Mastering Contract Management

Course Description:

It is easy to overlook the importance of contract management because it seems to be a boring, mundane topic. Contracts, however, are the basis of most business relationships. If contracts are managed well, business relationship will flourish. If they are not, companies face financial loss, relationship harm, and damaged reputations.

Research has consistently demonstrated that when clear goals are associated with learning, it occurs more easily and rapidly. At the end of this course, you should be able to:

  • Identify contract elements
  • Understand ethical contract management
  • Calculate value
  • Negotiate contracts
  • Create basic amendments

Defining Contract Management

  • What is Contract Management?
  • Contract Types
  • Contract Elements
  • Risks of Poor Contract Management
  • Case Study
  • Assessment

Legal and Ethical Contract Management

  • Contract Law (I)
  • Contract Law (II)
  • Defining Ethical Contract Management
  • Ethical Breaches
  • Case Study
  • Assessment

Contract Management Requests

  • Choosing Potential Bidders
  • RFPs and Technology
  • Calculating Value
  • Making a Choice
  • Case Study
  • Assessment

How to Create a Contract

  • Templates and Software
  • Compliance
  • Wording
  • Risks of Noncompliance
  • Case Study
  • Assessment

Contract Negotiations

  • Be Prepared
  • Prioritize Terms
  • Remain Professional
  • Execute the Contract
  • Case Study
  • Assessment

Assess Performance

  • Performance Can Be Assessed
  • Creating Metrics
  • Measuring Performance
  • Improving Performance
  • Case Study
  • Assessment

Relationships

  • Qualities of Effective Relationships
  • Relationship Pitfalls
  • Building Trust
  • Maintaining Relationships
  • Case Study
  • Assessment

Amending Contracts

  • Redlines and Strikeouts
  • Replacing Clauses
  • Describing Amendments
  • Amendment Status
  • Case Study
  • Assessment

Conducting Audits

  • Why Audit?
  • Plan
  • Establishing Procedures
  • Investigate and Report
  • Case Study
  • Assessment
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