FUNDAMENTALS OF RISKS ASSOCIATED WITH COMMERCIAL CONTRACTS ADMINISTRATION
Live-Online Training: N135,000
Classroom Training: N 165,000
3 - 4 participants: 5% discount
5 or more participants: 10% discount
(Available also for Customised Training by Duration, Venue & Fee)
Here is a programme that clarifies:
- effective contracting strategies
- managing a contract life cycle properly
- constituents of contract negotiation for "win-win" outcomes
- successful contract closure.
Every reputable organisation needs effective contract management practices to minimize risks and, if possible, to avoid risks to achieving optimal business outcomes always. This course provides the knowledge and skills to successfully manage and execute contract processes.
Contract risks which represent uncertainties that can threaten the ability to accomplish a contract's mission often emanate from both parties or even from a third party. So, in the management of contracts note needs to be taken that risks can shift – shifting from a compliance “management” to a “governance” perspective. It is always important to ensure that contract conditions and terms are met.
Competencies the Course Delivers
- Ability to apply effective contracting strategies to maximise positive outcomes and minimise risks.
- Ability to manage a contract life cycle properly.
- Ability to orchestrate the negotiation process for "win-win" outcomes.
- Ability to achieve the delivery of intended objectives and successful contract closure.
Necessary Components of a Worthy and Valid Contract
- Corporate Policy for Contracts and their risk management
- Contract formation
- Contract formalities
- Authority to contract
- Underlying economics of the contract
- Contract Creation Procedures
- Competent parties
- Legal purpose
- Offer and acceptance
- The Tenders Board.
- Letters of intent
- Letters of Award
- Conditions precedent
- Conditions Subsequent
- Collateral documents
- Insurance Arrangements.
Contract Risks and Why They Arise
- Common underlying causes of contract risks
- Identifying the risks
- Analysing the risks
- Evaluating and prioritising the risks.
Types of Contract Risk
- Legitimacy of the contract
- Cost overruns
- Quality failures
- Bad planning
- Ill-informed transaction
- Deliberate contract manipulation
- Misinformation or miscommunication.
Establishing the Context
- Balancing risks and opportunities in a commercial contract
- Costly or difficult commitments
- Acting in the best interest of the organization
- Ascertaining the business opportunities behind a contractual relationship
- Prudent control strategies to mitigate contract risks.
How to Treat Contract Risks
- Specific language of the agreement - the clauses
- Legal knowledge
- Equitable compensation against embedded risks
- Independent reviews.
Risk Management in Key Areas
- Prevention of financial loss
- Disaster recovery
- Corporate crisis
- Health and safety
- Business continuity considerations
- The Environment.
Transfer of Associated Risk Exposures
- Risk Sharing
- Limitation of liability
- Contract insurance and risk cover.
Financial Limitations of Aggravated Risks
- Bodily injury
- Breach of security
- Breach of confidentiality
- Infringement of intellectual property
- Data loss
Making Sure the Contract Delivers
- Constant and quality information
- Regularly reviewing your contract
- Management of your suppliers.
Management of Contract Stakeholders for Effective Results
- Elements of stakeholders management
- Stakeholders analysis
- Stakeholders planning
- Stakeholders prioritisation techniques.