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Contracts can be boring, frustrating, and intimidating. But when you run a consulting firm, the terms of the contract have a tremendous impact on the work you do, the money you make, and the risks you face. The more well-versed you are in what each section and clause of a contract is about, the more you can focus on doing great work instead of arguing over contract provisions. Mike Figliuolo, managing director at thoughtLEADERS, LLC, explains the different types of contracts, pricing and payment terms, warranties and liabilities, and insurance requirements. He also shows you how to define the scope of your projects and negotiate terms with clients.