Business Contracts 101: A Practical Introduction

Introduction:

Comprehending the nuances involved in business contract law, which includes both practical and legal aspects, is greatly valued in the business world. This business contract law course will teach students how to handle business contracts safely, covering all aspects of negotiation, drafting, and management.

A lack of comprehensive knowledge on risk aspects, such as liability, may result in lost benefits and unnecessary disputes. This training program provides an extensive curriculum on business contract law, beneficial for effective contract management.

Focusing on pricing and commercial terms, the course aims to prevent wastage of contract value and manage commercial risks expertly. Learners are introduced to practical situations to demonstrate best practices, negotiation, and management skills.

Objectives:

Upon completing this Business Contracts 101: A Practical Introduction course, participants will be able to:

• Manage the entire contracting process and post-evaluation.
• Assess and interpret key clauses of contracts and manage risks effectively.
• Identify essential contract elements, including clauses, terms, and conditions.
• Negotiate deals that serve the corporation's best interests.
• Avoid future problems through effective contract structuring and management.
• Respond to and resolve issues using knowledge of dispute resolution mechanisms.

Training Methodology:

• Workshops
• Case studies
• Simulations
• Role-playing
• Group activities

Course Outline:

Unit 1: What Makes A Contract?

• Appraisal of risks
• Reasons for engaging in contracts
• Risks related to contracts
• Management of the contract lifecycle
• Understanding the contract
• Managing contract negotiations
• Terms of making an offer and acceptance
• Conflict of terms
• Importance of written contracts
• Investigating financial viability
• Legal binding of contracts
• Creation of a contract
• Issues before reaching an agreement
• When avowals become obligations

Unit 2: Management of the Contracting Procedures

• Classification of strategies: auctions, bids, and tenders
• Advertisement for tenders and offers
• Requisitioning letter offers, pre-agreement documents
• Insurance and bonds
• Letters of credit
• Mode of contract
• Organized systems of contracts
• Terms and conditions of business
• Subcontractors and guarantees

Unit 3: Key Contract Clauses

• Pre- and post-contract qualification phrases
• Payment obligations and terms
• Remedies for non-payment
• Letters of credit and guarantees
• Time and place of delivery
• Delay and failure in delivery
• Ownership and possession
• Transfer of title and risk
• Retention of title
• Liquidated damages
• Delivery, ownership, and risk

Unit 4: When Things Go Wrong

• Contract liability
• Risk management
• Limiting liability
• Damages
• Insurance and indemnities
• Product liability
• Claims in contracts and negligence
• Practical risks
• Force Majeure
• Frustration of contract
• Communication and service
• Signing authority
• Termination/discharge
• Variation and mistakes
• Entire agreement and waiver
• Construction and execution
• Intent of contracting parties

Unit 5: Disputes and Compliance

• Choice of law and jurisdictional forum selection
• Negotiated settlement
• Legal action
• Binding arbitration
• Resolution by mediation, adjudication, and experts
• Problems in negotiations
• Foreign court decisions and awards
• Competence
• Bribery and corruption
• Money laundering offenses
• Antitrust laws
• Business honesty