Contract Risk Management & Compliance

Mastering the Strategic Approach in a Post-Pandemic World

Format availability:

In-Person, Online streaming

Duration:

5 Days

Introduction to the course

One of the major functions of contracting is to ensure that risks to owners and contractor are identified and managed in a way that both parties are satisfied with the project outcome. Analyzing risk and how to deal with it in a post-Pandemic world is at the heart of this training course. Building in coping and disposal mechanisms, accepting the reality of risk-bearing and sharing policies rather than risk diversion and avoidance are key to meeting the challenge of modern contract management. Determining who is responsible for managing each individual risk and understanding and dealing with the consequences should the risk occur is required knowledge for contract professionals.

The following are the highlights of this Contract Risk Management & Compliance training course:

  • Critical understanding of the risk mitigation process
  • Knowledge to move contracts from the tactical to a more important strategic focus
  • Ability to identify risks that can arise
  • Skills in allocating contract and procurement risk
  • Examples of Contract Terms and Conditions which allocate risk
  • Applying the lessons learned from Covid 19

Course details

The primary objectives of this Contract Risk Management & Compliance training course are to help delegates to:

  • Provide an understanding of how risk arises
  • Compare different methods of identifying and assessing risk
  • Review the different approaches to risk allocation, avoidance and confrontation
  • Explore different Contract types to transfer risks
  • Consider the contractual techniques to ensure effective risk allocation
  • Review risk management techniques during the life of a contract and beyond

Participants will increase competencies through a variety of instructional methods including lecture by an experienced practitioner and consultant, cases / exercises, reviewing published articles, checklists, and group discussions covering current practices and their relationship to the implementation of new concepts. Emphasis will be placed on learning the lessons of the pandemic.

Delegates are encouraged to bring real problem examples with them, for discussion on a confidential basis, and to share their experience of particular issues in their company or industry. Time will be allowed for general discussions, and for one-to-one discussion with the trainer.

The organization will benefit by:

  • Expanding the expertise of personnel involved in contract development and management and will allow project, contracts  and general management teams to be more effective
  • The total cost of ownership will be understood and reduced by properly identifying and managing risks
  • Clear allocation of risk will reduce the possibility of disputes, and any that do arise should be settled more quickly, with less cost, delay and disruption
  • Reducing project failure, costly changes, and cost overruns resulting from poor understanding and management of risk
  • Implementing better risk management which improves the chance of overall project success
  • Developing an appreciation of the true effect of contractual indemnities, warranties, guarantees and insurance which will enable better decision-making as to contract structures and ensure that risk is passed to others properly and in a cost effective manner

Attendees will gain by participation in this Contract Risk Management & Compliance training course as a result of:

  • Increased understanding of risk
  • Better ability to allocate risk and to select the appropriate contractual regime to achieve your aim
  • Develop risk identification and assessment skills
  • Heighten understanding of the alternative methods of allocating or sharing risk
  • Improve understanding of different approaches to managing risk during a contract and during risk-bearing events
  • Improve the ability to reduce the negative impact of poorly-managed risk on a project or a company

This Contract Risk Management & Compliance training course is suitable for a broad range of people, but will greatly benefit:

  • Contracts, Tendering, Purchasing, Procurement, and Project Personnel
  • Contract Administration, Engineering, Operational and Maintenance Personnel
  • Risk, Claims, Financial, and Audit Personnel
  • Project Management Professionals
  • And all others who are involved in the planning, evaluation, preparation and management of tenders, specifications, awards and contracts that cover the acquisition of materials, equipment, and services and who are in organizations whose leadership want high levels of competency in those involved in these activities

Daily Agenda

DAY 1:
Types and Management of Risk
  • The Need for Contractual Relationships
  • Defining Risk
  • Categories of Risk for Both Sides of a Contract
  • Risk Assessment Processes
  • Managing Risk Before and During the Contract
  • Qualifying Suppliers
  • Negotiating Terms that Carry Risk
  •  Internal Control and its Proportionality
DAY 2:
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
  • Terms, Conditions and Warranties
  • Indemnities and Cross Indemnities
  • Insurance and Guarantees
DAY 3:
Risk Related Terms & Conditions in a post-Pandemic World
  • External Events
  • Force Majeure
  • Strikes and Other Labour Disputes
  • Risk and Title
  • Use of ICC Incoterms
  • Assignment, Novation and Re-Negotiation
  • Other Clauses that Need to Flow Down to Sub-contractors
  • Risks Associated with Sub-Contractors
DAY 4:
Dealing with Financial Risks
  • 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
DAY 5:
Remedies When Bad Stuff Happens
  • The nature of contractual remedies generally
  • Mistakes and Misrepresentations
  • Impracticability of Performance
  • Types of Remedies
  • Liquidated Damages
  • Warranties
  • An Overarching View of Dispute Resolution
  • Review of Course, Questions and Answer Session

Frequently Asked Questions

There are no prerequisites. Our courses are open to students of all backgrounds who are 18 years of age and older. All courses are conducted in English. Video lectures include English subtitles and the option to slow-down, pause, or replay lectures for better retention. Discussion boards are a critical component of each of our courses; therefore, we suggest students have a conversational knowledge of English when pursuing a Certificate of Completion. For any of the art writing courses, students need to be 100% proficient in written English.

You should have an up-to-date web browser such as: Chrome, Safari, Firefox, or Internet Explorer. For more detailed information, please see the guides for supported browsers and basic computer specifications. Our Online Courses can be accessed on a mobile or tablet device, although we strongly encourage you to have access to a desktop or laptop computer and reliable internet connection for certain course components. Former students have told us it is easiest to read discussion threads and complete written assignments on a laptop or desktop computer.

Registration is available on our website. Just follow these simple steps: Click the “Apply Now” button in the top right corner of your screen. Select “Online Courses.” Choose your course(s). You will be asked for basic contact information and your credit card payment. We require full payment at the time of registration and all tuition is billed in US dollars. Be sure to check with your bank or credit card company, as your financial institution may charge a foreign transaction fee.

Our classes are kept small, at no more than 30 students, to better facilitate and encourage personalized interaction with the instructor and fellow participants. Your classmates come from all over the globe and contribute their global perspectives and experience. Some are currently working within the arts while others are just beginning. All classmates share in their passion for the art world.

It is recommended that you begin your course promptly. If you do need to start the course a few days late, contact your instructor as soon as possible after the course has opened to discuss your options. Registration closes on the Friday after the course begins.

Enroll now

Click on a date to enroll and save your seat
London
27-31 May 2024
Fee: $5,950
Online streaming
01-05 Jul 2024
Fee: $3,950
Dubai
01-05 Jul 2024
Fee: $5,950
Houston
26-30 Aug 2024
Fee: $6,950
London
04-08 Nov 2024
Fee: $5,950
Amsterdam
16-20 Dec 2024
Fee: $5,950
London
30 Dec 2024-03 Jan 2025
Fee: $5,950
Course customization available
Course customization available

This training course is available to be conducted at your own pace & at your own time. Request for a quotation now and our training advisor will contact you shortly

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