Functional Management

Course details

The programme is intended for middle and senior level managers implementing contracts in the fields of production, services, construction and fabrication, materials, marketing, and import and exports. It is open to medium and large organizations.

Objectives

• Most of the contracts have come to be on standard pre-given terms. Even when contracts are drafted a fresh, the clauses on different aspects of the contract are standard, taken from different sources. The parties, invariably, only provide specific details of the subject matter of the contract. Standardization has become widespread as it hugely reduces transaction costs. For successfully negotiating, stipulating and implementing contracts, managers need to be well versed with the foundation and significance of all aspects of contracts

Content

• Formation of contract, including offer, acceptance, and consideration
• Standard bid documents and award of tenders
• Condition, warranty, merchantability, and quality of goods
• Transportation, transfer of ownership of goods, and risk
• Modalities of payment-letter of credit and bank guarantee
• Application of impossibility of performance-force majeure clause
• Penalty and liquidated damages
• Arbitration and dispute resolution
• Significance and application of exemption clauses
• Contracts and taxation
• International standardization through INCOTERMS from the International Chamber of Commerce (ICC), and the United Nations Commission on International Trade Law (UNCITRAL)