Mini MBA in Contract Management Certification Program

Why Select this Training Course?

Contract management includes supervising the entire lifecycle of legally binding agreements, from their creation to their finalisation. Contract management activities involve various steps, such as creating and negotiating contracts, executing them, monitoring compliance, and deciding whether to renew or close them. The practice of contract lifecycle management is intended to help companies make the most out of agreements, make sure rules are followed, and keep control over their interactions with outside partners. Managing contracts is a crucial responsibility for any business team.

This Rcademy Mini MBA in Contract Management Certification Programme aims to provide participants with the necessary skills to effectively manage risk, conduct thorough contract audits, and enhance dispute resolution through an in-depth exploration of advanced concepts in contract law and contractual obligations. The participant will gain the necessary skills to effectively evaluate and accurately interpret the legal advice they receive, enabling them to generate tangible benefits for their business. By gaining experience, confidence, and exposure, participants will be prepared for higher roles and responsibilities, ultimately contributing to their career progression.

Why is contract management important?

Contract management is crucial for reducing risks and vulnerabilities that can arise from business agreements. Mitigating contract risks involves identifying possible risks, analysing their potential impact, and implementing strategies to minimise or eliminate them. Contract management helps businesses monitor performance indicators and service level agreements closely to make sure suppliers and service providers fulfil their obligations. This level of control over performance allows for value optimisation and cost efficiencies to be achieved.

What is the purpose of the contract management procedure?

Contract management procedures enable the contract manager to create transparent lines of communication with the supplier and foster a mutual comprehension of crucial elements of the contract. These encompass the responsibilities and expectations of both parties, including reporting obligations, performance metrics, and the established procedure for addressing concerns. Implementing a management procedure for contracts allows companies to effectively monitor the compliance and performance of their vendors. This can assist companies in developing stronger relationships with their suppliers by enhancing communication and understanding between companies and vendors.

Who Should Attend?

This Rcademy Mini MBA in Contract Management Certification Programme is designed for operations experts such as:

• Investors and shareholders in charge of the organisation’s supply chain operations to determine its performance and health.
• Managers and supervisors responsible for managing supply chain activities from start to finish.
• Senior management who makes significant operational and organisational decisions that could affect performance in various supply chain activities.
• Quality managers and process excellence expertsliable for managing and sustaining quality inside the organisation.
• Internal and external auditors accountable for making sure that all practices and processes adhere to industry standards.
• Contract lawyers and corporate attorneys
• Employees, vendors, and other third parties involved at different stages of the supply chain.

What are the Course Objectives?

This Rcademy Mini MBA in Contract Management Certification Programme aims to equip professionals with the abilities to:

• Understand the legalities of public sector contracting and commercial management.
• Negotiate with important stakeholders in the public sector, using persuasion and influencing skills to achieve optimal outcomes.
• Learn the regulatory components of public sector contract management.
• Implement successful supplier relationship management in the context of the Public Sector.
• Recognise the value of contract management professional standards in the public sector.
• Monitors supply chains for signs of corruption, fraud, and unethical activity.
• Maintain contract and commercial management governance systems.
• Implement a proactive, collaborative, and agile strategy for handling commercial contracts.
• Create and monitor key performance indicator and service level agreement (SLA)to manage contractors and improve their performance.
• Understand the cross-functional nature of public sector contract management.
• Communicate and collaborate with stakeholders to identify risks and opportunities.
• Recognise the roles and responsibilities of public sector contract and commercial managers.
• Make good use of lessons gained to encourage improvements from suboptimal outcomes, using suitable templates.
• Manage the process of change, claims, variations, and conflict resolution within the context of the public sector.
• Apply best practice contract and commercial management tools, procedures, and templates.

How will this Course be Presented?

This Rcademy Mini MBA in Contract Management Certification Programme is created to fulfil the needs of its participants, making it simple and understandable. It also aids in skill development and the acquisition of new knowledge. A variety of techniques will be employed throughout the training programme to promote participants’ active learning. The best tutors with hands-on experience will deliver the course. This course incorporates lecture notes, topic-specific presentations, and real-world scenarios to blend classroom learning with practical practice. Students will also participate in workshops, seminars, exams, and presentations and will be encouraged to give feedback on their classes to improve outcomes.

What are the Topics Covered in this Course?

Module 1: Introduction to Contract Management

• Definition and importance of contract management
• Terms and terminologies
• Key phases of the contract lifecycle
• Contract lifecycle critical stages
• Contract request
• Authoring, reviewing and negotiation
• Approval and legal review
• Signing of execution and agreement
• Database or contract repository
• Management of records
• Retrieval
• Reporting and activities
• Amendment, renewal and disposition
• Scope and objectives
• Roles and responsibilities of a contract manager
• Types of contracts
• Fixed-price
• Cost-reimbursement
• Time and materials
• Overview of contract law and legal principles
• Contract management factors (essential, success and failure)
• Poor contract management

Module 2: Contract Strategy and Planning

• Aligning contract strategy with organisational goals
• Market analysis and risk assessment
• Developing a contract management plan
• Stakeholder analysis and communication planning
• Contract sourcing and selection strategy

Module 3: Contract Drafting and Formation

• Drafting clear and concise contract terms
• A step-by-step guide to drafting a business contract
• Business contract drafting principles
• Special clauses: indemnities, warranties, and limitations of liability
• Use of standard contract templates and clauses
• Do’s and Don’ts of business contract drafting
• Negotiation techniques for effective contract formation

Module 4: Business Contract Negotiation Techniques

• Preparing for contract negotiations
• Key negotiation tactics and strategies
• The 4 Ps of negotiation
• People
• Process
• Process
• Problems
• The 4 Cs of negotiation
• Know
• Convince
• Contact
• Conclude
• Handling difficult negotiations and conflict resolution
• Cultural and ethical considerations in negotiation
• Closing the negotiation and formalising the agreement

Module 5: Risk Management in Contracts

• Identifying and assessing contractual risks
• Risk mitigation strategies
• Insurance and bonding in contract risk management
• Managing contractual disputes and claims
• Developing a risk management plan

Module 6: Contract Performance and Compliance

• Setting performance metrics
• Monitoring contract performance
• Ensuring compliance with contractual obligations
• Managing amendments to contracts
• Tools for contract performance evaluation

Module 7: Financial Aspects of Contract Management

• Budgeting and cost control in contracts
• Payment terms and invoicing procedures
• Financial analysis and reporting for contracts
• Managing currency and exchange rate risks
• Auditing and financial compliance in contracts

Module 8: Legal and Regulatory Considerations

• Key legal concepts in contract law
• Regulatory compliance and governance
• Intellectual property rights and contract management
• Data protection and privacy in contracts
• Handling breach of contract and legal remedies

Module 9: Advanced Topics in Contract Management

• International contract management
• Strategic alliances and joint ventures
• Outsourcing and service level agreements (SLAs)
• Public sector and government contracts
• Review of contracts and negotiations using automation
• Adaptation of natural language processing
• Analysis of contract clauses using automation
• Data privacy
• Future trends and innovations in contract management
• Contract management software and tools
• Digital contracts and electronic signatures
• Implementing a contract management system (CMS)
• Use of AI and blockchain in contract management visibility
• Data analytics and reporting in contract management
• Integrated use of CLM – contract lifecycle management tools
• Collaborative tools
• Centralised contract repository