Commercial and Business Contract

Introduction

Commercial and Business Contract becomes key competencies that firms must have when dealing with international transaction. This covers management of contract risk which is very critically for companies. The firms will be gain better position and competitive advantage compare to their competitors when they are managing contracts effectively while produces significant profits. The fatality will be emerged when failure to fully understand risk related items in a contract that can result in lost opportunities and costly disputes.

This seminar provides guide to contracts for commercial and business that focusing on pricing and key commercial terms in order to maximise the value of contracts; understanding of procedures and practice related to the risks inherent in the formation and management of contracts; analyse the key contract provisions and real life and how to manage contract risk effectively and to ensure contract negotiations and performance occurs quickly and efficiently.

Aims

The training aims to provide participants with skills to create contracts including legal effectiveness and structure; to be more focused oriented in clauses of payment and non-payment remedies; to enhanced protection of firms by securing performance of a party's obligations in the contract; be ready to handle liability for breach of contract and dispute resolution.

Objectives:

Upon Completion of this training the participants is expected to

• Improve and enable more effective control of the contracting process
• Enhance the understanding the importance of key contractual clauses
• Have expertise and skills in determining appropriate allocation of risk in contracts
• Be more enhanced contract management and administration skills
• Improve the ability to avoid costly contractual disputes

Training Outline

How Contracts are Created

• Quantifying Risks
  • The benefits of understanding contracts
  • The pitfalls of getting it wrong
• Controlling the Contract Process
  • Understanding the deal
  • Controlling the negotiation
• Contract Formation
  • Offer and Acceptance
  • Battle of the forms
  • Consideration and Intention
  • Does a contract have to be written?

Controlling the Contracting Process

• Auctions, Bids and Tenders
  • Invitations to Tender and Treat
  • Heads of Terms and Letters of Intent
  • Bonds and Guarantees
• Form of Agreement
  • Contractual structures
  • Incorporating standard terms of business
• Informal Contracts
  • Letters of Intent

Key Contract Clauses

• Securing Payment
  • Payment Obligations
  • Non payment remedies
  • Letters of credit
  • Guarantees
• Delivery, Ownership and Risk
  • Time and place of delivery
  • Late and failed delivery
  • Damage in transit
  • Ownership and Acceptance
  • Transfer of title and risk
  • Retention of title
  • Time of the essence
• Liquidated Damages

When Things Go Wrong

• Contract Liability
  • Managing Liability
  • Limits of liability
  • Damages
  • Insurance and Indemnities
• Product Liability
  • How a claim is brought in contract
  • How a claim is brought in negligence
  • Practical Risks
• Frustration of a Contract
  • Force majeure
• When do Contracts End?
  • Termination/discharge
  • Transfer
  • Variation
  • Mistake

Disputes and Compliance

• Choice of Law
• Choice of Dispute Resolution
  • Negotiated settlement
  • Litigation
  • Arbitration
  • Mediation, adjudication, and experts
• Settlement Issues
  • Enforcement of judgments and awards
  • Jurisdiction
• The Importance of Business Integrity
  • Bribery
  • Corruption
  • Money laundering
  • Competition law

Participants:

• Marketing and sales staff,
• Purchasing and Procurement Management professionals
• Other employees in corporate or governmental organisations who have a responsibility for drafting, negotiating, or approving contracts

Course Leader :

Expert Trainer

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