Certified Professional Contracts Manager

Why Select this Training Course?

A contract manager is an expert professional who specialises in the strategic development, examination, bargaining, and supervision of contracts for an organisation. They work as the central point connecting a company with its clients or suppliers, guaranteeing that all contractual agreements are legally valid, financially wise, and in line with business goals. Contract managers are essential in ensuring efficient corporate operations and promoting strong partnerships by carefully observing details and effectively managing compliance and risk. Their proficiency is crucial in negotiating the intricacies of contracts to protect the interests of their organisation while ensuring equitable and advantageous agreements for all parties involved. Contract managers have a crucial responsibility in overseeing the entire process of a company’s contracts, starting from their commencement all the way to negotiation, execution, and analysis.

This Rcademy Certified Professional Contracts Manager Course offers a comprehensive comprehension of the contract management lifecycle and the methods to develop a strong contract management process. Students would acquire knowledge on how contract managers ensure the fulfilment of all contractual obligations and the protection of the organisation’s interests while also ensuring compliance with laws and regulations. The programme features interactive workshops on several subjects, including ‘risk management’, ‘the contract management lifecycle’, and ‘performance management’, allowing students to apply their knowledge practically.

Is a contract manager the same as a project manager?

Contract managers are skilled individuals who oversee the entire contracting process of a project, from initial research to negotiating, creating, monitoring, and making changes to contracts. They supervise all stages of a contract’s life cycle and hand it over to a project management team for implementation. Project managers prioritise effective project implementation, ensuring it meets the requirements of quality, budget, features, and schedule.

The contract manager and project manager roles share the commonality of direct client interaction. Contract managers commonly collaborate with legal, business, and financial teams to negotiate and finalise contract terms. On the other hand, project managers collaborate with several teams to oversee and control a project on behalf of a company. As an illustration, they could collaborate with the production, packaging, marketing, and sales departments to oversee a project aimed at creating a novel product.

Is a contract manager the same as a procurement manager?

Contract and Procurement management are vital activities within any organisation. Procurement involves acquiring goods or services from external vendors, whereas contract management involves administering and overseeing contracts with those vendors. Procurement and contract management are vital activities for organisations that engage with external providers of goods or services. These techniques enable organisations to optimise cost-effectiveness and mitigate potential conflicts and complications.

Who Should Attend?

The Rcademy Certified Professional Contracts Manager Course is best suited to the following professionals:

• Contract analysts responsible for carefully examining contract terms and conditions before signing and skillfully negotiating advantageous terms with other parties on behalf of their organisation.
• Portfolio and Commercial Managers charged with overseeing the investment and ensuring that the benefits are effectively realised.
• Engineering/Maintenance Managers culpable for supervising all activities at the allocated contract site, with the goals of achieving customer satisfaction, promoting growth, and ensuring fair profitability.
• Procurement Managers tasked with the responsibility of creating and overseeing contracts with suppliers in a manner that optimises financial and operational performance while also reducing risks.
• Sales and Marketing Managers accountable for creating, negotiating, and completing contracts with partners such as vendors and customers.
• Service/Operation Managers liable for establishing objectives, working along with quality control teams, overseeing quality assurance systems, and implementing modifications to adapt to changing market conditions and client requirements.
• Consultants assigned the responsibility of assisting clients in resolving issues, enhancing their performance, or implementing modifications.
• Financial Officers who ensure that the payment terms and conditions align with the ones stated in the contract instrument.
• Facilities Managers.

What are the Course Objectives?

The main objectives of this Rcademy Certified Professional Contracts Manager Course are to provide professionals with the necessary skills and knowledge to:

• Acquire a comprehensive understanding of contract management issues, including claims, counterclaims, risk assessment, and administrative processes.
• Acquire expertise in comprehending and composing contractual agreements.
• Develop efficient contingency plans.
• Understand the degree of contractual risk.
• Comprehend the influence of different organisational positions and their consequences on the administration and implementation of the contract.
• Enhance comprehension of different contract types and assess their appropriateness for the specific needs of both the customer and contractor.
• Comprehend and implement the Contract Management Body of Knowledge (CMBOK) and the National Contract Management Association’s (NCMA) standards for contract management.
• Learn how to draft a contract that reduces the potential for issues and set up a dispute resolution system.
• Gain knowledge about the legal consequences of the contracting process and implement a suitable method for resolving disputes and reducing conflict.
• Discover and implement optimal methods in Claims Management.

