Contract Risk Management and Compliance

Course Introduction

If the COVID-19 pandemic has taught us anything, it is that unknown, unexpected and undesirable risks can change our world and blow our business strategy off track. Medical professionals use face masks, gloves, gowns and other personal protective equipment (PPE) to reduce the risks of catching the virus. And the search for vaccines and treatments to prevent infection or to facilitate recovery is attracting enormous global focus.

In the world of commercial transactions, contracts can also become infected by unknown, unexpected, and undesirable risks. They can be negatively impacted by poorly performing contractors, unexpected disasters, defaulting debtors, and other toxic events. So, what is the contractual equivalent of PPE? What are the legal and business protections we can put in place in our contracts that limit the risks - or provide us the means of a speedy recovery if our agreements go bad?

This OXFORD 5-day online training course on Contract Risk Management and Compliance adopts a fresh approach to the management of contract risks, considering the many negative possibilities that can afflict commercial transactions. The training course is relevant to legal agreements from many industries, including construction, oil and gas, Petro-chemicals, utility services as well as contracts for the provision of materials, works and services.

Objectives

At the end of this Oxford Management online training course, you will learn to:

• Identify and analyse the commercial risks that contract owners face
• Inform contract owners about how effectively their major contracts currently manage risks
• Encourage contract owners to review their contracts, to ensure protection for their organisations if contracts go wrong
• Watch out for the essential risk management tools to include in a new commercial agreement
• Use the protective measures in existing contracts, such as contract variation, termination for convenience, or Force Majeure, to recover from an occurrence of a major unknown, unexpected, and undesirable event
• Plan for new risks that may appear for health & safety, economic or other reasons

Training Methodology

This online training course will utilize a variety of proven online learning techniques to ensure maximum understanding, comprehension, retention of the information presented. The training course is conducted online via an Advanced Virtual Learning Platform in the comfort of any location of your choice.

Who Should Attend?

This online training course is suitable for a broad range of people, but will greatly benefit:

• Contracts Engineers
• Contracts Administration Professionals
• Contract Managers
• Project Managers
• Commercial Managers
• Procurement Department members
• Supply chain personnel
• Anyone responsible for negotiating, drafting, and preparing contracts

Course Outline

• Identifying and analysing contractor-based risks
• Risk Avoidance and mitigation methods
• Using contracts to share or transfer risks to others
• How to protect yourself using better legal documents?
• Making use of contract templates: FIDIC, NEC and other models
• What to do when commercial risks become reality?
• How to use the most relevant Contract terms, including:
  • Default / Contract breach
  • Suspension and Termination
  • Assignment and Sub-contracting Restrictions
  • Force Majeure
  • Exclusion and limitation of liability
  • Indemnity and insurance clauses
  • Liquidated damages and penalty clauses
  • Bonds and Guarantees
  • Managing retention sums
  • Contract Variation
  • Dispute Management