Course details

Overview ?

Introduction

Understanding and managing contract risk is critically important for companies and senior employees. The business and competitive advantages of managing contracts effectively produces bottom line benefits. A failure to fully understand all risk related items in a contract can result in lost opportunities and costly disputes. This programme is a practical guide to contract law for business.

By focusing on pricing and key commercial terms alone companies frequently fail to maximise the value of contracts. This course will provide attendees with an understanding of the law and practice related to the risks inherent in the formation and management of contracts. Through analysis of key contract provisions and real life examples the programme demonstrates how to manage contract risk effectively and to ensure contract negotiations and performance occurs quickly and efficiently.

The highlights of this course are:

Creation of contracts including legal effectiveness and structure.
Key contract clauses focusing on payment and non-payment remedies.
Securing performance of a party’s obligations in the contract.
Liability for breach of contract.
Dispute resolution and important considerations.

Objectives

To provide you with an understanding of the law and practice of the risks inherent in the formation and management of contracts.
Thorough analysis of key contract provisions, provide instruction on how to manage contract risk effectively
To identify essential contract clauses and understand the specific terms and conditions.
Provide you with the ability to negotiate an effective contract to protect your corporation’s interests.
Identify where things can go wrong, and learn how to avoid problems, or mitigate their effects through well drafted contracts and good management.
Understand how to avoid disputes but be prepared to deal with them if they arise.

Training Methodology

The course will involve the attendees in as much participation as possible with discussion and exercises on particular topics. Presentations will be kept short and topical to maximise interest and participation. Topics will be designed as far as possible to be clearly relevant to the business issues faced by or likely to be faced by the delegates.

Organisational Impact

Ensuring that the organisation effectively manages the creation of contracts.
Improve contracting processes within the organisation.
Enhance transactional and litigation risk control within the organisation.
Delivering greater value to the organisation by the use of more effective contract performance provisions.
Minimising costly disputes caused by unclear or inappropriate contract clauses and maximising the benefits available.
Increased awareness of methods of dealing with disputes to ensure that commercial relationships are maintained and enhanced.

Personal Impact

Increased understanding of contracting process.
Enabling more effective control of the contracting process.
Understanding the importance of key contractual clauses.
Determining appropriate allocation of risk in contracts.
Developing enhanced contract management and administration skills.
Improving the ability to avoid costly contractual disputes.

Who Should Attend?

Marketing and sales staff
Management Professionals
Other employees in corporate or governmental organisations who have a responsibility for drafting, negotiating, or approving contracts.
Professionals such as legal and financial staff.

SEMINAR OUTLINE

DAY 1

How Contracts are Created

Quantifying risks
- 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?
Due diligence, permits, and financial stability
When are you committed?
Contract Formation
Pre-contractual issues and documents

DAY 2

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
Contractual structures
Incorporating standard terms of business
Subcontracts and Warranties

DAY 3

Key Contract Clauses

Pre-contracts and post contract “qualification phrases”
- Subject to contract
- “Without prejudice”
- Subject to client comment
Securing Payment
Payment Obligations
Non payment remedies
Letters of credit
Guarantees
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
Liquidated Damages
Delivery, Ownership and Risk

DAY 4

When Things Go Wrong

Contract Liability
- Managing Liability
- Limits of liability
- Damages
- Insurance and Indemnities
Product Liability
How a claim is brought in contract
How a claim is brought in negligence
Practical Risks
Force majeure
Frustration of a contract
Notices and Service
Authority to sign a contract
Power of Attorney
Termination/discharge
Transfer
Variation
Mistake
Entire Agreement & Waiver
Interpretation and Signing
When do contracts end?

DAY 5

Disputes and Compliance

Choice of Law
Choice of dispute resolution
Negotiated settlement
Litigation
Arbitratation
Mediation, adjudication, and experts
Settlement Issues
Enforcement of judgements and awards
Jurisdiction
Bribery
Corruption
Money laundering
Competition law
The Importance of Business Integrity

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Day 4

Day 5

Training Methodology

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