As contracts continue to be the foundation of business relationships, organizations need to implement effective contract management practices to avoid risk and achieve optimal outcomes. This course provides you with the knowledge and skills to successfully manage and execute the contracting process. Throughout the course, you learn how to implement the contract life cycle and avoid common pitfalls.

Rationale for Contracts

• Avoiding, mitigating and transferring risk
• Controlling costs with supply chain participants
• Managing buyer-seller relationships

Defining Contract Principles

Establishing a foundation in law

• Clarifying the elements that constitute a binding contract
• Demystifying legal jargon

Surveying appropriate pricing options

• Analyzing key drivers
• Evaluating suitability of terms

Launching the Contract Life Cycle

Justifying the contract

• Conducting a needs analysis
• Determining "make" or "buy" decisions

Preparing a procurement plan

• Setting contract objectives and statement of work
• Creating the communications plan
• Developing the contract approach

Qualifying potential vendors

• Gathering market intelligence
• Analyzing capabilities against specified criteria
• Narrowing the field of suppliers

Leveraging communication for "win-win"

• Addressing the conflicting needs of buyers and sellers
• Selecting efficient methods for obtaining information

Optimizing Vendor Selection

Soliciting vendor submissions

• Reviewing key components
• Processing and disseminating the request

Refining criteria for evaluation

• Applying PMBOK^® Guide and other best practices
• Employing analytic and heuristics tools and techniques

Assessing submissions

• Establishing review processes
• Evaluating vendor services and products
• Visiting vendor sites for optimum effect
• Performing due diligence of vendor choices
• Handling a "no bid" scenario

Negotiating Favourable Results

Employing principles and tools

• Selecting a suitable negotiation model
• Creating an effective plan

Addressing tactical considerations

• Anticipating the seller's strategy
• Preparing the buyer's strategy

Influencing negotiation

• Orchestrating roles and expectations
• Leveraging the environment for successful outcome

Finalizing the contract terms

• Drafting the document
• Applying change in a controlled manner
• Obtaining stakeholder signature approval

Executing the Contract

Administering the contract

• Buyer versus seller perspectives
• Project manager role during implementation

Applying contract administration tools

• Performance reviews
• Inspections audits
• Payment systems claims
• Administration reports

Coordinating multiple contracts

• Integrating with the project
• Assessing the impact within the organization

Managing issues

• Conducting impact analyses
• Identifying, assessing and mitigating risk

Managing change

• Implementing change control procedures
• Responding to exception conditions
• Modifying contracts based upon change requests

Closing the Contract

Completing terms and conditions

• Verifying scope delivery
• Transferring service into operational control
• Authorizing final payment to vendor

Ongoing support and maintenance

• Service Level Agreements, warranties and guarantees
• Managing updates and upgrades

Project managers, contract managers and
other professionals involved in the contract
management life cycle. This course benefits
all stakeholders involved in the buying and
selling roles.

jk micheals is the place to go when you want to impart people with special skills and business traits.

you are actually breeding world leaders.

Ogunlaya I.Adetokunbo

Priority comm ltd