Course details
Since the contract is at the core of all commercial transactions it is understandable that contracts management is a core competency of all successful organisations. World-Class organisations understand well the benefits of increased profits and higher productivity resulting from mastering best practices in the important phases of contract management. This seminar provides both strategic and practical insights into:
- Negotiations,
- Price and Cost analysis
- Managing risk through contract types,
- Critical source selection,
- Contract administration and claims disputes
Objectives
Participants attending the program will gain from:
- Developing negotiation skill sets to gain the organisation's objectives
- Understanding important aspects of price and cost analysis
- Exploring the various pricing models used in preparing proposals
- Learning about contract types and how they transfer risk
- Dealing with volatile materials pricing
- Evaluating Performance-Based Service Contracting Methods
Training Methodology
- Participants will increase their knowledge base and skill sets through a variety of instructional methods including lecture by an experienced practitioner and consultant who has "been there-done that", individual and group exercises, reviewing published articles, checklists, and group discussions covering current practices and their relationship to the implementation of new concepts.
- Attendees are encouraged to present problems for discussion on a confidential basis, and to share their experience of particular issues in their company or industry. A supportive comprehensive course manual, in both printed and CD form, enabling practical application and reinforcement is provided. Time will be allowed for general discussions, and for one-to-one discussion with the senior consultant.
Organisational Impact
The organization will benefit by:
- Having better outcomes in commercial transactions.
- Having better trained contract personnel leading and guiding the contracting process.
- Continuous improvement in customer service.
- Higher productivity of personnel involved in contract activities.
- Making contracting a high value added process.
- Improvements in the performance of contractors.
Personal Impact
Attendees will gain by participation in this program through:
- Mastering skills in managing contract activities
- Improved negotiation skills
- Greater ability to develop professionally.
- Increased job satisfaction.
- Receiving increased recognition by their organization leading toward advancement
- Greater confidence in leading, planning, and managing the entire contract process.
SEMINAR OUTLINE
DAY 1
Contracting and Negotiations Planning
- Elements of a Good Contracting and Procurement Process
- Role of Negotiation
- Negotiation—What Is It?
- Characteristics of a Good Negotiator
- Basic Rules of Negotiation, Part 1-A quote is never a concrete number
- Basic Rules of Negotiation, Part 2-The best prepared wins
- Basic Rules of Negotiation, Part 3-Have many issues and a BATNA
- Negotiation Nuggets
DAY 2
Financial Management and Risks
- Cost and Pricing
- Cost Analysis
- Allocating Overheads
- What is a Fair Profit
- Developing "Should Cost"
- Pricing Models
- Risk Assessment
- Managing the Risks
DAY 3
Contract Types and Payments
- Contract Risk Sharing Continuum
- Types and Guidelines for progress payments
- Implications of Contract Types
- Fixed Price and Cost-Reimbursement Contracts
- Economic Price Adjustment Clauses
- Understanding and Using Producing Price Indexes
- Invoices and Payments
- Parties to Letter of Credit
DAY 4
Source Selection and Contract Development
- When and why to use Performance Based Contracting
- Processes for Source Qualification
- Methods of Contracting
- Developing Prequalification and Tendering Criteria and Applying Standards for Final Selection
- Rules for Drafting the Contract
- Terms & Conditions
- Forming the Contract
- Essential Elements
DAY 5
Contract Administration
- The Critical Integration or Entire Agreement Clause
- Post Award Functions - Overview and Responsibilities
- Contract Administration Duties
- Contract Modifications
- Rules of Contract Interpretation
- Contract Disputes
- Termination
- Contract Close-Out.
Course Location
About PetroTech
Knowledge
The adage that “knowledge” is power holds very true in this industry. In order to maximize results we are constantly updating and upgrading ourselves. This commitment to ongoing skills development is one of the reasons we are success, the belief that there is a “better way to do things” is what motivates us each and every day. By aligning with us you are going to benefit from our years of expertise in real world scenarios. Classroom learning is great but there is no substitute to real world experience which is what we are bringing to the table.
Quality
Billionaire investor Warren Buffett said “price is what you pay but quality is what you get” and that expression is very true. With use we understand that your time is very valuable and you only want the best and most current industry related knowledge which is what we bring to the table. Instead of giving you massive amounts of inaccurate or outdated information you get precisely what you want, the most current knowledge so you can make truly informed decisions that will directly impact productivity and your bottom line. When results are what you are looking for then the choice is clear, we are your partners in success.
Innovation
Technology has revolutionized the way knowledge is disseminated in throughout the world, what use to take months or even years to reach the masses can be done in a few hours ! In order to remain relevant and viable we need to embrace innovations. The challenge with innovation is knowing when to implement it and what type of return you can expect from it. Instead of risking your time and resources we have the answers for you, Since we are at the vanguard of the industry whenever there is a fruitful innovation we will be there providing you with the information needed to make the right decision.
Respect
We understand you may have unique need so we provide a tailored made (bespoke for our U.K. friends) approach that will address your questions in the most conducive manner possible. Respect to us means putting your interests, your needs at the forefront of our mind. You will see how genuine we are and that you not just “some customer” you are our partner in success just as much as we are your partner in success. We firmly believe in the “golden rule”, treat others with graciousness, courtesy and respect. Come experience the difference that quality and respect makes and you will truly be amazed.
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