Course Overview:
This intensive five-day course offers a comprehensive foundation in contract management and administration. Emphasizing the strategic value of contracts, the course equips participants with the skills and insights necessary to effectively manage contracts, strengthen supplier relationships, and mitigate risks, especially those associated with supplier defaults. Through a blend of theoretical knowledge, industry best practices, and hands-on exercises, participants will gain a thorough understanding of the contract management lifecycle and learn practical strategies to enhance contract outcomes and organizational value.

Course Objectives:
Understand best practices in contract management to optimize efficiency and maximize value.
Build essential skills for effective contract management that align with organizational goals.
Gain insights into the resources needed to manage contracts effectively throughout their lifecycle.
Learn how to prioritise and tailor approaches to different types of contracts.
Identify and manage risks related to supplier defaults and develop remedies for underperformance.
Apply best practices to improve daily contract administration and management.

Day 1: Foundations of Contract Management
Introduction to Contract Management
Understanding contract management as a strategic asset in an organization.
The Contract Lifecycle
Examining the stages of contract management, from planning and negotiation to execution and closeout.
Roles and Responsibilities in Contract Management
Clarifying the accountabilities of different roles involved in contract administration.
Activities: Group discussions and case studies focusing on stages of the contract lifecycle.

Day 2: Best Practices for Driving Efficiency and Value
Current Best Practices in Contract Management
Identifying strategies to maximize value and efficiency in contract administration.
Delivering Value for Money
Techniques for managing costs, identifying efficiency drivers, and enhancing contract value.
Performance Measurement and Evaluation
Setting up effective metrics and key performance indicators (KPIs) for contract success.
Activities: Exercises on performance metrics and value assessments.

Day 3: Skill Development for Effective Contract Management
Core Skills for Contract Managers
Developing negotiation, communication, and analytical skills crucial for contract managers.
Conflict Resolution Techniques
Approaches for managing and resolving disputes in contract management.
Adapting Contract Approaches Based on Type
Customising contract management strategies to fit specific contract types and complexities.
Activities: Role-playing negotiation scenarios, case studies on conflict resolution.

Day 4: Managing Contract Risks and Supplier Performance
Risk Management in Contracts
Identifying and addressing risks, including potential supplier default, in contracts.
Monitoring Supplier Performance
Ensuring supplier compliance and tracking performance against contract requirements.
Handling Supplier Default
Exploring remedies and strategies for managing underperforming suppliers effectively.
Activities: Scenario-based exercises on risk assessment; group discussion on default management.

Day 5: Implementing Best Practices and Course Wrap-Up
Best Practices in Contract Administration
Practical guidance for improving contract management and administration in daily operations.
Developing a Contract Management Plan
Building a contract management strategy customized to organizational needs.
Course Review and Final Assessment
Summarising the course with key takeaways and evaluating understanding through practical assessments.
Activities: Case study analysis, contract management plan development, final quiz, and open Q&A session.