Negotiating, Drafting & Managing Commercial Contracts

Negotiating, Drafting and Managing Commercial Contracts is designed to provide purchasing, project, procurement, contracts and related professionals with the commercial skills required to help you through each step of the contractural process.

Course Overview

Need to convince your boss?

Help your boss understand how IIRMD can make a difference

Send an email to your boss Send an email to your Training Department

This course can also be delivered in-house and tailored to meet the specific needs of your organisation. Click here for more information.

In the modern commercial world, managers of all disciplines find themselves involved in the negotiation, drafting and management of contracts. Although the fine detail may be handled by corporate legal, purchasing or contracting professionals, it has never been more important for the general manager to develop an essential knowledge of the process and practicalities.

This course has been specifically designed to provide you with the commercial skills required to help you through each step of negotiating, drafting and managing commercial contracts to ensure your contracts deliver value to your business. You will gain an in-depth insight into the commercial and legal issues surrounding contracts and return armed with the knowledge to ensure you can protect your company from costly and ineffective contractural arrangements.

THIS COURSE WILL ENABLE YOU TO:

Proactively manage contracts to support your corporate objectives
Effectively define roles and responsibilities in the contract process
Improve your negotiating skills
Construct a mutually beneficial contract relationship
Establish and secure your contractual objectives
Integrate the core elements into a effective and cohesive contract
Ensure that inherent risks are effectively identified and managed
Structure and manage teams in large contracts to maximise performance
Anticipate and avoid potential pitfalls through applying an impact analysis approach

WHO SHOULD ATTEND

This course will be of particular benefit to the following people:

Managers responsible for purchasing products or services for their department or company
Executives involved in supplying products and services
Project managers involved in the project contracting process or the procurement of supplies and/ or services
Recently appointed commercial executives and managers
Newly appointed purchasing staff

Booking Information

To have a customised version of this course delivered In-House please call Tom Gooderham on +44 (0)20 7017 7195.

This course will be held on the above listed dates in central London. For more information about venue please click here.

Programme Details

Understanding the Role and Value of Contracts

objectives of the business:
the expectations of shareholders, customers, employees, suppliers
measuring the quality of a contract
successful contract management

Understanding Both Buyers’ and Sellers’ Positions in the Tendering Process

pre-bid activities
the bid/no-bid decision
understanding bid selection criteria
producing winning tenders
selecting and evaluating bids from suppliers

Negotiating the Deal

preparation and planning
seeking win/win solutions
advantages and disadvantages of partnering
the risk/price trade-off
recording the deal

Case Study - Identifying key elements of successful negotiations

Minimising Your Procurement Costs: the Buyers’ Perspective

pre-bid activities
recognising types and characteristics of buyers and deals
selection of procurement strategy and negotiating tactics

Contractual Risk Management

the process and the timing of risk management
recognising the sources of risk
methods of risk identification
forming a risk register
identifying and key risks
risk evaluation and the estimating process
actions for cost-effectively managing risk

Team Exercise - Identification of risks and construction of checklist

The Role of the Contract

aspects and characteristics of contract law
formation of the contract
offer and acceptance
lapse of offer
battle of the forms
status of the purchase order, letter of intent, instruction to proceed and verbal instructions

Case Study - Whose terms?

Contents of the Contract

defining the contract documents
use of company standard terms
model form contract conditions
implications of the unfair contract terms act

Performing the Contract

quality and warranty, implied and explicit terms
exemptions clauses and limitations of liability
remedies for breach of contract
consequential loss
liquidated damages, penalties and incentives
force majeure (extensions of time)

Team Exercise - Prescribe the remedy

International Contracts

the additional risks of international contracts
incoterms 2000 - definitions and implications
methods of payment - letters of credit
bonds and bank guarantees
foreign currency exposure
language, law and arbitration

Case Study - Essential elements of a letter of credit

Effectively Managing Contracts Using a Project Approach

Professionally managing contractual relationships
Ensuring effective internal and external communcations
project launch - opportunity and risk
maintaining a communications database
constructively and effectively using your contracts to protect your interests
balancing the long and short term in your commercial relationships
the close-out report

Your Personal Action Plan

Course Leader

This course will be led by John Garside, who has extensive hands-on experience in commercial and contract management roles as well as general management. For the past 16 years he has been involved in management consultancy and training including the provision of senior level management and commercial courses for multinational companies.