Effective Contract Management

Overview

Unlock the full potential of every contract with good management, structure review and consistent administration.

The unsung heroes of contracts are the dedicated support teams working tirelessly behind the scenes, steering contracts towards success. Attend this course to learn how smarter contract management and administration can be the key to achieving your contract’s ambitions, whether supplier or customer.

Get hands-on training with a structured, logical approach to pre and post-signature contract drafting, negotiation and management. Plus, increased confidence and fewer risks for successful contract outcomes.

Who will benefit?

• Project Managers and Executives
• Contract Managers / Engineers
• Purchasing Managers and Executives
• Sales Managers and Executives
• Commercial Managers and Executives

Objectives

At the end of the course you will:

• Understand what makes an effective contract manager
• Understand legal terminology and its commercial implications
• Be able to reduce the chances of contract pitfalls dramatically
• Know how to conduct a thorough risk analysis of contracts
• Understand the legal consequences of their own actions
• Be able to negotiate more effectively
• Recognise the contribution that good contract administration can deliver
• Minimise contractual risk throughout the contract
• Manage change during the contract from a risk and legal perspective

Content

Introduction

• An overview of commercial awareness, exploring key principles and terms that underpin contract management.

Basic Legal Principles

• Delve into the foundational UK legal principles that govern contracts.

Battle of the Forms

• The nuances and implications of the ‘Battle of the Forms’ in the relationship.

Crafting the Contract

• Essential points to consider when drafting a contract.

Reading and Understanding Contracts

• Develop the skill to read, interpret, and understand the details of a contract.

Creating, Understanding and Managing Contracts

• A threefold focus on Records, Risk, and Relationships for effective contract management.

Risk Analysis in Contracts

• Analyse commercial risk and its importance in crafting a valid contract.

Record-Keeping in Contracts

• Insights into the crucial role of record-keeping, contract reviews, and updates.

Supplier Relationship Management

• Strategies for building strong relationships with new suppliers and managing commercial risks.

Commercial and Financial Risks

• Evaluate financial and technical risks, alongside metrics, Standard Operating Procedures (SOPs), Key Performance Indicators (KPIs), and Service Level Agreements (SLAs).

Internal and External Relationships

• Understand and manage internal and external relationship networks.

Client and Contract Review Meetings

• Managing client and contract review meetings effectively.

Negotiation Skills

• The fundamental principles of successful negotiations and the eight-step negotiation planning process.

Course Summary

• A summary and actionable insights for supplier negotiations and drafting supplier contracts.

Supplementary Materials

• Additional resources, including terms for suppliers and customers, a supplier contract checklist, and a glossary of terms, jargon, and phrases.