Contract Management: Managing Contractual Risks

On completion of this Contract management (managing contractual risks) course you will be in a position to evaluate the legal and process and issues relating to the formation of contracts and the legal implications of contractual nonconformance.

You will also be able to assess the impacts of breach of contract and examine coping remedies and provisions that are available under such circumstances.

As organisations outsource more and more activity it is vital that they ensure that the associated contracts deliver expected services and/or products. Hence, a fundamental area that those who are tasked with managing the procurement and supply function are faced with is the identification, monitoring and management of contractual risk.

This course is designed to enable you to examine the nature of contract risk and the associated legal implications that relate to contract formation and non-conformance.

As pointed early you will also consider the impact of breach of contract and coping strategies to address such breaches.

Most business agreements are as a result of back and forth negotiations. The real challenge is in knowing the risks that come with this process. You see when you define a business agreement, a.k.a, a contract as legally binding, the real questions is what exactly did you agree to that is supposed to be legally binding and what will you do if the other party doesn’t keep their end of the legally binding agreement.

All of which point to CONTRACT MANAGEMENT and the need to MANAGE CONTRACTUAL RISKS.