Key details
Mode of delivery: Online Course
Course code: PCM28AO
Duration: 8 days
Fee: £5,508.00 + VAT
CPD Hours: 48
Course Overview
This course provides a solid foundation in contract management, covering the essential principles that underpin commercial contracts. Participants will learn about contract structure, financial management, risk allocation, and contract enforcement. The programme also explores different contract models, helping attendees understand how to select and apply the right agreements for their business needs. Ideal for professionals in procurement, project management, engineering, and commercial roles, this course ensures a clear understanding of contract fundamentals to enhance day-to-day decision-making.
This course is also designed for professionals looking to enhance their strategic approach to contract management. Focusing on contractual rights and obligations, claims handling, variations, and negotiation strategies, this programme provides practical tools to manage risk, enforce contracts effectively, and optimise contract performance. Participants will explore real-world case studies and best practices, making it ideal for mid-to-senior level contract managers, procurement specialists, and project professionals who need to take their contract management expertise to the next level.
Agenda
- Agreements and Contracts – Contract Law Basics
- Building Blocks that Make Up a Contract
- Contract Enforcement
- Ending the Contract
- 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
- 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
- What is ‘default’? – Contractual Liabilities (and Limitation of Liability) for loss and damage
- Remedies for Breach, Including Suspension and Termination
- Other Rights After a Default including the use of Indemnities
- Force Majeure
- Summary and recap of key learning objectives
- Action Planning
- Employer and Contractor rights and obligations (including warranties)
- Standards of work – Reasonable skill and care, Fitness for purpose in design
- Relationships between contracts and negligence
- Case study of a model agreement – NEC/FIDIC templates
- Managing contract variations
- Consequences of delay, including delays by the employer or the contractor
- Handling contractor claims for extension of time and additional costs, acceleration or disruption
- Liquidated damages
- Preparing to negotiate – planning, objectives, mandate, issues, strategies
- Positional bargaining and Interest-based negotiation styles
- Negotiator tactics and skills, making concessions
- Tools and techniques to enhance your negotiation, including BATNA and ZOPA
- Summary and recap of key learning objectives
- Action Planning
- Five (5) x hour-long Executive Coaching sessions at monthly intervals following Course Completion
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:
- Explain the key elements that define agreements and contracts, distinguishing between legally binding and non-binding agreements.
- Identify and describe the fundamental building blocks of a contract, including essential clauses and enforcement mechanisms.
- Analyse the contract lifecycle from formation to termination, understanding legal implications at each stage.
- 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.
- Define contract breach and assess different types of contractual liabilities, including indemnities and limitation of liability.
- Identify and apply appropriate remedies for breach of contract, including termination, suspension, and claims for damages.
- Evaluate the role of force majeure and other legal defences available when contractual obligations cannot be fulfilled.
- Explain key contractual rights and obligations of contractors and employers, including warranties and fitness-for-purpose requirements.
- Assess the standard of work expected in construction contracts and its relationship with negligence claims.
- Analyse a model agreement (NEC/FIDIC) to understand how contractual obligations and intellectual property rights are structured.
- Identify and evaluate different types of contract variations and their impact on project scope and cost.
- Analyse the consequences of delays caused by both employers and contractors and determine appropriate remedies.
- Apply legal and contractual principles to assess claims for additional time, costs, acceleration, and liquidated damages.
- Develop negotiation strategies by understanding planning, mandate setting, and stakeholder interests.
- Apply key negotiation concepts such as BATNA, ZOPA, and interest-based bargaining to contract discussions.
- Utilise effective negotiation tactics and tools to manage contract variations and achieve favourable terms.
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