Commercial and Business Contracts a Practical Guide

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Commercial and Business Contracts a Practical Guide Course
Introduction:
Welcome to the Commercial and Business Contracts training course, where participants will gain a comprehensive understanding of the procedures and practices involved in the formation and management of contracts. This program is designed to equip you with the skills necessary to effectively manage contract risk and ensure swift and efficient contract negotiations and performance.
Contracts are vital tools that enable companies to maximize value and minimize the potential risks and challenges that may arise in business transactions. While pricing and key commercial terms are important, it is essential for businesses to broaden their focus beyond these aspects alone. This training course recognizes the multifaceted nature of contracts and emphasizes the importance of comprehensive contract management.
Through the analysis of real-life examples and case studies, this program provides practical insights into contract management. Participants will learn how to identify and assess potential risks associated with contracts, develop effective strategies to mitigate these risks, and implement sound risk management practices throughout the contract lifecycle.
The training course adopts a hands-on approach, allowing participants to engage with real-world scenarios and learn from practical demonstrations. By applying the knowledge gained from these examples, participants will enhance their ability to navigate the complexities of contract management within their own professional environments.
Join us in this Commercial and Business Contracts training course to gain the necessary skills and knowledge to successfully manage contracts and mitigate risk. By developing a comprehensive understanding of the risks inherent in contract formation and management, participants will be equipped to ensure efficient contract negotiations, swift contract performance, and ultimately maximize value for their organizations while minimizing the risk of potential losses.
Course Objectives:
After completion of the course participants will be enabled to:
- Analysis of the risks inherent in the formation and management of contracts
- Explain key contract provisions and provide instruction on how to manage contract risk effectively
- Interpret essential contract clauses and understand the specific terms and conditions
- Develop your ability to negotiate an effective contract to protect your corporation’s interests
- Discuss where things can go wrong, and learn how to avoid problems, or mitigate their effects through well-drafted contracts and good management
- Recognize how to avoid disputes but be prepared to deal with them if they arise
Who Should Attend?
This Contract Management training course will benefit all professionals negotiating and dealing with contracts and managing relationships within the organization. This training course would also benefit:
- Contract and Purchasing Personnel
- Project Management Professionals
- Other employees in corporate or governmental organizations who have a responsibility for drafting, negotiating, or approving contracts.
- Professionals such as legal and financial staff
- Any personnel involved or interacting with contracts
Course Outlines:
How Contracts are created
- Quantifying Risks
- The Benefits of Understanding Contracts
- The Pitfalls of Getting It Wrong
- Controlling the Contract Process
- Understanding the Deal
- Controlling the Negotiation
- Offer and Acceptance
- Battle of the Forms
- Consideration and Intention
- Does a Contract have to be written?
- Due Diligence, Permits, and Financial Stability
- When are you committed?
- Contract Formation
- Pre-contractual Issues and Documents
Controlling the Contracting Process
- Auctions, Bids, and Tenders
- Invitations to Tender and Treat
- Heads of Terms and Letters of Intent
- Bonds and Guarantees
- Standby Letters of Credit
- Form of Agreement
- Contractual Structures
- Incorporating Standard Terms of Business
- Letters of Comfort
- Informal Contracts
- Subcontracts and Warranties
Key Contract Clauses
- Pre-contracts and Post Contract “qualification phrases”
- Subject to Contract
- Without Prejudice
- Subject to Client Comment
- Securing Payment
- Payment Obligations
- Non Payment Remedies
- Letters of Credit
- Guarantees
- Time and Place of Delivery
- Late and Failed Delivery
- Damage in Transit
- Ownership and Acceptance
- Transfer of Title and Risk
- Retention of Title
- Time of the Essence
- Delivery, Ownership, and Risk
- Liquidated Damages
When Things Go Wrong
- Contract Liability
- Managing Liability
- Limits of Liability
- Damages
- Insurance and Indemnities
- Product Liability
- How a Claim is Brought in Contract
- How a Claim is Brought in Negligence
- Practical Risks
- Force Majeure
- The frustration of a Contract
- Notices and Service
- Authority to Sign a Contract
- Power of Attorney
- Termination / Discharge
- Transfer
- Variation
- Mistake
- Entire Agreement & Waiver
- Interpretation and Signing
- When do Contracts End?
Disputes and Compliance
- Choice of Law