Contract low for non lawyers

Learning objectives for this workshop

• Understand contractual terms and their impact on the business
• Explore key elements of commercial contracts
• Analyse commercial risks and opportunities in terms of your own business environment
• Be able to propose appropriate means to mitigate risks
• Discover how to review third party contracts effectively
• Learn how to identify areas that require specialist legal advice or Board-level approval
• Find out how to use internal or external legal resources more effectively

Course Outline

• Objectives for today - setting out our objectives for delegates and their benefit to your business
• A Memory Game - get those grey cells working!
• Exercise: Buying a commodity
• Consequences of Confusion - the pain of getting it wrong
• Defining Commercial Relationships - the fundamental markers
• Exercise: Define a typical deal for your business
• Exercise: Which legal terms define each area of the relationship?
• Who Does What When?

- Vendor Responsibilities
- The importance of clear specifications and change control
- Purchaser Responsibilities
- Delivery
- Intellectual Property
- The importance of timing

• When Does Payment Occur?

- Defining Milestones
- Good Acceptance Criteria
- Readiness for Invoicing
- Taxes and other payment headaches

• Exercise: Comparing vendor and purchaser acceptance provisions
• What Happens if Things Go Wrong?

- Warranties and warranty remedies
- Limiting liability
- Indemnities
- Confidentiality
- Liquidated Damages
- Applicable law and dispute resolution
- Termination
- Survival provisions

• Exercise: Comparing vendor and purchaser warranty provisions
• Exercise: Finding your way around a contract
• Recap: Review of key contract components
• Review of Objectives
• Introduction to the Online Training Resources