Contract Administration Certification: Understanding and Implementing Contractual Obligations

Why Select this Training Course?

Contract administration encompasses managing the entire lifecycle of a contract and implementing strategies to ensure the attainment of the desired business objectives. Contract administration includes the processes of negotiating, planning, executing, and fulfilling contracts between various parties. The contract administration process focuses on closely monitoring each agreement to optimise operational performance and minimise risk for the involved party. Efficient contract administration increases the likelihood of successful contract delivery for all parties involved and contributes to a profitable outcome for the overall business. When entering into a legally binding agreement, both parties will participate in a negotiation process where they discuss and deliberate on terms, clauses, pricing, and termination until they come to a mutually acceptable agreement.

This Rcademy Contract Administration Certification: Understanding And Implementing Contractual Obligations course aims to provide comprehensive education/training to takers on effectively managing contract implementation, payments, variation valuation, claim administration, dispute resolution, and project closeout. All developers, contractors, and consultants must ensure that their employees are trained on contract administration procedures. This is crucial for the successful completion of works or services and the involvement of the contract administrator in the project.

What are contractual obligations?

Contractual obligations form the fundamental components of a contract, usually specifying the terms and conditions that govern the relationship between the parties. Contractual obligations can specify actions that must be taken or avoided, either consistently, on specific dates, or as circumstances require. If any parties fail to meet their contractual obligations, it can eventually lead to a breach of contract and various negative consequences, including contract termination.

Can there be an obligation without a contract?

An obligation refers to a duty or responsibility that one has to fulfil. It can be seen as a duty from various perspectives, such as legal, moral, or personal. Obligations can arise from various sources in the legal context, such as contracts, laws, regulations, and common law. Contracts are a widely used method for establishing legal obligations. When two parties enter into a contract, they both agree to specific terms and conditions that establish legal obligations for each party involved. It’s important to remember that legal obligations can still apply even if there isn’t a formal contract. Legal obligations can arise in various circumstances based on the conduct of the parties involved.

Who Should Attend?

This Rcademy Contract Administration Certification: Understanding And Implementing Contractual Obligations course is designed for experts who work in administrative sectors such as:

• Contract specialists and professionals who handle various aspects of contracts, including preparing, negotiating, reviewing and maintaining contract records.
• Contract and project coordinators in charge of various administrative tasks, including preparing, negotiating, and reviewing contracts.
• Bid managers charged with handling the entire bid process, from identifying opportunities to submitting successful proposals.
• Customers and other individuals responsible for making purchases, procuring materials, goods, products, and services and securing favourable contracts and deals.
• Contractors and subcontractors who secure contracts and complete them.
• Cost controllers are tasked with writing reports and analysing financial data to monitor an organisation’s performance and implement strategies for cost reduction.
• Executives of the company tasked with discussing the delivery, timelines, payment terms, and performance obligations.
• Supply chain professionals.

What are the Course Objectives?

The main objectives of this Rcademy Contract Administration Certification: Understanding And Implementing Contractual Obligations course are to enable professionals to:

• Understand the core responsibilities of the contract administrator.
• Implement inked contracts to ensure clients’ satisfaction.
• Acquire sufficient expertise in the valuation of variations, payments and claims.
• Deploy contractual strategies to cope with project-related risks.
• Learn the requirements for guarantees, bonds, and insurance.
• Understand the significance of dispute resolution approaches.
• Communicate effectively with the parties on their contractual responsibilities.
• Identify the procedure involved in the project closure.

How will this Course be Presented?

This Rcademy Contract Administration Certification: Understanding And Implementing Contractual Obligations course is tailored to participants’ needs and will help them improve their skills and knowledge. We will utilise a variety of approaches and strategies to ensure that students are actively participating in the training. The course will be delivered by qualified individuals with considerable knowledge and practical experience in the industry. The modules are produced after extensive research on the subject.

This Rcademy Contract Administration Certification: Understanding And Implementing Contractual Obligations course covers both theoretical and practical topics and includes lecture notes, real-life situations, PowerPoint presentations, and more resources. Students will participate in different activities, such as presentations, quizzes, seminar workshops, and continual feedback, to determine their degree of satisfaction with the teachings.

What are the Topics Covered in this Course?

Module 1: Introduction to Contract Administration

• Overview of contract administration
• Who is a contract administrator?
• Key principles and practices
• The contract administrator’s job and duties
• Best practices
• Implementing the contract

Module 2: Contract Administration Tools

• Knowing your contract
• Contract provisions affecting implementation
• Roles and responsibilities of contract administrators
• Tools and techniques for contract administration
• Change control system
• Issues and risks logs
• Developing schedule plans
• Performance reporting
• Lessons learned
• International contracting
• Milestones, timelines and deliverables

Module 3: Interim Payment Certificates

• Purpose of interim valuation
• Application for payment
• Contractor’s entitlement
• Valuation of interim payments
• Withholding payments

Module 4: Contract Variation

• Initiation of variation
• Written
• Oral
• Action/conduct
• Measuring variations
• Contract voiding owing to variation
• Adjustment of interim sums, preliminary calculations, and so forth
• Contractual arrangements for variations
• Value of variations

Module 5: Contractor Evaluation

• Key performance indicators (KPIs)
• Targets and benchmarks
• Service level agreements (SLAs)
• Managing subcontractors

Module 6: Claims

• Types of claims
• Claims initiation
• Acceptable item under a claim
• Assessing the worth
• Claims in the event of suspension or termination of the contract

Module 7: Changes, Claims, and Disputes

• Change process
• Breach of contract
• Money damages
• Equitable remedies
• Claims and disputes
• Alternative Dispute Resolution (ADR)
• Mediation
• Arbitration

Module 8: Insurances, Bonds and Guarantees

• Purpose of insurance, bonds and guarantees
• Types of insurances
• Insurance requirements under the contract
• Bonds and guarantees
• Indemnity

Module 9: Project Closeout Procedure

• Participants roles
• Closeout meetings
• Closeout documentation
• Post completion services
• Project Feedback

Module 10: Trends and Technologies in Contract Administration

• Building Information Modelling (BIM)
• Digital transformation and smart contracts
• Sustainability and green contracts
• Collaborative contracting models
• Advanced analytics and predictive modelling in contract management
• Workflow automation
• Legal tech and contract management software
• Ecosystem integration
• Solutions using electronic signatures
• Process automation
• Data security