Introduction
This GLOMACS Contract Drafting, Risk Management & Compliance training course is designed to equip contract managers, legal officers, contract negotiators, administrators and anyone involved with legal contracts with a detailed understanding of commercial contracts, remedies, damages and the likely risks faced by their parties and stakeholders.
Learning how to be a better legal and contract drafting specialist will enable you to progress in your career, while permitting your organisation to gain the maximum benefit from your skills within your chosen sector.
This highly-interactive training course is tailor-made for legal and contract drafting & management professionals in a variety of sectors and will help you to understand how successfully to maximise your business specialisms in some of the world’s most challenging environments.
This Contract Drafting, Risk Management & Compliance training course will examine:
- Critical understanding of the risk mitigation process
- Knowledge to move contracts from the tactical to a more important strategic focus
- Ability to identify, mitigate and allocate risks that can arise in a contractual relationship
- Examples of Contract Terms and Conditions which allocate risk
- Applying the lessons learned from Covid 19
- When to consider using standard templates and model form contracts
- How to structure the contract to create a logical flow
- Using checklists to identify gaps in the contract document
- How to work with the draft contracts supplied by the party on the other side of the transaction
Objectives
At the end of this training course, you will learn to:
- Provide an understanding of how risk arises
- Compare different methods of identifying and assessing risk
- Structure a standard commercial contract
- Review the different approaches to risk allocation, avoidance and confrontation
- Explore different Contract types to allocate and transfer risks
- Review risk management techniques during the life of a contract and beyond
- Identify the key terms and conditions that they should include in a contract
- Draft appropriate terms and conditions for a range of commercial activities
- Identify unacceptably risky terms and conditions in the proposed contracts of partners, contractors, vendors or other parties
- Propose alternative draft wording to protect commercial interests
Training Methodology
Delegates will be involved in a highly interactive learning environment, learning how to identify the tips and tricks that professional contract writers & negotiators use to maximise the benefit to their organisation.
Training course methodology will include handouts, flipcharts, questions and participation from participants, as well as the course tutor posing a series of scenarios and both real-world & theoretical examples.
Organisational Impact
Organisations will gain the following from attendance by their key staff:
- Expanding the expertise of personnel involved in contract development and management and will allow project, contracts and general management teams to be more effective
- The total cost of ownership will be understood and reduced by properly identifying and managing risks
- Clear allocation of risk will reduce the possibility of disputes, and any that do arise should be settled more quickly, with less cost, delay and disruption
- Reducing project failure, costly changes, and cost overruns resulting from poor understanding and management of risk
- Implementing better risk management which improves the chance of overall project success
- Developing an appreciation of the true effect of contractual indemnities, warranties, guarantees and insurance which will enable better decision-making as to contract structures and ensure that risk is passed to others properly and in a cost-effective manner
- Communication of contractual ideas between different departments
- Understanding of why well-drafted contracts are essentials
- Better drafting of contracts
Personal Impact
Participants will gain:
- Better ability to understand & allocate risk and to select the appropriate contractual regime to achieve your aim
- Develop risk identification and assessment skills
- Improve understanding of different approaches to managing risk during a contract and during risk-bearing events
- Enlightenment about how commercial contracts work
- An understanding of how to prepare and develop commercial agreements
- An improved ability to reduce the negative impact of poorly-managed risk on a project or a company
Who should Attend?
The training course is designed to benefit existing and newly appointed legal department personnel, directors and other staff in the commercial sector.
In particular, the following will find it invaluable:
- Contracts, Tendering, Purchasing, Procurement, and Project Personnel
- Contract Administration, Engineering, Operational and Maintenance Personnel
- Risk, Claims, Financial, and Audit Personnel
- Project Management Professionals
- Staff wishing to understand how the legal frameworks governing contractual obligations & responsibilities affect their job function
