MANAGING CONTRACT RISKS FOR SUCCESSFUL CONTRACT CLOSURE

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Live-Online Training: N145,125
Classroom Training: N 220,375
3 - 4 participants: 5% discount
5 or more participants: 10% discount

(Available also for Customised Training by Duration, Venue & Fee)

Programme Description

Contract risks in business relationships are any uncertainties about the future that threaten the ability to accomplish a contract’s mission. They can emanate from both parties or even from a third party. So, in the management of contracts note should be taken that risks are shifting from a compliance “management” to a “governance” perspective. It is always important to ensure that contract conditions and terms are met.

Course Contents

DAY ONE

Components of a Valid Contract

  • Underlying economics of the contract
  • Competent parties
  • Legal purpose
  • Offer and acceptance
  • Consideration

Contract Risks and Why They Arise

  • A Contract’s lifecycle
  • Common underlying causes of contracting risks
  • Identify the risks
  • Analyse the risks
  • Evaluate and prioritise risks

Types of Contract Risk

  • Cost overruns
  • Quality failures
  • Bad planning
  • Ill-informed buying
  • 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 own principal
  • Ascertaining the business opportunities behind a contractual relationship
  • choice of the right contractor and/or subcontractors
  • Prudent control strategies to mitigate contract risks

Treat the Risks

  • Specific language of the agreement – the clauses
  • Legal knowledge
  • Equitable compensation against embedded risk
  • Independent reviews

DAY TWO

Assessment of a Contract’s Potential Risks

  • Low, moderate, high, extreme
  • How likely
  • How frequently
  • Possible effects
  • Risk appetite and financing mechanism for unintended losses

Transfer of Associated Risk Exposures

  • Indemnification
  • Limitation of liability
  • Waiver

Contract Insurance and Risk Cover

  • Size and scope
  • General commercial
  • Professional
  • Environmental
  • Construction
  • Fidelity

Financial Limitations of Aggravated Risks

  • Death
  • Bodily injury
  • Breach of security
  • Breach of confidentiality
  • Infringement of intellectual property
  • Data loss

DAY THREE

Making Sure the Contract Delivers

  • Constant and quality information
  • Regularly reviewing your contract
  • Management of your suppliers

Risk Management in Key Areas

  • Prevention of financial loss
  • Disaster recovery
  • Business continuity
  • Corporate crisis
  • Health and safety
  • The Environment

Risk Sharing

  • Subcontracting
  • Outsourcing

Contract Review Checklist

Corporate Policy for Contracts Risk Management

Date & Time
Monday
March 4, 2024
Start - 8:30 AM
Wednesday
March 6, 2024
End - 3:00 PM Africa/Lagos
Location

Tom Associates Training

5/7, Alade Lawal Street, Opposite Anthony Police Station, Off Ikorodu Road, Anthony Village,
NG-LA
Nigeria
+234 817 859 1654
+234 809 276 3968 | +234 810 365 2225
tomassociatestraining@yahoo.com | info@tomassociatesng.com
Get the direction
Organizer

Tom Associates Training

+234 817 859 1654
+234 809 276 3968 | +234 810 365 2225
tomassociatestraining@yahoo.com | info@tomassociatesng.com