Effective Contract Management and Administration
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Effective Contract Management and Administration Course
Introduction:
Contracts serve as the foundation for business transactions, outlining the activities and terms agreed upon by two companies. They significantly impact business profitability by focusing on revenue and expenses.
Effective contract management and administration establish strong business relationships and contribute to long-term profitability, provided they are handled correctly.
This course aims to enhance understanding of how to effectively manage and administer contracts to achieve their intended goals. Participants will learn a systematic and logical approach to contract management and implementation post-signing.
By undertaking the Effective Contract Management & Administration course, you and your team will gain confidence in fulfilling the contractual obligations and satisfying legal requirements, while minimizing risks and consistently delivering successful outcomes.
Course Objectives:
By attending this Effective contract management & Administration course you will gain the knowledge and skills to:
- Recognize the contribution that contract administration can deliver
- Minimize contractual risk throughout the contract
- Manage change during the contract from a risk and legal perspective
- Negotiate more effectively
- Understand and draft contractual terms and conditions
- Utilize the benefits of alternative dispute resolution methods
- Understand tendering methodologies and contract pricing models.
- Gain valuable skills in risk management and dispute resolution.
Who Should Attend?
Effective contract management & Administration course is ideal for:
- Project Managers and Executives
- Contract Managers
- Contract Engineers
- Purchasing Managers and Executives
- Sales Managers and Executives
- Commercial Managers and Executives
Course Outlines:
Effective Contract Management
- Company objectives
- Commercial awareness
- Commercial management
- Personal relationships
- Vital skills and expertise
- Deciding the right priorities
Understanding the legal environment
- Basic legal principles
- Risks for a valid contract
- Conditions and warranties
- Making the contract
- Offer and acceptance
- Enquiries and tenders
- Statute law affecting contracts
- Defects, negligence and lateness
Drafting the contract
- Drafting starts with effective thinking
- The key objective
- Communication and the barriers to overcome
- The craft of contract drafting
- Closing loopholes
- Defined terms; precise language
- The specific and the general
- Dealing with sub-contractors
- Termination clauses
- Traps for the unwary
Risks, rules and relationships
- Risk analysis
- Managing change during the operation of the contract
- Political, environmental and physical factors
- Financial and technical risks
- Pre-contract risk planning
- Post-contract risk management
- Off-loading or sharing risk
Some contract scenarios
- The enquiry and the bid
- Time and materials
- Fixed price
- Limits of liability
- Pricing or associated costs
Contract terms and conditions
- How to deal with the ‘small print’
- Consortia, joint ventures and collaborations
- Choices of law and jurisdiction
- Force majeure and its implications
- Time is of the essence
- What’s on the back of the purchase order
- Ways of arguing over terms
Effective administration techniques
- What is the purpose of the contracts function?
- The extent of its involvement; what is needed?
- The culture of the enterprise
- Terms of reference
- Early warning systems
- Some maxims of contract administration
- Post mortems
- Getting known and respected
sharpening your negotiating skills – getting the most out of contracts