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Course Code: PMCM 107
534 Course Visits
Contract Risk Management and Compliance
Course Sector:
Project & Contract Management
Course Dates and Locations
Choose a date and location to book your seat
No.
Date
Days
Location
Fees
Enrollment
01
5 Days
Antalya, Turkey $4,950
02
5 Days
Abu Dhabi, UAE $4,250
Introduction
Training course introducion / brief
Contracts are at the center of most business transactions. While it provides security for both parties, there are a wide range of potential risks present in contracts such as including inadequate or non-existent clauses pertaining to the treatment of intellectual property (IP) or confidential information, financial obscurities, language resulting in miscommunication, and/or misaligned goals, all of which may cause major damage to a company’s finances or reputation.
Managing contract risk is an important part of the contract management process. This enforces the parties to take a step back during the negotiation process to estimate and evaluate their legal exposure, the loss of business opportunities, and the extended time invested in the contracting process.
This training course is designed to provide participants with the essential knowledge, techniques and strategies for effective management of contract risks while ensuring compliance with existing rules and regulations.
Course Objectives
At the end of the training course, participants will be able to
- Gain a comprehensive understanding of contract risks, how it occurs, and the terms and conditions related to it.
- Discover different Contract types to transfer risks
- Recognize the different methods of identifying and assessing risk.
- Utilize risk management techniques during the life of a contract.
- Manage and deal with financial risks in contracts.
- Select and apply the appropriate remedy for the identified contract risk.
Course Audience
Who is this course for, and can benefit the most
- Project Manager
- Business Administrator
- Marketing Coordinator
- Account Executive
- Chief Operating Officer
- Operations Manager
- Executive Administrative
- Risk Manager
- Program Manager
- Business Analyst
- Quality Control Coordinator
- Assistant Manager
- Team Leader
- Senior Supervisors
- Researcher
- Entrepreneur
- Management Consultant
- Public Relations Director
Course Outline
The course aims and learning outcomes
Understanding Risks in Contracts
- The Need for Contractual Relationships
- The Definition of Risk
- Different Types of risks associated with Contracts
- Impact of Local, National and International laws on contracting
- Categories of Risk for Both Sides of a Contract
- Contract Risk Assessment Process
- Applied tools and techniques for managing contract risks
- Inadequate Contract Execution
- Purpose & Benefits of Risk
- Qualifying Suppliers
- Defining Internal Control
- Proportionality of Control
- Risk Identification Inputs
- Risk Identification Tools & Techniques
- Risk Identification Outputs
Risk Assessment Process
- Estimating Techniques
- Schedule Diagramming - Critical Path Method (CPM)
- Project Evaluation & Review Technique (PERT)
- Qualitative Risk Analysis
- Quantitative Risk Analysis
- External Events
- Force Majeure
- Strikes and Other Labour Disputes
- Risk and Title
- Use of ICC Incoterms
- Assignment and Novation
- Other Clauses that Need to Flow Down to Sub-contractors
- Risks Associated with Sub-Contractors
Minimizing and Transferring Risk
- Transferring Risk through Contract Types
- Firm Fixed Price or Lump Sum Contracts
- Cost Reimbursable Contracts
- Incentive Contracts
- Award-Fee Pricing Arrangements
- Indemnities
- Cross Indemnities
- Insurance
Handling Financial Risks in Contracts
- Controlling Risk Associated with Payments
- Currency Risk
- Economic Risk
- Fraud and Corruption
- Limiting or Excluding Liability
- Distinctions between Liability in Contract, and the General Law
- Gross Negligence
- A Review of Some Sample Clauses from Standard Contracts, and other Real Documents
Contract Risk Remedies
- Mistakes and Misrepresentations
- Impracticability of Performance
- Remedies Generally
- Types of Remedies
- Liquidated Damages
- Warranties
- Cover
Providers and Associations
Providing the best training services and benefits to our valued clients
Boost certificate of completion
BOOST's Professional Attendance Certificate “BPAC” is always given to the delegates after completing the training course, and depends on their attendance of the program at a rate of no less than 80%, besides their active participation and engagement during the program sessions.
ENDORSED EDUCATION PROVIDER
Flexible deadlines
Customized dates accordance to your schedule
Shareable Certificate
Earn certificate upon completion
COURSE METHODOLOGY
Our Training programs are implemented by combining the participants' academic knowledge and practical practice (30% theoretical / 70% practical activities).
At The end of the training program, Participants are involved in practical workshop to show their skills in applying what they were trained for. A detailed report is submitted to each participant and the training department in the organization on the results of the participant's performance and the return on training. Our programs focus on exercises, case studies, and individual and group presentations.
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