Course Introduction

   This Commercial and Business Contracts training Course will provide participants a comprehensive understanding of procedures and practice related to the risks inherent in the formation and management of contracts. Through analysis of real life examples, This training programme demonstrates how to manage contract risk effectively and to ensure contract negotiations and performance occurs quickly and efficiently. Contracts are valuable and useful tools for companies to maximise value for businesses and minimise risk of loss or things going wrong. Businesses cannot continue to focus on pricing and key commercial terms alone.

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 produces significant benefits and a failure to fully understand risk related items in a contract can result in lost opportunities and costly disputes.

 

Objectives

• 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

 

Day (1): How Contracts are Created?

·         Quantifying Risks

o        The Benefits of Understanding Contracts

o        The Pitfalls of Getting It Wrong

·         Controlling the Contract Process

o        Understanding the Deal

o        Controlling the Negotiation

·         Contract Formation

o        Offer and Acceptance

o        Battle of the Forms

o        Consideration and Intention

o        Does a Contract have to be written?

·         Pre-contractual Issues and Documents

o        Due Diligence, Permits, and Financial Stability

o        When are you committed?

 

Day (2): Controlling the Contracting Process

·         Auctions, Bids and Tenders

o    Invitations to Tender and Treat

o    Heads of Terms and Letters of Intent

o    Bonds and Guarantees

o    Standby Letters of Credit

·         Form of Agreement

o    Contractual Structures

o    Incorporating Standard Terms of Business

·         Informal Contracts

o    Letters of Comfort

·         Subcontracts and Warranties

 

Day (3): Key Contract Clauses

·         Pre-contracts and Post Contract "qualification phrases”

o    Subject to Contract

o    Without Prejudice

o    Subject to Client Comment

·         Securing Payment

o    Payment Obligations

o    Non Payment Remedies

o    Letters of Credit

o    Guarantees

·         Delivery, Ownership and Risk

o    Time and Place of Delivery

o    Late and Failed Delivery

o    Damage in Transit

o    Ownership and Acceptance

o    Transfer of Title and Risk

o    Retention of Title

o    Time of the Essence

·         Liquidated Damages

 

 Day (4): When Things Go Wrong

·         Contract Liability

o    Managing Liability

o    Limits of Liability

o    Damages

o    Insurance and Indemnities

·         Product Liability

o    How a claim is brought in contract?

o    How a claim is brought in negligence?

o    Practical Risks

·         Frustration of a Contract

o    Force Majeure

·         Notices and Service

·         Entire Agreement & Waiver

·         Interpretation and Signing

o    Authority to Sign a Contract

o    Power of Attorney

·         When do Contracts End?

o    Termination / Discharge

o    Transfer

o    Variation

o    Mistake

   

   Day (5):Disputes and Compliance

·         Choice of Law

·         Choice of Dispute Resolution

o    Negotiated Settlement

o    Litigation

o    Arbitration

o    Mediation, Adjudication, and Experts

·         Settlement Issues

o    Enforcement of Judgements and Awards

o    Jurisdiction

·         The Importance of Business Integrity

o    Bribery

o    Corruption

o    Money Laundering

o    Competition Law

 

 

Training Method

A highly interactive combination of lecture and discussion sessions will be managed to maximize the amount and quality of information, knowledge, and experience transfer. The sessions will start by raising the most relevant questions and motivating everybody to find the right answers. The attendants will also be encouraged to raise more of their questions and to share developing the right answers using their analysis and experience. Course material through power point equipped with necessary animation, learning videos, and general discussion to provide the participant with full understanding concerning the subject course will be provided.

Flip chart – Lectures – Practical situations – Video – PowerPoint – Presentation –  style coach- led discussions – activities – Exercises - Quiz - Case study - Assessment.