Advanced Contract Management London Business Training & Consulting

Overview

This course addresses three important areas of responsibility for the contract manager. The first day focuses on contractual relationships – what contracts are, what risks do they address, what types of contract exist and how can you bring all that together to manage the contractor relationship. The second day looks at the "financials" of contracts, including understanding prices and costs, how contract commitments are supported by forms of security and the important topic of payment. The third day is about management of contracts in a dynamic world, where wants and needs change, where contracts need to be varied, and where good administration techniques keep contracts in good shape.

This Contract Management course also addresses three important areas of responsibility for the contract manager: Firstly the key issue of managing contractor performance – a process of measurement against deliverables or KPIs in order to achieve the contract objectives. Secondly the complex areas of contract negotiation and contract drafting – two topics that often go hand in hand. Thirdly the questions about what happens when things go wrong, leading to claims for compensation, damages, and early termination, as well as the disputes that may follow.

The course will wrap with a summary of the key learning points, followed by an action planning exercise with a view to apply the acquired knowledge and skills immediately upon your return to work. Post-course support is also available in relation to the implementation of your action plan, up to six (6) months following course completion.

Agenda

Managing the Contractual Relationship

• Contract Law basics
• Contract Types
• Contract risks

Managing the Contract Financials

• Cost & Price analysis
• Bonds, Guarantees and warranties
• Managing payments
• Managing claims

Managing the Contract in a Dynamic World

• Managing contractual liabilities and indemnities
• Managing contract variations
• Contract documentation
• Contract administration

Letters of Credit

• Contract Model terms
• Why industry standard contracts are so popular
• Benefits of working with templates
• Case study of a model agreement – NEC3 / FIDIC Red Book

Managing the Contract to get Results

• Managing contractor performance
• SLAs and KPIs
• Managing stakeholders
• Target Costing and Value engineering

Negotiation and Preparation of Contract Documents

• Contract Negotiation
• Contract Drafting
• Organizing for Contract management
• Simplifying the complex construction contract

Planning and Implementing an Effective Contract Structure

• Contract Remedies for Default
• Managing contract disputes
• Contract termination
• IT Tools to facilitate contract communication

Incoterms® 2020

• Managing a sustainable supply chain
• Local Content and In-country value
• Public Private Partnerships

Course Review

• Summary and recap of key learning objectives
• Action Planning

Target Audience

This Contract Management course is suitable for:

• Contract Engineers
• Contract Analysts
• Commercial advisers
• Inhouse legal advisers
• Company Secretaries
• Procurement team members
• General managers
• Executives tasked with managing contracts
• Contract Administrators
• Anyone who wishes to have a good understanding and develop the ability to apply the terms and conditions of a contract

Learning Outcomes

Upon completion of this Contract Management course, you will understand:

• How to create and manage the relationship with a contractor, with a legally enforceable agreement.
• Prices and the costs that underpin prices, and the different pricing models that contractors use.
• Contract security, including bonds and guarantees.
• Managing contracts dynamically, including changing agreements and creating appropriate contract documentation.
• How to get the performance you require from your contracts and your contractors.
• How to get to contract through a process of good negotiating and good drafting.
• What to do when things go wrong, contract breaches occur or disputes arise.
• What to look for when it comes to the sustainable, social and environmental aspects of contracts.
• How to implement an Action Plan at your workplace using the knowledge and skills acquired through the course.