Contract Mastery Training Course

Why Select this Training Course?

A contract specialist has many responsibilities, such as preparing and negotiating contracts, evaluating bids, analysing pricing, and staying updated on legal rules. They can help keep track of sales and inventory, find suppliers, and ensure their companies always get the best prices on top-notch products and services. A contract expert handles everything involved in creating a contract, from understanding legal rules to discussing terms and preparing the final document. Contract specialists are awesome at creating legal agreements between businesses and other entities. They use the latest research techniques and their knowledge of the client’s goals and resources to make sure everything is on point. They collaborate with the legal team to ensure that contracts and agreements are drafted in a manner that meets both legal requirements and the client’s requirements. Helping customers meet their contract obligations or resolve contract termination issues in a friendly and cooperative manner is an important aspect of contract mastery. In addition to drafting legal papers, they also have the important task of proofreading, editing, and fact-checking these documents to ensure they are correct and consistent.

This Rcademy Contract Mastery Training Course provide professionals and organisations with valuable skills and knowledge. This course explores how to write, negotiate, finalise, and monitor contracts with external parties, such as vendors and contractors, as well as internal employees. This course is designed to offer managers and organisations amazing growth opportunities by helping them develop the necessary skills in contract management. This course is designed to help improve skills and knowledge in various aspects, types, and processes of contracts in a business setting.

What is contract management practice?

Contract management is a wonderful process that involves overseeing legally binding agreements from start to finish. The activities involved in contract management are creating and negotiating contracts, executing them, monitoring contract compliance, and renewing or closing them out. Contract management is really important because how they handle agreements from start to finish can have a big impact on how things turn out.

What is a contract management plan in procurement?

A contract management planning strategy is a helpful tool that helps to plan how to manage procurement at the contractual stage. It takes into account the complexity level of each procurement. After clearly understanding the organisation’s spending and creating different categories for procurement, it is possible to conduct complexity assessments. At every level of complexity, there is a contract management strategy that supports each quadrant. This helps make sure that the best contract management framework is used for all procurement activities in a category.

Who Should Attend?

This Rcademy Contract Mastery Training Course is designed for experts in different organisations like:

• Decision-makers, executive directors, entrepreneurs, and authorities who frequently negotiate contracts.
• Professionals in contract management who wish to deepen their understanding of contracts.
• Corporate attorneys who desire to focus on drafting and negotiating contracts.
• Project coordinators and contract professionals tasked with coordinating and ensuring success in projects and contracts.
• Lawyers responsible for dispute resolution with clients and members of staff.
• Oil and gas contract management experts and lawyers charged with meeting the expectations of the organisation.
• Law students looking to strengthen their drafting and negotiation skills in contracts.

What are the Course Objectives?

This Rcademy Contract Mastery Training Course’s main goal is to give experts the skills they need to:

• Outline the basic ideas of contracts, their function in business transactions, and your understanding of them.
• Define the necessary components needed for a contract to be enforceable.
• Examine how various contract provisions affect risk management and contractual obligations.
• Negotiate particular contract conditions to safeguard interests and maximise results.
• Identify which negotiation strategy is best for different situations.
• Develop adaptability to handle difficult negotiation circumstances and uphold win-win agreements.
• Utilise conflict resolution strategies to keep discussions fruitful and disputes resolved.
• Understand the uses and advantages of artificial intelligence (AI) in negotiating contracts.
• Make better use of ChatGPT technology to improve communication and preparation for negotiations.

How will this Course be Presented?

This Rcademy Contract Mastery Training Course is participant-driven and specifically designed to fit their needs while expanding their skills and knowledge. Industry specialists with years of expertise will teach it using a variety of strategies and approaches that promote active learning among participants. The modules are based on substantial and in-depth research on the subject.

This Rcademy Contract Mastery Training Course combines theoretical and practical learning by including lecture notes, subject-specific slides and real-world situations. To assess their satisfaction, participants will participate in presentations, quizzes, and seminar workshops and provide continuous feedback on the courses delivered.

What are the Topics Covered in this Course?

Module 1: Introduction Contract Management

• Why is contract management important?
• Contract management vs. contract lifecycle management (CLM)
• CLM’s impact on vendor and contract lifecycle management
• What is the contract lifecycle management process?
• What does effective contract management look like
• Factors pertinent to contract management design

Module 2:  Contracting

• Need for and importance of contracts
• Processes in drafting a contract
• Elements of a legitimate contract
• Tendering and contract award process overview
• Legally compliance: letters of awards and intent
• Importance of a letter of comfort
• Tendering’s benefits and certain dangers to avoid
• Differentiating between prices and values
• Obligation documents of other types
• Guarantees and bonds
• Side letters: unsafe and dangerous
• Agency law
• Contract-signing authority
• Spotting loopholes in contracts

Module 3:  Fundamental Contract Issues

• Analyse the scope of the task necessary for the contract being drawn up
• Designing a contract
• Contract plan: preparation and monitoring
• Proven methodologies for successful contracts
• Administrative management
• What is force majeure, and how does it affect a contract?
• Dealing with turbulent market situations
• Service level agreement (SLA) and delivery time
• Contract termination or suspension process
• Contract warranty
• Discuss the laws that govern contracts

Module 4: Contract Variation

• Scope change evaluation
• Delegation and control functions
• Milestones creation
• Time and deadline extension
• Changes in scheduling
• Dealing with disruptions of the work required
• Change management theory

Module 5: Setup of a Contract

• Taking a risk-based approach to contract management
• Responsibilities and roles
• Stakeholder management that works

Module 6:  Payment and Contract Documentation

• Scheduled payment
• Implementing standard commercial documentation
• How to create a letter of intent
• Parent company guarantee
• Termination of contract
• Potential sources of damage and ways to handle damage control

Module 7:  Pre-Award

• Source explanation plans for selection
• Factors to consider during the evaluation
• Dispute resolution factors to consider in the evaluation

Module 8: Contract Closure Management

• Transitions to be managed
• Important contract closeout hints, techniques, and pitfalls
• Taking notes and sharing what you’ve learnt

Module 9: Contractual Process Based on Risk

• Legal risk
• Security risk
• Compliance risk
• Operational risk
• Financial risk
• Brand risk

Module 10: Emerging Trends and Technologies

• Dynamic discounting
• Applying building information modelling (BIM) in contracting
• Augmented reality and virtual reality
• Use of blockchain to record transactions in multiple locations
• Use of the Internet of Things to unlock procurement efficiency
• Data analytics in contract management
• Contract automation
• Using machine learning and Artificial Intelligence tools for contracting
• Cloud computing for contract data security
• ERP systems integration
• Information extraction using NLP (Natural Language Processor)
• Contracting and ESG considerations
• Contract optimisation using predictive analytics