INTRODUCTION
Contracts come in various styles and forms. They can be verbal or written. However, no matter what they are, they have basic components that needs to be available in any of them. Within the text of the contract lies huge risks that needs to be identified, and managed. In this course, participants will learn how to phrase the contract in way that guarantees a healthy relationship between two or more parties and define the conditions of how each will interact within a given set of circumstances while at the same time, avoid any invisible risks that may appear in the contract.
PROGRAMME OBJECTIVES
- Discussing the most tricky parts of contracts
- Analyzing the areas which pose potential risks
- Learning how to avoid those risks
- Learning the correct wording of a contract
- Correcting mistakes when they happen
WHO SHOULD ATTEND?
- Contracts specialists
- Procurement personnel
- Risk managers
- Auditors
PROGRAM OUTLINE
- Contract lifecycle
- Basic contracts components
- Policy for risk management in contracts
- Indemnification
- Individual risk profiles and implications
- Development of an integrated context
- Indemnification/hold harmless
- Limitation of liability
- Waiver of subrogation
- Jurisdiction
- Incentive contracts
- Award-fee pricing arrangements
- Contract review
- Allocation of risk
- Insurance
- Type of insurance
- Subcontractors
- Identifying contingency
- Quantitative analysis for issues management
- Raising the safety risk management bar
- Mistakes and misrepresentations
- Impracticability of performance
- Remedies generally
- Types of remedies
- Liquated damages
