Contracts Management - A Business Perspective
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Upon completion of this program, participants will be able to:
- Understand your company needs and objectives
- Know preliminary work to be done before looking at contracting
- Understand what is a contract and how it works
- Understand the contribution of the SOW and RFP in a contract
- How to manage contract risks
- How to monitor contract performance and its progress
- The changing methods of managing contracts through software
“My word is my bond", an age old saying where the spoken word was so potent and relationships, whether business or otherwise, were conducted based on trust and the reputation of the people involved. The world has changed. Risks of non-performance of either a social contract or business transaction has compounded into costly outcomes. Mere words may not be sufficient to mitigate unforeseen risks. Business organizations are embarking on airtight agreements to eliminate risks that could be managed. A written document that precisely spells out the commitment and obligations of each party in a business relationship is the norm now. This written document - a contract, is a complicated, disciplined approach to outline, identify, manage and control the business relationship for mutual benefits of all parties involved. The document is written in precise language to avoid ambiguity and misinterpretations. Any business relationship will encounter challenging situations that may need immediate solutions. However, not all solutions will benefit everyone involved. A contract, then, has to address these and minimize risks and assign responsibilities.
In business contracts are agreements between two or more parties to conduct business in a specific manner that identifies risks and assign responsibilities and commitment of all parties involved. This document is an outcome of intense negotiation. Effectively negotiating, executing and controlling agreements is an important task, yet many organizations do a poor job of managing contracts. While negotiation plays an important role in the culmination of a contract, however it is the execution and management of the contract that ensures a successful business relationship. Failure to manage a contract effectively leads to cost inefficiencies and overruns, scope creep, project delay etc. Improper management of the contract further leads to protracted contract development and negotiation cycles, improper contract approvals, limited contract visibility and control, and an inability to ensure compliance with established contract terms
This program is designed for Procurement Managers & Executive, Contract & Client Managers & Executives, Project Managers / Leaders, Finance & Admin Officers, GLC & Government Contract Officers and Entrepreneurs.
Level: Admin Officers and above.
This program is essentially participative and practical, emphasizing learning through interactive lectures, group discussions, exercises / cases and a Q&A session.
- Understanding Company Objectives And Targets
- Analyzing Current Situation – Contract, Non-Contract
- Company Awareness Of Contracts And Its Fundamentals
- Lessons Learned From Existing Contracts
- Meeting Future Needs Through Contracts
- Scrutiny Of Critical Business Areas – Establishing Service Levels, KPIS And Commitment
- Identifying Areas Of Contention – Analyze And Seek Solutions
- Negotiating For A Win-Win Situation – Looking Out Of The Box And Challenging All Norms
- Process Analysis Review – The Current And The Future With Contracts
- What Is A Contract – Definition And What Constitutes Contract
- Importance – Why Contracts, The Essentials, How It Affects Performance And Cost Benefits
- The Need For Contracts – A Paradigm Shift That Looks At Contracts For Cost Efficiency And Consistency
- Type Of Contract – Looks At Various Contracts That Can Be Considered For Businesses
- Legal Aspects To Consider – Essential Laws That Need To Be Understood And How The Legal Aspects Determine The Drafting Of Contracts
- The Essentials Of Contract Drafting And The Traps To Look Out For
- Key Contract Provisions – The Opportunities A Contract Provides In Ensuring Fairness And Setting Obligations
- Key Elements Of A Contract – Ensuring Essential Requirements Are Included With Clarity
- Determine The Applicability Of Other Contract Terms To A Particular Contract Like Dispute Resolution, Etc.
- Contentious Clauses In Contracts – The Need To Understand Contentious Clauses And How To Include Them In The Contract
- Specification – Looks At Why Specification Is Important To Ensure The Contracts Begin On The Right Footing
- Preparation Of SOW And RFP – What Is A SOW & RFP; The Difference And Importance Of It, How It Helps Determine The Course Of The Contract
- Steps In SOW – Essentials Of Developing A Good SOW To Ensure The Contract Completes Its Terms Successfully
- Importance Of RFP – Ensuring The Important Details Are Included To Avoid Inconsistencies And How A Detailed RFP Avoids Litigation And Problems
- Tenders & Quotations – Looks At The Fundamentals Differences And Usage In Business
- Rights – Conditions And Right Of Buyers And Sellers
- Types Of Risks – Defining Risks And The Various Types Of Risks That Should Be Considered In Business
- Transfer Of Risks In International Business – 13 INCOTERMS – How International Trading Addresses Risk By Understanding Risk Transfer And Responsibilities
- Identifying Risks – Acknowledging Risks And Its Sources
- Responsibilities – Looks At Responsibilities Of All Parties Of A Contract In Addressing Risk
- Managing Risks – Looks At The Various Stages Of Managing Risks In A Contract
- Measurement – Setting Measuring Methodology And Monitoring Principles
- The Experience Stage – Understanding How Relationships Are Developed And Addressing Key Contract Issues While Contracts Are On Going
- Monitoring Techniques – Setting Key Performance Indicators And Making The Contract Performance Based
- Change Control – Changes May Happen Periodically In The Life A Contract And How Changes Can Be Addressed Without Derailing The Contract
- Contract Closure – All Contracts Will Come To An End And Needs To Be Closed Effectively
- The Need For Efficient Monitoring Mechanism – Looks At How Computer Systems Could Contribute To Cost Efficiency Of Managing Contracts
- Cost Benefits Of Software – While It Is Good To Automate Tedious Processes, Cost Benefits Have To Be Looked Into
- Functionality & Integration – Looks At How Compatibility Determines Decision Making In Systems Investment
- Risk Reducing & Compliance Monitoring – How Systems Take Away A Major Portion Of Standardized Processes And Provide Better And Effective Ways Of Monitoring Contract Progress