Contracts are vitally important for any business. Understanding and managing contract risk is critical for companies and senior employees. The business and competitive advantages of managing contracts effectively produce significant benefits and a failure to fully understand risk related items in a contract can result in lost opportunities and costly disputes
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?
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
How Contracts are Created
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?
Pre-contractual Issues and Documents
Due Diligence, Permits, and Financial Stability
When are you committed?
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
Incorporating Standard Terms of Business
Letters of Comfort
Subcontracts and Warranties
Key Contract Clauses
Pre-contracts and Post Contract “qualification phrases”
Subject to Contract
Subject to Client Comment
Non Payment Remedies
Letters of Credit
Delivery, Ownership, and Risk
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
When Things Go Wrong
Limits of Liability
Insurance and Indemnities
How is a claim brought in the contract?
How is a claim brought in negligence?
The frustration of a Contract
Notices and Service
Entire Agreement & Waiver
Interpretation and Signing
Authority to Sign a Contract
Power of Attorney
When do Contracts End?
Termination / Discharge
Disputes and Compliance
Choice of Law
Choice of Dispute Resolution
Mediation, Adjudication, and Experts
Enforcement of Judgements and Awards
The Importance of Business Integrity
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