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.
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.
Managing the Contractual Relationship
Contract Law basics
Managing the Contract Financials
Cost & Price analysis
Bonds, Guarantees and warranties
Managing the Contract in a Dynamic World
Managing contractual liabilities and indemnities
Managing contract variations
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
Summary and recap of key learning objectives
This course is suitable for:
Inhouse legal advisers
Procurement team members
Executives tasked with managing contracts.
Anyone who wishes to have a good understanding and develop the ability to apply the terms and conditions of a contract.
Upon completion of this course, you will have an excellent grasp of the essentials of making contracts and working with contractors, including:
How to create and manage the relationship with a contractor, with a legally enforceable agreement.
Understanding 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.
An Action Plan to be implemented at your workplace using the knowledge and skills acquired through the course.