The critical importance of effective and appropriate contract drafting catered to the specific needs of the particular business and situation cannot be emphasized enough. Robust contracts identify and minimize risk for the organization and ensure that projects and procurement are carried out efficiently and without costly disputes.
All too frequently contract wording used is not properly understood which ultimately detrimentally affects the performance of the project and even possibly leads to contract failure.
Procurement and tendering have become increasingly sophisticated but all individuals need to be aware of the current and best practices adopted by some of the major international corporations in order to increase the effectiveness of their own procedures.
This course will assist all individuals in dealing with such contract wording and procedures in order to maximize the benefits to the organization and reduce risks.
Course highlights include:
Examine the legal effectiveness and formation of contracts
Assessing the appropriate contract type and tender process
Key contract clauses focusing on risk, remedies and insurance
Securing performance of a party's obligations
Appropriate dispute resolution and dispute avoidance
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The importance of Contracts
Controlling the contract process
o Understanding the deal
o Controlling the negotiation
o Tips for effective negotiation
o Offer and Acceptance
o Battle of the forms
o Consideration and Intention
Oral or written?
The value of due diligence and financial stability
Tender Process & Different Contract Types
Auctions and Bids
o Invitations to tender
o Request for Proposal
o Request for Quotation
o Letters of Award
Heads of Terms and Letters of Comfort
Which contract type to select?
o Advantages and disadvantages of the main contract types
o The problem with fixed fees
o Modern methodology
Economic Price Adjustment clauses
Bonds and Guarantees
Compliance with law/change of law
Main Contract Clauses
Obligation to deliver/perform
o Controlling subcontractors
o Monitoring and Milestones
o Ensuring prompt payment
o Non payment remedies
o The use of Letters of Credit
Parent Company Guarantees
o Delivery, Ownership and Risk in procurement
o Time and place of delivery
o Transfer of title and risk - ICC Incoterms
o What are retention of title clauses?
o Why is "time of the essence" important?
Indemnities - when we need them
Liquidated Damages/Penalties and the dangers
Other Key Considerations During the Commissioning Process
Variations and changes
Liability beyond contract
The value of Intellectual property
When do contracts end?
Which law to apply to the contract?
Final contract review and close out process
Dealing with Disputes
Compromise and settlement
Dispute Resolution clauses
Modern methods of resolving disputes
o Early Neutral Evaluation
o Expert Determination
Final review and questions
Certified Global Contracts manager certificate of completion will be awarded to class members who attend at least 80% of the 40 training hours are granted by the Management Development Institute through the College of Business Administration at Missouri State University. Recognized by the US Department.
Contract Law for Paralegals: Traditional and E-Contracts
Kathleen Reed, University of Toledo
Henry R. Cheeseman, University of Southern California
ISBN-10: 0132358190 ISBN-13: 9780132358194
©2009 Prentice Hall Paper, 576 pp