INTRODUCTION

The contract is at the core of all commercial transactions and contracts management is a core competency of all successful organisations. The very best organisations in the world understand the benefits of increased profits and higher productivity resulting from mastering best practices in contract management.

This Smart Corporate Training  Management Centre Mastering Contracts Management training course provides you with the best and most innovative tools and techniques for managing contracts and negotiating contractual issues.

TRAINING OUTLINE

Section 1: Best Practices in Contracting and Procurement

• Key components of an effective contracting and procurement process

• Understanding cost and pricing structures

• Conducting cost analysis

• Allocation of overheads

• Defining what constitutes a fair profit

Section 2: Contract Types and Payment Structures

• Managing and mitigating contract risks

• The contract risk-sharing continuum

• Understanding the implications of various contract types

• Fixed-price vs. cost-reimbursement contracts

• Innovative and hybrid contract models

• Economic price adjustment clauses

• Invoicing procedures and payment terms

Section 3: Source Selection and Contract Development

• Steps for source qualification

• Designing pre-qualification and tendering criteria

• Best practices for drafting contracts

• Terms and conditions essentials

• Legal formation of contracts

• Introduction to performance-based contracting

Section 4: Effective Contract Negotiation

• Understanding the role of negotiation in contracting

• Defining negotiation and its objectives

• Traits of successful negotiators

• Key negotiation principles:

  • Part 1: A quote is not a fixed figure

  • Part 2: Preparation is the key to success

  • Part 3: Use multiple issues and have a strong BATNA

• Common negotiation tactics and how to apply them

Section 5: Contract Administration and Close-Out

• Overview of post-award responsibilities

• Core duties of contract administration

• Managing scope changes and work variations

• Understanding force majeure and termination clauses

• Steps for effective contract close-out