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Course Code: PMCM 3131
667 Course Visits
Contracts and Price Negotiation Masterclass
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
3 Days
Dubai, UAE $3,250
02
3 Days
Riyadh, KSA $3,250
Introduction
Training course introducion / brief
Contracts are essential parts of the business, and an integral part of various transactions. It is, therefore, critical that business professionals understand the most common negotiating mistakes and most successful negotiation strategies for the contract clauses and contract price. This training course is designed to provide participants with the essential concepts, principles and strategies they need to know in order to effectively negotiate contracts and contract price. This course will allow participants to explore topics such as dispute resolution, BATNAS and WATNAS, Negotiation approaches, and opportunities in cost reduction.
Course Objectives
At the end of the training course, participants will be able to
- Gain a comprehensive understanding of the concept of negotiation, the legal system and contract law.
- Understanding common contractual pitfalls in contracts
- Negotiate profitably the project contracts, with clear understanding of insurance provisions, liability and indemnity clauses
- Enhance ability to negotiate force majeure and insurance clauses
- Learn strategies and techniques in negotiating the contract price
- Grasp and apply dispute resolution methods to contract.
Course Audience
Who is this course for, and can benefit the most
This training course is beneficial for business professionals particularly those handling the functions related to purchasing, tendering, and contract development and negotiation.
Course Outline
The course aims and learning outcomes
Legal System and Contract Law
- Understanding the Concept and Principle of Contract Law
- Mandatory elements of a legally enforceable contract
- Contract Law: Contract formation, terms, Interpretation of contract terms
- Contract Law: Remedies for breach of contract
- Assessing available remedies for breach of contract
- Rescission
- Compensatory damages
- Consequential and incidental damages
- Liquidated damages
- Specific performance
- Injunctive Relief
- Common pitfalls in contracts
Negotiation Process
- What is Negotiation?
- Why Negotiate?
- Pre-negotiation Process and it’s importance
- Underlying Tensions
- BATNAs and WATNAs
- The Expectations of Other Parties
Negotiation Approaches Overview
- Planning A Negotiation
- Adopting a Win-Win Approach
- Asking Questions and Listening
- Negotiating the Contract Terms – Finance Considerations, Progress Reporting and Payment
- Confidentiality
Force Majeure Clauses
- Avoiding common Force Majeure pitfalls
- Protect yourself from abuse and misuse of this clause
- Mechanics of exercising Force Majeure rights
- Practical Exercise: Case studies
Insurance Provisions
- Overview of coverage types
- Understanding typical insurance exclusions
- Assessing the quality of your insurance carrier
- Evaluating deductibles and coverage limits
- Insurance subordination issues
- Effective claims management
Contract Management
- Operational issues
- Gas delivery procedures and coordination between suppliers, terminal operator, transporters and users
- Types of dispute resolution vehicles
- Importance of the dispute resolution clause
Contract Claims & Dispute Resolutions
- Types and Assessment of Claims
- Tiered Dispute Resolution Mechanisms
- Formal Dispute Resolution
- Preventing costly litigation through effective use of ADR option
- Types of dispute resolution vehicles
- Assessing litigation vs. arbitration options
- Mediation considerations
- Considerations for selecting effective mediators and Arbitrators
- Selecting arbitration and mediation rules of procedure
- Drafting effective dispute resolution clause
- Practical Exercise: Mock arbitration exercise
Price Reduction and Negotiation
- Modern Methods in Cost and Productivity
- Opportunities for Cost Reduction
- When and how to negotiate the price
- Understanding the Methods for Evaluation of Price
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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