How will this Course be Presented?

This participant-based Rcademy Certified Professional Contract Manager Training Course has been carefully selected to satisfy participants’ needs while advancing their knowledge and abilities. The training will be given using a variety of methods and techniques that will encourage active learning by the attendees. The teachers for the study are experts in the subject who have worked in the field for many years. The modules were created after a lot of study was done on the subject.

This Rcademy course includes lecture notes, videos, real-life examples, and lecture notes that teach both theory and practice. There will be presentations, quizzes, seminar workshops, case studies, and constant feedback on the lessons given to gauge the participants’ satisfaction.

What are the Topics Covered in this Course?

Module 1: Role of the Contract Manager

• Contract drafting, evaluation, and execution
• Maintaining contractual records.
• Developing and implementing procedures
• Skills of a contracts manager
• Negotiation skills
• Legal knowledge
• Attention to detail
• Communication and relationship management
• Significance of contract managers
• Tips for contract managers

Module 2: Contract Management Lifecycle

• What is contract lifecycle management?
• 5 stages of the contract lifecycle
• Contract creation and authoring
• Contract award and execution
• Contract administration
• Contract close-out or renewal
• Contract collaboration and negotiation
• Contract management systems
• Features of contract management software
• Trends in contract management

Module 3: Legal Contract Management

• What is legal contract management?
• Stages of legal contract management
• Advantages of legal contract management?
• Becoming a contract manager?

Module 4: Contracts, Terms and Conditions

• Types of contracts
• Description of a contract
• Fundamental contracting perspectives – risk and price
• FIDIC forms of contracts
• NCMA’s contract management standards
• Overview of the CMBOK terms
• Essential elements of a contract
• Formal and Informal Contractual documents
• Letters of intent
• Letters of comfort
• Understanding contract life cycle:
• Pre-Award
• Award
• Post-Award
• Layout of contract
• Planning for contract life cycles

Module 5: Model Contracts and Terms

• Warranty clauses
• Contract variation clauses
• Bonds and guarantees
• Price adjustments using price indexes
• Economic price adjustments
• Terms & conditions for adjustments

Module 6: Proactive Contract Risk Management

• What is contract risk?
• Risk vs. uncertainty
• Possible contract risks
• Factors and sources
• Analysis approaches
• Risk strategies: mitigation, management and resolutions
• Qualification and quantification of probability and impact
• Dealing with subjective elements of risk

Module 7: Steps in Handling of Contract Performance Issues

• Contract creation
• Monitoring
• Negotiate changes
• Sign the contract
• Monitor performance
• Contract expiry and transition
• Brand risk
• Execution

Module 8: Performance Management and Continuous Improvement

• Using supply chain management
• Meet contract goals
• Effective stakeholder and supplier
• Relationship management
• Methods for solving problems

Module 9: Best Practices Around Price and Cost Issues

• Setting supplier cost and price agenda
• Analysis of cost and price
• Using economic pricing adjustments
• Price transparency and breakdowns
• Manage contract variation’s financial impact
• Value-for-money negotiation strategies
• Real-world application

Module 10: Managing Under-performance and Contractual Issues Effectively

• Why monitor and manage contract performance
• Best practices for contract performance management
• Key contract performance metrics
• Contract performance management tools
• Tips for handling difficult conversations
• Guide for handling block appraisal

Module 11: New Technology and Trends

• Blockchain technology
• Contract automation for clause analysis
• Contract negotiation and review automation
• Data privacy and exchange compliances
• Electronics
• Integration with ecosystems
• Artificial intelligence integration in contract visibility
• Use of Natural Language Processing
• Post-signature improved visibility for contract obligation