Course details
Contracts are the basic structure of all business relationships, whether they be for the construction of a major new facility, or the supply of stationery, the terms and the management of the contract itself are critical to the success of all companies. As such, contracts touch every aspect of business life, and it is important that all staff (whether directly involved in contract management or not) understand how they operate, particularly in an international context.
The seminar covers the three stages of contracting; negotiating the "deal"; documenting that deal in a robust, but practical way: and managing the performance of the contract itself. The intention is to develop general skills with application to a wide range of contracts, and to allow participants to have an awareness of practices in other areas and other industries, which may add value to their own situations. The seminar will also give an opportunity to consider matters from the perspective of the other party to a contract.
The Goals
This seminar is designed to:
- Emphasise the need to negotiate the "deal" before structuring the contract documentation
- Provide tools and techniques to assist in such negotiations
- Examine the drafting and modification of specific contract clauses, using real examples
- Look at some of the differences in approach in different jurisdictions (and the common themes that run through contracting)
- Review some of the skills that will enhance the efficient management of contract
- Examine ways to avoid disputes, or to manage them successfully
The Process
The seminar will combine conventional teaching, including real examples, together with a high level of participation; including an interactive approach to involving participants in discussion of topics; exercises; and encouraging participants to bring their own experiences forward for discussion and debate.
The Benefits
- The seminar will enhance the skills of the delegates, and enable them to have a better understanding of how contracts are created; structured; and drafted. This will improve the ability of staff to understand the commitments they are entering into on behalf of the organisation, and the obligations of the other parties.
- Enhanced management skills will improve the efficiency of contract administration and management.
- Improved skills in negotiation, and dispute avoidance and resolution will be valuable in all aspects of the organisation, both in relation to external contracts, but also internal relationships.
- How to negotiate a contractual arrangements
- What constitutes a valid contract
- Problem areas with major clauses, and how to avoid them
- Differences in approach between different legal systems
- Drafting issues that arise on common clauses, and how to negotiate these terms
- How to use standard form documents efficiently
- Techniques to improve the efficient management of contracts
- Latest thinking on dispute resolution, and ways to avoid disputes
The Core Competencies
Competencies addressed and enhanced by this seminar include:
- Negotiation
- Structuring contracts
- Contract drafting
- Dealing with qualifications to contracts
- International contracting
- Avoiding disputes
- Resolving disputes
The Programme Content
What is the "deal" behind the contract, and how do you get there?
- What constitutes a contract?
- How to structure commercial arrangements
- Innovative commercial solutions (e.g. Partnering, "BOOT" contracts etc)
- How to negotiate a contractual structure
- Basic techniques for negotiation
- How to document discussions
- Relationship between negotiation and contract drafting
- Closing a deal
- Dealing with difficult negotiators
Drafting Contracts
- Using standard forms
- Developing your own standards
- Modifying forms
- Dealing with contract qualifications and amendments
- Structuring complex documents
Negotiating Contracts
- "Level playing field" issues - how to be fair to more than one bidder
- Dealing with errors in a bid
- Negotiating complex wording
- Formalities to finalise the contract
- Authority to sign
Drafting Specific Clauses
- Performance of the work
- Title
- Risk
- Intellectual property
- Variations
- To the contract
- To the scope of work
- Extension of time
- Force majeure
- Time for completion
- Liquidated damages and penalties
- Acceptance and testing
- Termination and suspension
- Law of the contract and dispute resolution
Management of Contracts
- Risk assessment and management
- Kick-off meetings
- Assignment of responsibilities
- Setting and managing expectations
- Planning
- Reporting - being realistic with requirements
- Progress meetings and expediting
- Dealing with defaults
- Dealing with external factors (e.g. force majeure)
- Recognising and managing change
- To the contract terms
- To the scope of work
- Payment issues - including international trade
- Close out
- Lessons learned
Dealing with Disputes
- Recognising potential problems
- Dealing with issues as they arise
- Legal rights and commercial outcomes distinguished
- Negotiation structures for internal dispute resolution
- Types of external dispute resolution
- Litigation
- Arbitration
- Adjudication
- Expert Determination
- Mediation
- Issues with different legal systems
- Enforcement of awards
- Management of disputes
- Avoiding disputes in the first place
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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