Introduction:
Every commercial transaction carries inherent risks. Your organization can tactically manage these through contractual management, which entails determining the nature, content, and consequences of both your own and the other party's actions and omissions.
Well-designed contracts outline a range of liabilities, assigning rights, responsibilities, and obligations to each party involved. Thus, they form the nucleus of contractual management. These liabilities can be efficiently monitored and controlled through various contractual mechanisms, mitigating contractual risk in project management.
This highly interactive Managing Contractual Liabilities training course aims to dissect how your organization can pinpoint and address key contractual risks and liabilities, understand their significance, interpret their consequences, identify which party bears the risk, and who is accountable for the repercussions.
The contractual liability management course emphasizes adopting the most effective strategies to navigate critical contractual liability topics to minimize potential exposure to financial loss and reputational harm.
Understanding Contractual Liability and Coverage:
Define contractual liability as the legal obligation one party assumes on behalf of another via a contract. The contractual liability management course will elaborate on what contractual liability means and how organizations can ensure adequate contractual liability coverage.
Participants in this contractual liability management training will explore the nuances of limited contractual liability clauses, the implications of joint contractual liability, and the importance of securing blanket contractual liability coverage.
Target Groups:
- Contract Engineers.
- Project Managers.
- Procurement and Purchasing Staff.
- Finance and Audit Professionals.
- Anyone involved in the management of risk.
Course Objectives:
Participants in this contractual liability management course will be able to:
- Identify when a contract becomes legally enforceable.
- Assess and manage key contractual liabilities.
- Analyze how indemnities operate across different industries.
- Evaluate the need and implementation of various types of insurance.
- Devise strategies to handle claims and disputes effectively.
Targeted Competencies:
Target competencies in this contractual liability management course will be able to:
- Understanding the nature of contracts and contracting structures.
- Identifying principal contractual liabilities.
- Risk management through indemnities.
- The purpose and scope of insurance, as well as types and limitations.
- Utilizing contract provisions to mitigate the risk of disputes.
Course Content:
Unit 1: Contract Formation, Structure, and Risk:
- Legal enforceability of contracts.
- Key contractual elements and structure.
- Ancillary documents and related issues.
- Navigating different legal environments.
- Defining and mitigating risk.
- Managing key contractual risks.
Unit 2: Managing Contractual Risks and Liabilities:
- Managing performance quality and timeliness.
- Controlling ownership and risk of loss or damage.
- Tackling risks from external events.
- Structuring pricing and payment terms.
- Strategies for limiting and excluding liability.
- Dealing with breach of contract scenarios.
Unit 3: Indemnities Unmasked:
- Understanding indemnities and their functions.
- Differentiating between simple and gross negligence.
- How do indemnities operate in various legal systems?
- Protecting people and property.
- The practice and implications of cross indemnities.
- Managing catastrophic risk.
Unit 4: Insurance: Purpose, Types, Limitations:
- The rationale behind insurance and its coverage spectrum.
- Various insurance types: people, property, product liability.
- Specifics of motor, aviation, and marine insurance.
- Addressing environmental liability.
- Arranging insurance to benefit the concerned parties.
- Efficient claims-handling processes.
Unit 5: Contractual Dispute Management:
- Stages of dispute resolution mechanisms.
- Negotiation—tools and techniques.
- Exploring alternative dispute resolution options.
- Understanding litigation and arbitration.
- Enforcement of contractual terms and resolutions.
