Understanding & Fulfilling Your Contractual Obligations
Course Info
Code PO5-105
Duration 5 Days
Format Classroom
Course Summary
Securing a new contract with a vendor or partner is always something to celebrate. However, it’s incredibly important to understand your contractual obligations before you move forward. You must always consider exactly what your new client is asking of you and ensure you can meet their requirements.
Failure to meet your contractual obligations could leave you in a difficult situation later on, meaning that the client may wish (and would have the right to) terminate the contract you have, reduce the payments that you receive from them or even provide negative feedback on your performance, which may affect the success of your brand overall.
To guarantee success, it’s essential that you first take the time to review exactly what the vendor is asking for and place in new initiatives which allow you to meet your obligations. This may require a project planning team to implement new systems, recruit more employees or write out new policies and procedures which meet the needs of the client.
It’s also important to remember that a contract is also a two-way street and you will need to use your very best negotiation skills in order to create mutually beneficial agreements and develop a positive working relationship with your new client which focuses on honesty and integrity. Without this, if you fail to meet your obligations and don’t admit to your error, you may cause longer-term financial and reputational issues for your business.
- To develop a full understanding of how contractual obligations build your business.
- To hone your negotiation and communication skills to create positive working relationships.
- To create an action plan to implement changes.
- To uncover potential risks in your agreement and understand how to mitigate them.
- To become a master of dispute resolution and creative thinking.
- To develop a process map for change that meets your obligations.
- To understand the value of your contract and how you can make it work from both perspectives.
- To create a contingency plan if you are unable to meet your obligations.
- To understand what the consequences of not meeting your contractual obligations could be.
This course is designed for anyone who is responsible for contract management or negotiation. It would be most beneficial for:
- Business Owners
- Account Managers
- Legal Personnel
- Planning Managers
- Project Managers
- Risk Assessors
- IT Personnel
- HR Professionals
- Security & Governance Professionals
- Account Directors
- Operations Managers
This course uses a variety of adult learning methods to aid full understanding and comprehension. Participants will view various types of contractual agreements and understand exactly what each party may require in a positive working relationship.
They will conduct group activities to understand the financial and reputational impacts of failing to meet obligations and will conduct role-playing exercises to improve negotiation and communication skills to ensure a mutually beneficial working relationship.
Course Content & Outline
- Contract administration- what you need to look out for.
- Why is the contract important to your business?
- Your roles and responsibilities.
- The implications of not reviewing your contract.
- Understanding your contract.
- Reviewing your contractual obligations prior to signing.
- Provisions that may affect implementation.
- Dissection techniques.
- Benchmarking with competitors to set targets.
- Deciding on your Key Performance Indicators (KPIs).
- Your Service Level Agreements (SLAs).
- Your change and record management system and auditing.
- Issues and risks logs.
- Your Gantt schedule.
- SWOT analysis.
- Setting priority aims.
- Understanding and agreeing on the ‘now’ and the ‘later.’
- Your legal obligations and how to manage problems.
- Breach of contract and how to handle it from both perspectives.
- Recovering from financial damages.
- How to handle a claim or dispute.
- Alternative Dispute Resolution (ADR).
- Mediation or Arbitration.
- Equitable Remedies and how they work.
- Lessons learned.
- Renewing your contract.
- Aiming for continuous improvement.
- Conducting reviews and surveys for feedback on performance.
- Setting your future negotiation guidelines based on positive performance.
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