Overview
Gain a Competitive Edge for your Company in a Tough, Complex Business Environment.
Creating a contract can seem intimidating. Get it right and you can build rewarding business relationships. Get it wrong, and you can put your business at risk. In fact, contracts can make or break a business. They define and underpin every commercial relationship.
Effective contract management is essential to every business as it formalises the agreement made by the parties and protects them should something go wrong. Effective contract management can be a source of competitive advantage.
Essentially, contract management is the management of contracts made with suppliers. When managing a contract the terms and conditions must be followed, as well as document and agree on changes that arise during the process. Contract management should maximise performance and minimise risk.
Good management of contracts can also be characterised by the phrase “No Surprises”. When done right, everyone knows what’s expected of them and by when and they deliver on all sides of the agreement.
Reasons why you need an effective contract management process:
- Increasing Pressure to reduce costs.
- The need to optimise financial and operational performance.
- New regulatory requirements.
- Increasing contract volumes and complexity.
- Growing need to automate and improve contractual processes.
- Increasing compliance and analytical needs.
In this practical workshop, you will learn the vital skills and successful principles to deliver and manage effective contracts.
Learning Outcomes
- Define a contract and understand the importance of knowing the parties and building strong relationships with stakeholders.
- Understand the building blocks of contracts and the contract management lifecycle.
- Identify the key elements involved in contract formation and why each is important.
- Set contract management KPIs.
- Demonstrate an understanding of common contract terms and conditions.
- Identify potential contractual issues, manage variations and deal with conflict.
- Identify key contract risks.
- Recognise the issues associated with non-delivery and ensure business continuity with careful contingency management.
- Understand the steps involved in contract finalisation.
- Manage the commercial relationship between the customer and the supplier.
Designed For
- Logistics managers, team leaders and others involved in purchasing/ procurement
- Anyone who wants to better understand what is involved in the contract management process.
- Suitable for those working in the public and private sector.
- Ideal Size: 6-15 participants.