries the seeds of opportunity." - Patricia Haywood, Host "Building a cash reserve is like constructing a financial dam for your business. It's not about if the flood comes, but when. Be prepared, so your business can thrive in any weather." - Patricia Haywood, Host

    29 min

  6. 06/02/2024

    Leveraging Construction Contracts for Success

    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 improvement in the contract management process. Takeaways: Effective contract management is crucial for leveraging construction contracts to drive profit margins and sustainable cash flow. Team collaboration, including involving various experts during contract negotiation and management, is key to successful contract execution. Continuous improvement through regular auditing and process refinement is essential for maturing an organisation's contract management capabilities. In this episode: [2:19] Patricia discusses the lack of contract management systems in many businesses and the importance of setting up such a system. [5:36] She elaborates on the complexity of construction contracts and the need for detailed understanding and compliance. [11:03] Patricia talks about the significance of risk evaluation, opportunity identification, and stakeholder engagement in contract management. [14:25] The importance of a streamlined process for compliance with contracts, especially regarding payment applications and other key contractual obligations, is highlighted. [18:00] Patricia discusses the necessity of setting alerts for key contract dates and breaking down silos within organisations for effective contract management. Resources Haywood Commercial UK Connect with Patricia on LinkedIn Quotes "Contract management and compliance is more than just building the thing." - Patricia Haywood "You need to establish some markers of quality and confidence in the process to say yes, we are doing things correctly." - Patricia Haywood

    30 min

  7. 30/01/2024

    Building User-Friendly Construction Contracts

    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 lunch. So grab a seat, let's spill the tea on contracts, and make work feel less like work. Takeaways: Design Thinking Matters: Incorporating design thinking into construction contracts enhances user understanding and promotes sustainable relationships. Visualize Complexity: Making contracts visually pleasing aids comprehension and contributes to a positive user experience. Co-Creation Is Key: Involving the entire project team in contract creation fosters collaboration, reduces discrepancies, and ensures contracts align with intended relationships. In this episode: [00:03:28] Patricia discusses the verbosity and complexity of construction contract language. [00:06:10] Explaining the meaning of user-friendly in the context of construction contracts. [00:09:36] Addressing the gap between legal drafting and practical construction site experience. [00:13:42] Strategies for improving contract user-friendliness through proactive law and collaborative creation. [00:19:40] Focusing on balanced construction contracts for sustainable outcomes. [00:26:26] Presenting data on the general difficulty of understanding contracts, especially in the construction industry. Resources Haywood Commercial UK Connect with Patricia on LinkedIn Quotes "Knowledge is power. If you understand how the contract works, then you are able to do what the contract says." - Patricia Haywood "There is no writing anywhere that says you have to accept a construction contract the way it is. You can change your construction contract." - Patricia Haywood "Co-creation is so important. Gone are the days when you're sat off in some office somewhere and everybody's off in their own little world." - Patricia Haywood

    31 min

  8. 23/01/2024

    Proactive Contracting - Shaping the Future of Construction Contracts

    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 of shifting from reactive to proactive contracting, prioritising legal well-being, and practising preventative law for better project outcomes. Collaborative Value Creation: Encouraging a team-oriented approach to construction contracts, emphasising the creation of value for all parties involved. In this episode: [00:00:27] Patricia introduces the podcast and sets the stage for the exploration of construction contracts. [00:02:30] The evolving landscape of contract negotiation and the openness to alternative views. [00:05:37] The importance of challenging clauses and the impact of collective pushback on contract amendments. [00:08:56] Proactive contracting versus reactive measures for sustainable project outcomes. [00:14:23] Unpacking the concepts of proactive and preventive law in construction contracts. [00:20:00] Integrating a human-centred approach in contracting for improved project cultures. [00:28:00] Practical tips for those in contract negotiation and delivery phases. Resources Haywood Commercial UK Connect with Patricia on LinkedIn Quotes "A balanced construction contract equals a symphony of better projects, better profits, and better teams." - Patricia Haywood "In the industry now, we are on a rollercoaster of change. We're crying out for it because the thrill is long overdue!" - Patricia Haywood "Your standard form is no fairy tale; it's a dynamic storybook that should evolve with the twists and turns of the industry." - Patricia Haywood

