Key details
Mode of delivery: Online Course
Course code: PCM23AO
Duration: 3 days
Fee: £2,196.00 + VAT
CPD Hours: 18
Course Overview
This focused three-day courseprovides a clear and practical introduction to contract management, covering key concepts essential for anyone working with commercial agreements. Participants will learn about contract formation, key contractual terms, financial management, and risk allocation, gaining a strong foundation in how contracts are structured and enforced. With real-world examples and case studies, this programme is ideal for procurement professionals, project managers, and commercial staff who need to understand the core principles of contract management to enhance their decision-making and risk awareness.
Agenda
Day – 1 The Contractual Relationship from Start to Finish
- Agreements and Contracts – Contract Law Basics
- Building Blocks that Make Up a Contract
- Contract Enforcement
- Ending the Contract
Day – 2 Managing the Contract Financials
- Selecting an Appropriate Contract Model
- Pricing Models and The Importance of Cashflow
- Managing Payments and Invoicing
- Key financial instruments – Letters of Credit, retention, Bonds and guarantees and other collateral agreements
Day – 3 Contract Risks
- How does a contract manage risks?
- Identifying, analysing, and mitigating contractual risks from each party
- Contract clauses that transfer risks between the parties (including Incoterms®)
- Case studies in contractual risk management
Course Review
- Summary and recap of key learning objectives
- Action Planning
Target Audience
This course is suitable for:
- Procurement managers and supply chain professionals responsible for contract strategy and risk assessment.
- Project managers who handle contract variations, delays, and performance issues.
- Legal and compliance professionals involved in contract review and risk mitigation.
- Contract and commercial managers who handle contract extensions, defects, contractor claims and disputes.
- Professionals in construction, oil and gas, energy, engineering, and manufacturing industries who manage contract performance.
Learning Outcomes
By the end of this course, you will be able to implement a successful strategy that enables you to:
- Compare and contrast different contract models, including construction, engineering, and consultancy contracts, based on project requirements.
- Assess the importance of cash flow in contract performance and financial management.
- Apply cost and price analysis techniques to evaluate procurement decisions and contract pricing models.
- Explain key financial instruments such as letters of credit, retention, and performance-based payments, and their role in contract execution.
- Identify common contractual risks, including risks posed by contractors, and assess their potential impact.
- Analyse contract clauses that allocate and transfer risk between parties, applying best practices in risk mitigation.
- Evaluate case studies in contractual risk management to develop strategies for minimising financial and legal exposure.
