Contract Risk Management and Compliance
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COURSE DATES AND LOCATIONS
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INTRODUCTION
One of the critical outcomes of contract and project management is to ensure that risks to owners and contractor are identified and controlled in a proactive way so that both parties are satisfied with the project outcome. Contract risk management involves using risk assessment tools to evaluate potential risks a contract can incur. Such risks include financial risks, regulatory compliance risks, breach of contract, security risks, and others. Risk can prevent effective contract management. Thus, a contract risk management strategy is paramount. This training course has been designed in order to address the aforementioned task and equip its attendees with necessary skills and modern knowledge for effectively managing contract and project risks while ensuring compliance with existing rules and regulations.
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COURSE OBJECTIVES
By the end of the course, you‘ll be able to:
- Provide an understanding of how risk arises
- Compare different methods of identifying and assessing risk
- Review the impacts of different approaches to risk allocation
- Explore different Contract types to transfer risks
- Consider the contractual techniques to ensure effective risk allocation
- Review risk management techniques during the life of a contract
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COURSE AUDIENCE
This course is made for:
- Contracts, Tendering, Purchasing, Procurement, and Project Personnel
- Contract Administration, Engineering, Operational and Maintenance Personnel
- Risk, Claims, Financial, and Audit Personnel
- Project Management Professionals
- Sales and Marketing Managers
- Commercial Excellence Officers
- Brand Managers
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COURSE OUTLINE
DAY ONE:
Types and Management of Risk
- The Need for Contractual Relationships
- Defining Risk
- Categories of Risk for Both Sides of a Contract
- Risk Assessment Process
- Managing Risk
- Qualifying Suppliers
- Defining Internal Control
- Proportionality of Control
DAY TWO:
Minimizing and Transferring Risk
- Transferring Risk through Contract Types
- Firm Fixed Price or Lump Sum Contracts
- Cost Reimbursable Contracts
- Incentive Contracts
- Award-Fee Pricing Arrangements
- Indemnities
- Cross Indemnities
- Insurance
DAY THREE:
Risk Assessment Process
- Project Estimating Techniques
- Schedule Diagramming – Critical Path Method (CPM)
- Project Evaluation & Review Technique (PERT)
- Qualitative Risk Analysis
- Quantitative Risk Analysis
DAY FOUR:
Dealing with Financial Risks
- Controlling Risk Associated with Payments
- Currency Risk
- Economic Risk
- Fraud and Corruption
- Limiting or Excluding Liability
- Distinctions between Liability in Contract, and the General Law
- Gross Negligence
- A Review of Some Sample Clauses from Standard Contracts, and other Real Documents
DAY FIVE:
Remedies When Bad Stuff Happens
- Mistakes and Misrepresentations
- Impracticability of Performance
- Remedies Generally
- Types of Remedies
- Liquidated Damages
- Warranties
- Cover
