In this episode, I talk with Maegan Spivey, contracts specialist at Document Crunch, about the impact of understanding contracts and the role of AI in making contract management more efficient. ***The video version of this episode can be viewed here.*** Engineering Quotes: Here Are Some of the Questions I Asked Maegan: Could you explain what it means to be a "construction contract encourager" and how you work to make construction contracts less intimidating for industry professionals? With your experience in both general contracting and subcontracting, how do you see the key differences in managing contracts from each of these perspectives? How do you balance accepting a contract that might have unfavorable terms with the need to understand and manage the associated risks for your business? How do you ensure contract compliance within your workflows, and what tools or strategies have you found most effective in making this process smoother and more accessible for your team? How is AI transforming contract workflows in the construction industry, and what impact does it have on improving efficiency and job satisfaction? What are some common risks or pitfalls that construction professionals face when they don't thoroughly read their contracts, and how can they avoid these issues? What final piece of advice can you offer on effectively using AI tools to streamline contract management while ensuring no critical details are missed that could lead to compliance issues? Here Are Some Key Points Discussed in This Episode About How to Use AI Tools for Better Contract Management: Being a "construction contract encourager" means empowering engineers to take an active role in understanding and engaging with contracts, rather than relying solely on attorneys. By making contracts clearer and more approachable, engineers can navigate them confidently, enhancing their effectiveness in the field and creating stronger business relationships and outcomes. Standardized documents like those from AIA or EJD highlight key differences in managing contracts between general contracting and subcontracting. For general contractors, these documents ensure balanced relationships and clear obligations, leading to better project outcomes. For subcontractors, they provide clarity, protection, and effective communication throughout the project. Subcontractors must carefully assess the risks outlined in contracts, even when they feel pressured to "just sign it" to secure work. Understanding and managing these risks is crucial to protecting the business and ensuring successful project outcomes. Effective contract compliance starts with clear communication and understanding of the work involved before the contract is signed. Utilizing tools like AI can simplify access to contract details, ensuring that everyone involved can easily find and act on the necessary information throughout the project. AI plays a crucial role in transforming contract workflows by automating complex tasks, allowing professionals to focus on more meaningful work. It helps streamline processes, reduce time spent on manual tasks, and improve overall efficiency in managing contracts. Failing to thoroughly read a contract can lead to taking on unreasonable risks and potential financial losses. It's crucial to understand all terms to avoid situations that could severely impact your business. Specializing in using AI tools for contract management in niche areas, like energy-related projects, can give contractors a significant advantage. This expertise ensures that no critical details are missed, which is crucial for maintaining compliance as regulations evolve. By focusing on and adapting to this specialization, contractors can gain leverage in negotiations and unlock substantia...