The NYC Department of Small Business Services (SBS) presents this free online webinar offered through our M/WBE Contract Legal Services for our New York City-certified Minority- and/or Woman-Owned Businesses Enterprises (M/WBEs) about the considerations, language and strategies to employ when entering into business partnerships.
Legal counsel can be cost-prohibitive, but we recognize the need for small business owners to learn what their legal rights are in order to protect themselves and their businesses. Through this and our upcoming workshops and legal clinics, SBS' M/WBE Contract Legal Services is designed to assist those who struggle to afford legal counsel with gaining important knowledge about business contracts and agreements and related business situations requiring legal guidance.
Webinar: Prime-Subcontractor Engagements – Best Practices and Avoiding Pitfalls for Subcontractors
As an M/WBE business owner pursuing City work or even just larger projects, subcontracting may present a very exciting and significant business opportunity. The prime vendor who’s just been awarded a large contract to complete a project says they need YOU to help them get the job done. Of course, your first instinct is to say YES right away! The financial prospect is very enticing!
BUT, if you don’t take the time to review the responsibilities and obligations demanded of a subcontractor, then this opportunity could turn into a nightmare and significantly damage the business you have been working so hard to build.
This webinar will cover strategies to be used when:
- Pursuing a prime and a subcontract;
- Using the prime contract as your sword and shield;
- Asking for changes in the subcontractor agreement;
- Knowing and negotiating “killer terms” such as indemnification, “flow down” clause, “pay when paid” clause, and insurance requirements; and
- Developing a scope of work.
And just as important:
- HOW to identify and avoid potential pitfalls when entering into a prime-subcontractor agreement
- WHEN to expect potential pitfalls; and
- WHAT to do when you find yourself in the midst of these pitfalls
- Knowing when to walk away from a subcontracting opportunity.
NYC-certified M/WBEs in all industries are welcome to attend and learn!
PLEASE NOTE: Closer to the date of the event, you will receive a separate email containing the Zoom registration link that will allow you to access the event. This will be sent to the email address you supply on this registration. Please use the email address that you used on this Event Brite registration for the Zoom registration as well.
