Managing Contractual Liabilities and Risks

Introduction:

Every commercial transaction involves inherent risks, which can be proactively managed through effective contractual management. This involves evaluating the nature and impact of actions and omissions by both your organization and the other party. Well-designed contracts outline commercial obligations, assigning rights, duties, and liabilities to each party, thereby facilitating effective risk management and surveillance mechanisms in project management.

This online training course on “Managing Contractual Liabilities” aims to help participants identify and manage key contractual risks and liabilities. Participants will understand the potential consequences, assess the seriousness of these risks, and determine who is responsible for them. The course emphasizes practical methods for managing significant contractual risks to mitigate financial losses and reputational damage.

Objectives:

By the end of this course, participants will be able to:

• Explain when a legal document becomes a binding contract.
• Recognize and manage key contractual liabilities.
• Examine the function of indemnities across different sectors.
• Justify and utilize various types of insurance.
• Formulate strategies for managing disputes and claims effectively.

Training Methodology:

• Rapid-fire interactive classrooms
• Application of relevant course concepts to real situations
• Round table discussions
• Dramatization of events
• Innovative pipe activities
• Revision and appraisal
• Exhibition of tools and techniques

Course Outline:

Unit 1: Conclusion, Completion, and Risk Relations of the Contract

• The extent to which parties are bound by governing laws
• Basic elements and structural makeup of a contract
• Periphery documents and related issues
• Dealing with legal systems, including outsourcing
• Understanding and avoiding risks
• Key contractual risks and handling strategies

Unit 2: Relief from Contractual Risks and Liabilities

• Quality and timeliness of performance obligations
• Preventing loss or damage through ownership measures
• Responding to external risks
• Formulating pricing and payment terms
• Minimizing and eliminating liability
• Handling breaches of contract

Unit 3: Indemnities Exposed

• Understanding indemnities and their objectives
• Differentiating between general and gross negligence
• Operation of indemnities in different legal frameworks
• Safeguarding people and assets
• Cross-indemnity provisions and practices
• Controlling major risks

Unit 4: Insurance: Objectives, Types, Restrictions

• Necessity and scope of insurance coverage
• Types of insurance: people, property, liability, etc.
• Specialized insurance: motor, aviation, marine
• Environmental pollution risk management
• Securing insurance for stakeholders
• Managing the claims process effectively

Unit 5: Managing Contract Disputes

• Methods for settling disputes
• Bioethics negotiation techniques
• Alternative conflict resolution methods
• Understanding litigation and arbitration
• Compliance with contract terms and resolution strategies