Course Info
Code PO5-101
Duration 5 Days
Format Classroom
Course Summary
Whether you are administrating or managing a contract process, it is vital that you have the proper knowledge to enable you to do this efficiently and effectively. Contacts can be filled with pitfalls and difficulties and have far-reaching legal implications. Hence, it is essential that you fully understand the legalities and knowledge to ensure you can partner with vendors, service providers and contracts in business life.
In this course, you will investigate the contract process from creation to the most common clauses used. There will also be alternative structures and strategies explained. Finally, you will explore the methods and skills used to successfully negotiate a contract, including any variations and claims that may arise. This is a required course for anyone involved in contracting as part of their daily role and
helps you deal with the foundations, hazards and pitfalls you can encounter when creating and working with contracts.
- Be able to form and create a contract
- Understand contract terms and legal impacts
- Understand and analyse the risks and obligations of contracts
- Get better contract outcomes
- Prepare for managing claims or disputes of contracts
- Control and negotiate variations to contracts
- Monitor the performance of contracts
- Understand contract provisions to reduce dispute risk
- Understand contract default including termination
- Contract Professionals/Administrators
- Project Management Professionals
- Tendering, Purchasing and Procurement Professionals
- Procurement Officers
- Engineering, Operational, Finance, and Maintenance Professionals
- Contract Analysts
- Contract Engineers
- Supply Chain Management team members
- Anyone involved in running competitive procurement activities
Teaching takes place face to face in a classroom environment and will ensure that participants can expand their knowledge of the subject and increase their skillset. The course is delivered via various methods by a specialist trainer. This will include PowerPoint presentations, reviewing articles and other relevant materials, group or individual exercises and discussions. There may be some independent work set, and the course will involve a requirement to submit assigments to demonstrate understanding and an end of course test. Note-taking is encouraged, and you are welcome to use electronic devices to do this.
The course manual will form part of the learning but give you references for the future. You are encouraged to ask questions and, if needed, spend time one to one with your trainer to go over any issues. During your time in the classroom, you will be able to network with peers in similar roles.
Course Content & Outline
Section 1: Contract Management Introduction
- Why we need contracts and why management is vital
- Basics of forming a contract
- Analysis of the contract requirements
- Formalities of contracts
- Contractual Structures/Hierarchy
- Cause and effect when contracts fail
- Defining the scope and specification of a contract
- Implications of Contract Types
- Cost and Pricing
- Fixed Price and Cost-reimbursement contracts
- Best practices
Section 2: Contract Risk Management
- What are the risks with contracts?
- Distribution of risk and performance obligations
- Transfer Risk
- How do we respond to risks
- Understanding key terminology of contracts
- Stakeholders: Key players and building good relationships
- Suppliers: Building a relationship with suppliers/key players
- Terms & Conditions
- Warranty, Indemnity and Insurance provisions
- Economic Price Adjustment Clauses
- Invoices and Payments
Section 3: Variations and Changes to Contracts
- What changes may be made to the contract
- Negotiation skills
- Negotiation Techniques
- Making the changes in a controlled way
- Transfer of rights: Assignment and novation
- Varying any scope to the work, including variations clauses
- Minimising Claims and Disputes
- Delay and disruption
- Post-award functions
Section 4: Standard Contract Documents
- Contractual documents using standard form
- Standard form agreements - national and international
- Bonds, guarantees and letters of assurance
- Reservation of ownership
- Default contracts - what are the options?
- Some options - rework, re-performance, damages, penalties and performance
- Collateral Warranties
- Authority/Authorities - legal aspects
- Contract administration
Section 5: Resolving Disputes and Conflicts
- Using contracts to avoid disputes
- Tiered dispute resolution mechanisms
- The Contract clause to encourage negotiation
- Litigation and Arbitration
- Force Majeure
- Dispute resolution - meditation
- Remedies for Default
- Termination and closure of contracts
- Course review and analysis
Essential Contracting Skills: A Path to Success in Today's Market
In this blog post, we explore the world of contracting, its significance, and the ten essential skills required for success in today's market. From effective communication to risk management and negotiation, learn how to navigate contracts, mitigate risks, and foster fruitful professional relationships.
In this blog post, we explore the world of contracting, its significance, and the ten essential skills required for success in today's market. From effective communication to risk management and negotiation, learn how to navigate contracts, mitigate risks, and foster fruitful professional relationships.
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