Contractor Evolution 219. Tariff-Proof Your Business: A Construction Lawyer's Playbook - Trent Cotney
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May 28, 2025 Join Trent Cotney, a board-certified construction lawyer and author, as he dives into the complexities of tariffs affecting the construction industry. He breaks down what tariffs are and their implications for contractors, offering clever strategies to protect themselves with better contract clauses. Hear about the importance of reevaluating supply chains and his predictions on market trends. Trent also shares insights on pricing strategies amidst fluctuating material costs, ensuring contractors can navigate these challenging times effectively.
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How Tariffs Impact Pricing
- Tariffs are a series of import duties passed from importers through manufacturers and distributors to end customers.
- Price increases due to tariffs are not immediate but have a gradual impact through the supply chain.
Audit Supply Chain Options
- Maintain open, honest communication with your suppliers and distributors about pricing and inventory.
- Audit your supply chain to find alternatives or domestic sources to avoid high tariffs.
Limit Quote Validity Period
- Keep quote windows short, ideally 10-15 days, to avoid getting locked into outdated material prices.
- Be ready to pull and adjust proposals if material costs rise suddenly.