    32 min
  9. Getting to Balanced Construction Contracts

    22/06/2023

    Getting to Balanced Construction Contracts

    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 contract advisory firm in London. This podcast is for you if you want to learn more about leveraging your construction contracts, to drive profits, and achieve sustainable cash flow. So I got some questions here. I've put together some questions that I tend to get asked or that I know people are often wondering about me. And the reasoning behind the questions is, I'm on social media, and I do a lot of posts on LinkedIn, as you know, you probably listening to this podcast because you've seen my posts on LinkedIn. And I have a couple of videos on Tik Tok. And I do get a couple of DMS.  And now is the time to answer some of these questions. I think this is a great platform to do that. So the first question which I love is What qualifies me to do this? And absolutely nothing. Nothing qualifies me to do this in the traditional way this question is asked. So as you know, I'm a lawyer, I studied and trained as a barrister. And then I was requalified in the UK as a solicitor. And being a lawyer does allow me to understand contracts really well, and to be able to draft and amend. And that's about it. I never studied construction law in school. I was exposed to construction, to the building of things because my family was involved in construction. Generally, we do a lot of construction work. And I was always around like tradesmen and women builders, that type of thing. But it never occurred to me that I could marry the two low on construction that never crossed my mind. In fact, my aim was to be a corporate lawyer. And so that's what I went off to do. But for some reason, construction appeared in my life. And it really happened during the last financial crisis. And I've told this story many times, you know, I did a master's actually in commercial law, and business and taxation, two separate masters, and I came out and I could not find a job. And so I started doing consulting, freelancing, that type of thing, because I, I knew people within the space, and I knew how to create companies because that's what I did before. And so I created a company and started offering services under that company, and really just formalized the offering of services not just for me, but for people who I knew within this space, so they started coming under my umbrella. And we started doing work together in the space on this business. And so that took me to work in the Project space. I started working on projects, I started doing work from the front end from the business case all the way to close out, looking at the feasibility of the projects, looking at non-tariff barriers to trade like roads and stuff like that, and infrastructure and transportation and really just getting stuck in the project aspect of things. So I moved out of just private practice, purely the practice of law like case law, what the law says that to more in to the application of all of this. So I left that environment into this environment, which is pretty chaotic for me coming from private practice where everything is structured. And now I'm in this environment where we're moving at, like, such a fast speed. Because if you work on projects, you know, everything just moves so quickly. And no, I'm actually applying these things. I'm seeing how the contracts work in these environments. And I'm learning so much. And this took me to various countries, and to work on various projects in these countries. And so from there, when I returned to the UK, I was trying to figure out, you know, what should I do next? Should I go back to private practice? Or, you know, do I continue down this route, I was uncertain. And I met a recruiter. And we were talking and he said, Oh, send me your CV, I sent him my CV, he had a look, I sent him a CV of everything that I've done, it wasn't a tailored CV to any particular role. And we had a discussion and he was just like, wow, you have a lot of experience, doing this type of thing, which is not normal for a lawyer, someone who's their first training was that of being a lawyer. So typically, in the space, you may find a QoS, or commercial manager, who, that's what they started out doing. And then they'll transition to law. I didn't do that. I was a lawyer, and I'm still a lawyer. And I transitioned into the project space. So it was pretty interesting and different. And he felt that this recruiter kind of guided me and he was just like, this is a skill set that you can totally leverage. And, you know, these are some of the ideas that I have. And gave me some direction. I started working with various companies, and offshore in rail, and transportation, energy, tidal telecoms, that type of thing, doing infrastructure work, and helping them with their commercial and contracts. But the thing that often got me those roles was the fact that I was my legal background, and then having that commercial sensibility, and also the fact that I could fit within the project space. So I understood so much about their world that I didn't just bring this theoretical view. And I could look at the contract. And, in a way, understand how it will work out in real life in the project and amend accordingly. And I could also negotiate with a lot of key players.  And there was one company that I did some work for, and they would always send me to negotiate their contracts, because the MD felt he was, you seem to have a good rapport with other people when we go to negotiate, which was a bit interesting for me, because if you know me in real life, you know, I'm an introvert. I mean, I don't really like labels.  But if I would choose a label to explain my personality, it would be an introvert. I love alone time. I love small groups. I'm not very talkative. I'm not a very social person. But when it comes to negotiations, I always say, it's like, it's my stage. That's when I come to perform. And I enjoy it. I enjoy and I think it's because it's such an intimate setting. And I think that's what I like about it. It's intimate, you get to know that you get to know the other person or the other person's, you know, across the table from you. And you get to build that rapport. And I think that's what I like about it. Is my kind of deal is my kind of situation? It works to my strengths. And so I started doing negotiations. I know because I worked in these international arenas in these different countries, and had to understand the cultural differences and sensitivities.  And bringing that and I was working with really senior stakeholders within these countries, especially within the government, and I had to learn some amount of diplomacy. And I think that is what I learned during that time and journey. And I've brought those lessons and those skills with me. And I believe that's why I'm able to negotiate the way I do, I don't have a forceful personality, I'm happy, I enjoy life, I love life. And I bring that to my negotiations. And I think people see that honesty and transparency when I sit in the negotiation, and I believe that's what tends to win them over. Because they know I'm not here to make a bad deal. I'm not here to throw things at them figuratively, in terms of, you know, risk and stuff, I'm here, with the intention of doing a deal that is, is good for all parties. And I think that comes through.  I started doing that type of work. And, from there, I just continued, and I worked on major projects, I got senior-level positions, leading these projects, commercially. And I just continued to hone those skills. And here is the thing, why I say that, you know, what qualifies me is absolutely nothing is that this is not something that I've gone to school to study. This is not a path that I've chosen. I just absolutely love construction and absolutely love construction contracts. And that is it. And when I, when I officially started working, you know, in the space in projects, and I paid the price, I took the courses, you know, like the prints courses, managing successful projects, I've actually done a Master's at Oxford in managing major programs. I've spent years doing the hard graft, you know, I've worked under some incredible people, some incredible project managers and engineers and designers, and I learned so much from them, you know, I've worked in the project environment from the bottom all the way up to the top. So it means that I have this great appreciation for what we do in construction. And this is not just an opportunity for me to work on these projects, or because construction is is a high-profile industry. That's not it. For me, construction is about building things for people, it's about adding value to people's lives, through the buildings that we build, like the hospitals and the schools, to the infrastructure that we create, like, you know, bridges and railways that build communities and really transform communities, to just the services that we provide, to allow people to live quality lives, from the green spaces, we create the sustainable buildings that we are now constructed in, in our communities, you know, to save to save on energy and emissions and all of these things. It's the love of construction. And so if you're thinking what qualifies me, because in the industry, we like to talk about, oh, I have 20 years, I have 30 years, you know, 50 or 100 years in this industry. You know, I like oftentimes when I meet people because I look very young,

    26 min
  • 9 Episodes

About

You are about to sign something important. An investment term sheet. A partnership agreement. A board appointment. An employment contract. But do you actually know what you're agreeing to? Most contracts aren't just legal documents, their risk transfers. The people with the most to lose are often the ones who don't realise what they've signed until it's too late. In this podcast, Patricia Haywood Esq breaks down the hidden clauses, the personal liability and the governance traps that most people miss. With over 20 years managing risk on billion-pound projects, like Croassrail and the Northern Line Extension, Patricia has seen what happens when leaders don't understand the terms they've agreed to. Each episode tackles a specific contract situation: partnership agreements with no exit clause, board positions with unclear liability, payment terms that kill cash flow, investment deals that strip control and scope definitions that cost millions. This isn't legal theory. For founders, CEOs and senior leaders who need to make the right call, before they sign. Hosted by Patricia Haywood Esq | Fractional General Counsel | 20+ years in commercial law, contracts, procurement and major project delivery.

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