Contract Management for Non-Contract Professionals

Introduction

This Contract Management for Non-Contract Professionals training course seeks to provide you with skills to enhance your understanding of key competencies in relation to contracts, commercial obligations and contract law to enhance your leadership presence. By applying this knowledge to your professional role and the tasks and challenges you face in your work, you will augment your contribution to business contract negotiation and management.

Course Objectives

• What are the fundamentals of contracts?
• What are the fundamental concepts of commercial obligations?
• What variations can be used to reflect differing requirements?
• What are the jurisdictional variations in international business?
• What degree of convergence is there in international contracts?
• What are some of the usual clauses in contracts?
• How can we identify and manage risk in contracts?

Course Outlines

Day 1: An Introduction to Contracts

• Understand the notion of offer and acceptance.
• Understand the importance of agreement on main terms.
• Understand the implications of contractual agreements.
• Understand the fundamentals of commercial law and obligations.
• Understand the key relationships that underpin these obligations.
• Understand the potential consequences for breach of contract.
• Understand the concept of legal jurisdiction in the contract.

Day 2: Commercial Relationships and Obligations

• Explain the contracting structure of international business relationships.
• Understand some of the key terms used in the commercial world.
• Explain what applied contract law is all about.
• Understand the basic relationships involved in Agency, Partnerships, International Sales (and use of Incoterms), Insurance, Intellectual Property, Dispute Resolution, Insolvency, and Bankruptcy.

Day 3: Types of Contractual Agreements

• Distinguish between the various contracts.
• Consider different commercial arrangements, and how these are covered by contracts.
• Conventional contracts – lump sum, schedule of rates, bills of quantities, reimbursable.
• Other approaches – risk and reward sharing, BOT contracts.
• Different management approaches for different contracts.

Day 4: Standard Contracts and Common Terms

• The concept of the model contract.
• The use of industry and company standard terms.
• A review of some of the clauses in common use in many types of contracts including warranties, defects liability, variations, liquidated damages and penalties, limits of liability, suspension, and termination.
• The contract management issues arising from some of these clauses.

Day 5: Contract Management and Risk Assessment

• The role of the contract manager and administrator.
• The methods for controlling third-party risk.
• The concept of consequential loss.
• The concept of frustration of contract and Force Majeure.
• Closing out contracts – and keeping records.