Name: Commercial Contracting: complete lessons & practice exercise
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Created byMoses Manuel

Last updated 11/2024

English

What you'll learn

Understanding legal issues in contract formation
How to use specifications and KPIs in commercial agreement
Understand main clauses included in contracts
Learn fundamentals of Service level agreements (SLAs)

Course content

8 sections • 68 lectures • 3h 50m total length

Introduction and Overview2:08
The thing about commercial agreements (contracts)5:45
The thing about quotations3:36
Regarding Tenders and Tendering process6:37
Practice exercises 1
Developing specifications7:03
Define requirements, involve stakeholders, and clearly communicate conformance or performance specifications to suppliers to minimize miscommunication and support standardization.
Key performance indicators (KPIs)3:21
Do KPIs need to be contractual?3:00
CONSEQUENCES of meeting or not meeting the KPI targets1:36
Practice exercises 2
Understanding Contractual terms9:37
Standard and model form contracts1:49
PDF DOWNLOAD: Examples of model forms of contract0:42
Key sections of the contractual terms document3:08
Pricing and other schedules4:34
Practice exercise 3

Introduction and overview0:48
Examine legal issues in creating commercial agreements with customers or suppliers, including invitation to treat, offer and acceptance, consideration, misrepresentations, and the Vienna convention on international sale of goods.
Why you need to understand legal aspects relating to business2:02
Essentials of a valid contract2:55
Practice exercise 4
The OFFER5:49
Explore what counts as an offer versus invitation to treat, and how objective intention and acceptance shape contracts, with cases like price errors and Fisher v Bell.
Types of offers5:59
Acceptance of the offer4:17
Communication of acceptance & EXCEPTIONS2:26
Practice exercise 5
Consideration1:51
Contractual capacity3:09
Intention to create legal relation2:33
Practice exercise 6
The battle of forms and precedence of contract terms5:34
The Vienna convention on contracts of international sale of goods4:39
Vitiating elements or factors8:00
DOWNLOAD Vitiating factors Summary (PDF)0:06
Practice exercise 7

Introduction and Overview0:37
One-off purchases6:16
Reasons for and risks of one-off purchase contracts3:47
Practice exercise 8
Framework arrangements and agreements1:45
Explain how framework agreements connect contracting authorities with approved suppliers to set price and quality terms, enabling contracts with suppliers during the agreement period.
Informal framework arrangements4:01
Explore informal framework arrangements by distinguishing them from framework agreements, focusing on approved supplier lists with no legal standing that speed purchasing, cut tender costs, and require ongoing data updates.
Formal framework agreements2:07
Practice exercise 9
Call offs4:31
The use of mini-competitions1:10
Mini competitions within framework agreements invite only framework suppliers to bid. They use price-focused tenders with selective quality terms to refine contract terms, maintain competition, and save time.
Services contracts (service level agreements)5:13
Contracts for the hiring and leasing of assets4:49
Practice exercise 10

Introduction and Overview1:32
Drafting specifications5:22
ADVANTAGES & DISADVANTAGES of starting from a pre-written specification3:02
Developing market dialogue with suppliers3:27
The use of standards in specifications7:09
Typical sections of a specification4:08
Learn the typical sections of a specification, from scope and definitions to consultation requirements and references, plus substantive requirements like design, time scales, KPIs, and warranties.
Including social and environmental criteria in specifications3:17
The role of information assurance in developing specifications4:27

Introduction and overview1:24
How many kpis do you need?4:29
Sources of data and who controls them2:08
Converting a measure into a score and setting targets1:59
Setting targets1:58
Set smart KPIs that drive performance by defining specific, measurable, achievable, relevant, and time-bound targets for timeliness and delivery, considering costs and potential unintended consequences.
5 five steps to defining KPIs2:08
The use of service level agreements (SLAs)3:18
Important things to know in SLA0:46
DOWNLOAD: Designing Service Level agreement (SLA)0:26
DOWNLOAD: Examples of Typical KPI measures0:09

What to expect2:50
Using pricing schedules6:15
Using fixed pricing arrangement9:46
Explore fixed pricing arrangements in contracts for goods and services, including fixed price contracts, fixed price with incentive, and fixed price with adjustment, with practical examples.
Cost-plus and cost reimbursable pricing arrangements2:34
Indexation and price adjustment formulae9:27
The use of incentivize contract6:23
Examine incentivized contracts by linking supplier performance to cost and timeline via gain-share pricing, KPI-based incentives, incentive-based pricing, and consumption-based pricing to create win-win outcomes.

Requirements

Curiosity and Willingness to learn and ask questions

Description

When you look at the procurement element of any serious organization, a significant element of the procurement and supply function is going to revolve around contracting process

Well, what does that tell you as a procurement profession, or as an entrepreneur?

Simple you need to understand COMMERCIAL CONTRACTING!

If contracts are to be successful;

They must be clearly defined
Be in line with legal requirements
Contain key clauses and terms

All of which are things you are going to learn in the course!

WHY YOU NEED THIS COURSE

After successfully completing this commercial contracting course you will be able to describe the key elements and legal aspects of formal commercial contracts, and analyse and interpret the fundamentals of specifications and key performance indicators that are included in contractual arrangements made with suppliers

WHAT WILL YOU GAIN?

In order to make it easy for you to follow along I have divided this course into various modules or sections which can be summed up into three broad parts:

Understand the legal issues that relate to the formation of contracts
Understand the fundamentals of specifications and key performance indicators that are included in contractual arrangements made with suppliers
Understand the key clauses that are included in formal contracts

With those you get series of lessons explaining various aspects of commercial contracting or commercial agreements with purchasers and suppliers

MATERIALS YOU WILL ACCESS

Over 40 video lessons
Pdf downloads
Articles

All designed to make you the best at commercial contracting

SO, LETS GET STARTED!

Who this course is for:

Anyone planning a career in procurement and supply
Cips students (diploma in procurement and supply)
Contract officer
Supply chain / inventory / logistics planner
Procurement / purchasing executive
Contract managers

What you'll learn

Explore related topics

Course content

Analyse the documentation that can comprise a commercial agreement13 lectures • 53min

Analyse the legal issues that relate to the creation of contracts14 lectures • 50min

JUST A QUICK ONE1 lecture • 1min

Types of contractual agreements made between customers and suppliers10 lectures • 34min

Analyzing the content of specifications for procurements8 lectures • 32min

Appraise examples of key performance indicators (KPIs) in contractual agreements10 lectures • 19min

Types of pricing arrangements in commercial agreements6 lectures • 37min

Contractual terms for contracts that are created with external organizations6 lectures • 4min

Requirements

Description

Who this course is for: