Course Overview
This five-day intensive course offers a comprehensive foundation in contract management and formulation. Designed for professionals seeking to strategically manage contracts and maximize efficiency, the course covers each stage of the contract lifecycle, from formulation and negotiation to performance monitoring and risk management. Participants will engage in theoretical learning, best-practice exploration, and hands-on exercises to build the essential skills needed for effective contract management in today’s evolving business landscape.

Suitability – Who Should Attend
This course is ideal for:
Contract managers and professionals seeking to enhance their contract management knowledge and skills.
Business managers and executives involved in contract decision-making.
Lawyers and legal professionals wishing to deepen their understanding of contract management.
Business students specializing in contract law or related fields.
Consultants advising businesses on contract strategies.

Course Objectives and Outcomes
Course Outcomes: Upon completion of this course, participants will be able to:
Understand the fundamentals of contract management and the contract lifecycle.
Effectively formulate contracts, including strategy development, drafting, and review.
Negotiate, execute, administer, and monitor contracts, while managing associated risks.
Monitor contract performance, handle changes, resolve disputes, and manage terminations effectively.
Prepare for a career in contract management and understand emerging trends, including digitalization and sustainability.

Course Content

Day 1: Foundations of Contract Management
Introduction to Contract Management
Overview of contract management’s strategic importance and role as an organizational asset.
Understanding the Contract Lifecycle
Stages of a contract from planning through execution and closeout.
Roles in Contract Management
Responsibilities and accountabilities across various departments.
Activities: Group discussions and case studies on the contract lifecycle.

Day 2: Best Practices for Efficiency and Value Creation
Contract Management Best Practices
Strategies for maximizing value and aligning contracts with organizational goals.
Delivering Value for Money
Cost management and efficiency drivers for value-based contracts.
Performance Metrics and Evaluation
Setting KPIs and measurement techniques for contract success.
Activities: Practical exercises on performance metric setting and value assessments.

Day 3: Essential Skills and Conflict Management
Core Skills for Contract Managers
Developing negotiation, communication, and analytical skills specific to contract management.
Conflict Resolution Techniques
Strategies to manage disputes and maintain supplier relationships.
Contract Tailoring Based on Type
Adjusting contract approaches based on complexity, scope, and organizational goals.
Activities: Role-play in negotiation scenarios, conflict resolution case studies.

Day 4: Risk Management and Supplier Performance
Risk Management in Contracting
Identifying risks, including supplier default, and techniques for mitigation.
Supplier Performance Monitoring
Tracking supplier adherence to contractual terms and compliance.
Remedies for Supplier Default
Options for managing underperformance and contract breaches.
Activities: Scenario-based risk assessments and group discussions on default remedies.

Day 5: Practical Implementation and Course Wrap-Up
Implementing Contract Management Best Practices
Guidance on integrating improvements into daily contract management operations.
Developing a Contract Management Plan
Creating a customized contract management strategy for your organization.
Course Review and Final Assessment
Recap of key takeaways and a practical assessment to confirm participant understanding.
Activities: Case study analysis, contract management plan development, final quiz, and Q&A session.

Learning Activities
Throughout the course, participants will engage in interactive group discussions, case studies, negotiation role-plays, and practical exercises on risk assessment and performance monitoring. This hands-on approach ensures participants gain the practical skills necessary to apply best practices and strategies effectively.