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Transfer of Risk in Contracts

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Description

Every Contract has risks that must be reviewed from the perspective of protecting company’s interest and assets. This workshop will help you understand how companies transfer risk through their contracts.

KEY LEARNING OUTCOMES IN BULLET POINTS

In attending this course, the delegate will learn:

  • How to risk is controlled, distributed and transferred in contracts

  • How risk allocation can be used effectively to manage contractor/subcontractor risk

  • Understand Contractual clauses in depth to transfer risk

  • How to mitigate risk

  • What type of Contract is best suited to Transfer Risk

  • Challenges and Risk involved in NDA ( Non –Disclosure Agreement), Letter of Intent (LOI) and Memorandum of Understanding (MOU)

  • Understanding Risk in Variations and Scope of Work

WHO SHOULD ATTEND

Project Managers

Contract Managers

Contract Administrators

Contract Analyst/Specialist

Procurement Manager

Sourcing Manager

Buyers

Purchase Managers

Purchase Analyst

Supply Chain Managers

In house lawyers

Anyone interested in the subject

DAY 1

Contracting Fundamentals Understanding How Risk is allocated in Contracts by making correct use of

  • Representation and Warranty

  • Conditions

Risk Related – Terms and Conditions in Contract

  • Breach/ Material Breach of Contract

  • Liquidated damages / penalty / consequential damages

  • Force majeure

  • IPR: Ownership rights in contract

  • Subrogation / waiver of subrogation

  • Indemnity

  • Assignment /Sub-Contracting/ delegation clause

  • Cumulative remedies

  • Transaction cost

  • Third party liability

  • Consequential loss

  • Negligence / gross negligence

  • Termination

  • Time is the essence

  • Survival clause


DAY 2

Managing Contract Risk

  • Performance Guarantee

  • Retention Clause

  • Tender /Bid Bond

  • Advance Payment Bond

  • Parent Company Guarantee

Challenges and Risk

  • Non-Disclosure Agreement (NDA)

  • Letter of Intent (LOI)

  • Memorandum of Understanding (MOU)

Transferring Risk Through Type of Contracts

• Firm Fixed Price or Lump Sum Contracts

• Cost Reimbursable Contracts

• Incentive Contracts

• Time and Material Contracts

• Unit Price Contracts.

Scope of Work and Variations

  • Poorly drafted Scope and variations – expose organisation to contractual claims.

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