A contract is a legally binding agreement between the parties identified in the agreement to fulfill all the terms and conditions outlined in the agreement. Contracts are ubiquitous in every business. Any business dealing whether pertaining to a small transaction or multi-million transactions involve formation of contracts. In a contract each side must be clear as to the essential details, rights, and obligations of the contract. A comprehensive written contract helps in outlining the rights and obligations of the parties under the contract.
Contract management plays a vital role in all the companies and determines financial health and also indicates how best the funds are invested and utilized. Contract management is the process, which ensures that all the parties to the contract fully meet up their respective obligations as efficiently and effectively as possible, in order to deliver the business and operational objectives required from the contract. It is the process of systematically and efficiently managing - contract negotiation (price, terms and conditions), creation (documenting agreement), execution (compliance & implementation), dispute resolution (arbitration and alternate dispute resolution) and analyzing impact (risk & financial assessment and operational / functional performance), developing right strategies, managing and implementing contracts with minimal risks to the company, the essential skill sets that are required.
This Contract Management training course is intended to provide both strategic and practical insights into the concepts of Contract Management, and impart essential skill sets that are required in developing and implementing the contracts. This course will demonstrate a strategic and practical approach to Managing Contracts Effectively. Contract Management course will leave you motivated and focused on specific initiatives which can be applied immediately in the Organization.
By attending Contract Management & Strategies workshop, delegates will learn to:
- Understand the basics of Contracts
- Legal Aspects of the Contract
- Develop Strategies & Methods for better formulate & implement Contracts
- Assessing Contractual objectives, obligations, Performance, Variance
- Understand Contractual risks & mitigation plans
- Understand Remedies for breach of Contracts
- Arbitration and Alternate Dispute Resolution
- The Program is divided into Four Sections - designed to move gradually from understanding the Concepts to practical inference and implications to industry situations and providing insights of various tools & techniques to implement in real life situations
- You will increase competencies and gain desired skill sets through a variety of instructional methods and sharing experience, cases/exercises, reviewing published articles, checklists, and group discussions covering current practices and their relationship to the implementation of best practices
- You are encouraged to bring real problem examples with them, for discussion on a confidential basis, and to share their experience of particular issues in their company or industry
The Contract Management class is aimed at Middle and Senior level executives functionally responsible for management of:
- Supply Chains, Procurement, Materials, Logistics
- Contracts, Projects, Constructions, Services
- Accounting, Finance, Costing, Commercial
- Engineering, Production, Maintenance
- Any other Trade & Business