Contracts Management Masterclass: Essentials, Strategies, and Dispute Resolution

Introduction:

In this Contracts Management Masterclass: Essentials, Strategies, and Dispute Resolution course, students will manage contracts from concept formulation to completion, encompassing both management and administration. The course provides a deep understanding and development of key skills in this essential management area to aid career advancement. It is designed for those interested in learning how contracts are managed.

Covering both basic and advanced levels of training, the course prepares candidates as professional contract managers. It includes practical contract management workshops and integrates contract manager training.

Contracts are vital in business relations, and knowledge of diverse legal systems and contracting infrastructure is crucial in the modern commercial world. This course ensures learners acquire relevant insights into their functions, the duties of the other party in a contract, and the implications of breaches.

Objectives:

At the end of this Contracts Management Masterclass: Essentials, Strategies, and Dispute Resolution Course, participants will be able to:

• Enhance their appreciation of the role of contracts in commercial engagements.
• Gain confidence in handling contracting issues.
• Understand planning strategies to achieve better business results.
• Apply the latest global practices in dispute resolution.
• Increase their knowledge of contract usage in daily business operations.

Training Methodology:

• Interactive lectures
• Case studies
• Group discussions
• Simulation exercises
• Mock contracts
• Q&A

Course Outline:

Unit 1: What are Contracts and the Procedure in Creating Them?

• Importance of contracts in business and achieving contractual obligations.
• Conditions for negotiating a proper contract, including essential ingredients and formalities.
• Authority and agency relationships.
• Understanding the tendering process.
• Different methods of procurement.
• Making contracts binding, especially in cross-border litigation.

Unit 2: Determination of Basic Elements of a Contract

• Consolidation of the formative essentials of a contract.
• Hierarchy of terms within an agreement, including wording.
• Various types of contractual agreements.
• Traditional versus modern contracts.
• Risk and title ownership issues in international trade and points of transfer.
• Formalities, including notifications and specific notices.
• Determination of applicable law and appropriate courts.

Unit 3: Supporting Documents

• Managing performance risks with additional documents.
• Sureties and guarantees.
• Parent company guarantees.
• Functions of letters of intent and comfort or awareness.
• Role of insurance in contracts management.
• Assessing financial security levels.

Unit 4: Change and Variation

• Amendments to contract documents.
• Assignment versus novation.
• Variation clauses and their effects on administration changes.
• Understanding claims and their origins.
• Strategies for managing delays and disruptions.
• Force majeure considerations.

Unit 5: Resolving Disputes

• Conflict prevention measures and multi-tier mediation clauses.
• Negotiation skills.
• Court procedures.
• Arbitration procedures.
• Practices of arbitration, mediation, Early Neutral Evaluation (ENE), and other new developments in dispute resolution and management.