An Intensive 5-day Training Course
Contract Law for Business
All areas of the commercial world are involved, directly or indirectly, with Contracts. They are the key business tool that is used...
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Course Overview
All areas of the commercial world are involved, directly or indirectly, with Contracts. They are the key business tool that is used to structure and manage business relationships between different companies, and even between companies in the same Group.
Everyone involved in making business decisions, and in instructing or seeking advice from specialist lawyers, needs to understand contract principles.
A failure to grasp these essentials may lead to misunderstandings that have legal consequences. Lack of clarity in the Contract wording, which could have been avoided by a different approach to drafting, is a frequent source of contract dispute.
One of the major problem areas concerns contract variation – requests for change orders for work that is claimed to be outside of the original Scope of Work. The programme will devote particular attention to this topic, giving delegates the opportunity to practice their drafting and negotiating skills in a role play concerned with contract change.
This Contract Law for Business training course is intended to increase the knowledge of all those involved in the contracting process, and to improve their skills in understanding, negotiating, managing and drafting Contracts.
Training Objectives
- Provide an understanding of different types of contracting structures, and how and why contracts are drafted in particular ways
- Enhance understanding of the legal principles behind contracts
- Develop an understanding of why contracts are amended, and how to negotiate these changes
- Allow Delegates to gain hands-on experience in analysing and amending different types of contract clauses
- Explain the commercial impact of particular provisions
- Develop an understanding of the skills required to write successful contract clauses
Training Methodology
The facilitator will deploy a full range of lively and interactive training methods, including exercises, role plays, case studies, contract draftingsessions and group discussions.
Each topic will be underpinned by a presentation that highlights key issues to focus on. The learning experience will be supported by a reference manual containing templates and examples of best practice. Participants will make presentations and receive personal feedback on their performance.
Model contracts will be reviewed and analysed. Alternative approaches will be considered. Real examples of bespoke contracts from the petroleum industry will be discussed. Delegates will work on drafting clauses, or on reviewing and modifying real clauses from Model Form contracts, including those in use within the client’s business.
Delegates are encouraged to bring real examples with them and to share their experience of particular issues in their company or industry.
Organisational Impact
- Contract creation and drafting will be more effective: by increasing the expertise of personnel involved in contract management, clearer instructions can be given to lawyers, and the final contract document can be more focused to the company’s needs.
- Those involved in negotiations with bidders will have a better understanding of the issues involved when discussing contract wording, will have the ability to discuss drafting issues with confidence, and to make decisions with the assistance of advice from lawyers.
- Scope of Work documentation will be better written, so that contractors and suppliers have less opportunity to demand change orders and fewer claims and disputes will occur.
- Contract management systems and skills will be enhanced, improving the efficiency of contract management, and providing necessary support to project management activities
- The number of disputes arising from poor contract wording will be reduced. Dispute avoidance skills will be enhanced, and if disputes do arise the organisation will be better positioned to address them through negotiation and discussion.
Training Outline
Day 1 - Contract Basics
- Why do we use contracts
- Key steps in the formation of a contract
- Typical contract structure
- Standard Form contracts
- General and special terms and conditions
- Why contracts are amended
- Enforceability of contracts
- Contract examples
- Contracts for the purchase of goods
- Services contracts
- Construction contracts
Day 2 - Main Contract Clauses
The next two days will involve analysing example clauses and considering how they apply. Delegates will be able to practice drafting clauses. The areas covered will include: -
- Obligations to deliver/perform
- Clauses that deal with non-performance
- Suspension and termination
- Liquidated damages and penalties
- Clauses that transfer risks
- Warranty clauses
- Product liability and defective goods – acceptance and rejection
- Indemnities
- Payment clauses
Day 3 - Supporting Contract Clauses
- Limitation of liability
- Contract Variations and changes
- Dispute resolution clauses
- Force majeure
- Intellectual property
- Confidentiality clauses
- Entire agreement
- Jurisdiction and choice of laws
- Court interpretation of and interference in contracts
Day 4 - Drafting and Changing the Scope of Work
One of the key areas of the contract may not be seen by the legal department: the Scope of Work. Badly drafted scopes of work can lead to requests for change orders that have a severe financial impact on the contract owner. Day 4 will look at:
- Drafting the scope of work correctly in the Invitation to tender
- Avoiding ambiguity
- Properly allocating risks to the parties
- Defining levels of service
- Contract variation clauses
- Negotiating change orders – what to do when the contractor asks for a variation
Day 5 - Standard Forms, Surety Contracts and Informal Agreements
Using Standard Form Contracts
- Selecting a suitable standard form
- Necessary additional documents
- Common Standard Form contracts:
- JCT
- FIDIC
Using Standard Form Contracts
- Selecting a suitable standard form
- Necessary additional documents
- Common Standard Form contracts:
- JCT
- FIDIC
Bonds, bank guarantees and security arrangements
Using Standard Form Contracts
- Selecting a suitable standard form
- Necessary additional documents
- Common Standard Form contracts:
- JCT
- FIDIC
Bonds, bank guarantees and security arrangements
- Collateral contracts to support the main agreement
- Tender Bonds
- Performance Bonds
- Advance Payment Guarantees
- Retention Bonds
- Letters of Credit
- Other financial guarantees
Using Standard Form Contracts
- Selecting a suitable standard form
- Necessary additional documents
- Common Standard Form contracts:
- JCT
- FIDIC
Bonds, bank guarantees and security arrangements
- Collateral contracts to support the main agreement
- Tender Bonds
- Performance Bonds
- Advance Payment Guarantees
- Retention Bonds
- Letters of Credit
- Other financial guarantees
The contractual status of Informal agreements
Using Standard Form Contracts
- Selecting a suitable standard form
- Necessary additional documents
- Common Standard Form contracts:
- JCT
- FIDIC
Bonds, bank guarantees and security arrangements
- Collateral contracts to support the main agreement
- Tender Bonds
- Performance Bonds
- Advance Payment Guarantees
- Retention Bonds
- Letters of Credit
- Other financial guarantees
The contractual status of Informal agreements
- Letters of Intent
- Memorandum of Understanding
- Side Letters and Letters of Comfort
ACCREDITATION
MHMMD is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
Euromatech is a Knowledge & Human Development Authority (KHDA) approved training institute in Dubai, licensed and approved to deliver training courses in the UAE.
The KHDA is the regulatory authority in the UAE, that oversees administering, approving, supervising, and controlling the activities of various education providers in the UAE. We are proud of our commitment to ensuring quality training courses and status as a KHDA-approved training provider.
Taught by our team of highly qualified trainers, our KHDA approved training courses will provide you with an enriching learning experience and practical knowledge that will help you future-proof your career and support professional development within your organisation.
The beautiful thing about learning is nobody can take it away from you.
B.B. King
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