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Contract Management Masterclass

Name: Contract Management Masterclass
Rating: 4.1 (26 reviews)

Contract management in easy steps

Created byNaomi Soko

Last updated 10/2022

English

What you'll learn

Understand key elements of contracts: offer, acceptance and consideration
Understand contract management best practice
Review contract management financial models- Should cost model
Key Performance Indicators
Contract management agenda
Category Management

Course content

3 sections • 18 lectures • 1h 11m total length

Introduction2:36
Contract management is the process of creating, implementing, and reviewing contracts. Whether this is between a business, supplier, or partner.
Contract management is an essential part of every business. It is a process of implementing protocols to ensure that suppliers deliver agreed outputs at minimum risk to the organisation with maximum returns.
In this course I will be sharing with you some practical contract management tools, strategies and procedures to ensure that contact management is not just treated as a tick box exercise but instead, a tool to optimise product or service outputs from contracts.
About your instructor1:16
Meet your instructor with over 21 years of procurement and contract management experience. She was also part of a team that won commercial excellence awards in 2021.
Contract Fundamentals - Offer Acceptance and Consideration6:33
In this lecture we go over contract fundamentals including learning about written and verbal contracts. We also go into the key elements of contracts. These are:

Offer
Acceptance
Consideration
Genuine consent of the parties
Between Competent parties
Legal

The lecture contains examples to aid learning.
Commercial Contacts For Business2:49
There are many types of contracts that contract manager may encounter. These may include:
· employment contracts.
· lease agreements.
· insurance agreements.
· financial agreements.
For commercial contract managers there are three contract in particular I think you need to be aware:
Fixed price / lump sum
Cost reimbursement / cost plus
Time and material
In this lecture we discuss the contracts.

Contract Management2:56
Contract Management Pre Award and Developing the Contract Management Plan6:53
Contract management during the procurement and life of a contract can be split into two key stages activities at the
• Pre-Award stage
Specification building
Stakeholder activities
• Post-Award stage
-During the life of the contract
-End of contract
In this lecture we discuss the contract management plan and elements contained in the document. A copy of the plan is in the resource section.
Pre award stage - Engagement with wider stakeholders6:02
In this lecture we continue with the pre award contract management activities such as:
· Engagement with Internal clients
· Supplier early market engagement
· Market Research

Tips are also provided to gain the most benefit from these activities.
Financial Models9:21
Before we jump into the post award stage of contract management, I would like to share some financial models that are helpful in determining the likely cost of contracts and the make or buy decisions.
The models we’ll be covering in this lecture are:
1. Net present value
2. Should cost model
3. What if analysis

Please see the resource page for the excel workbook .
Contract Management Post Contract Award2:57
After the procurement exercise and when your preferred supplier has been mobilised we can move to complete the contract plan with any missing information. In this lecture we talk about some activities to consider post contract award.
Contract Management in Practice - Supplier meetings - Key Performance Indicators7:40
For those new to contact management, I’ve included this section to give you an idea of some activities of contract managers in practice. I have not covered the tendering stage in this lecture- as I’ve got dedicated courses on the platform that cover that, so do check them out.
Links to these are also in the resource section.
This lecture is full of useful information for contract management during the life of the contract. Attention is paid particularly to managing supplier meetings. Using an example of a standard agenda we go through a scenario which elaborates on KPIs.
Contract Management Skills2:01
Section Conclusion1:26
In this lecture we summarise the section and cover some of our learning from the pre and post tender award stages of contract management.

What is Category Management ?1:51
In this lecture we are introduced to category management .
Category Management Models4:53
In this lecture we go over some popular contract management segmentation models.
When Contract Management Is an After Thought2:17
In this lecture we go over a few ideas of how to manage contracts when contract management has not been properly established.
Conflict Management5:53
In this lecture we cover five conflict management strategies to help you with contract management. These five strategies represent different approaches to managing conflict. They all have different strengths and weaknesses. The best approach depends on the specific circumstances at hand.
Conclusion1:41
Bonus - Contract Variation2:53
In this lecture I share a simple template for contract variations. This is an extract from my Transformation and Change for Buyers course available here on Udemy.

Requirements

Basic understanding of business transactions and microsoft excel

Description

Contract management is an essential part of every business. It is a process of implementing protocols to ensure that suppliers deliver agreed outputs at minimum risk to the organisation with maximum returns.

There have been few well documented public examples of where contracts have failed to deliver to agreed standards, as such there is a growing importance for contract managers to be better equipped to manage contracts.

In this course I will be sharing with you some practical contract management tools, strategies and procedures to ensure that contact management is not just treated as a tick box exercise but instead, a tool to optimise products or service outputs. So yes we'll be covering theories but we will also be covering practical day to day processes to help you more effectively mange contracts whether you are new to contract management or an old hand wanting a refresher.

In this course we’ll be covering

1. Elements of a contract – including offer acceptance and consideration

2. Types of commercial contracts for business

·Fixed price / lump sum

·Cost reimbursement / cost plus

·Time and material

3. Importance of contract management

4. Key contract management activities

· Pre- award

· Post- award

5. Financial Models

· Net present value

· Should cost model

· What if analysis

6. Contract Management Activities

7. Important skills for contract managers

8. Contract category management

Well it promises to be a packed but concise course, one which I think you will find valuable. So if this is something of interest to you. Please join the course and I’ll see you in the next lecture.

Who this course is for:

All levels of experience interested in contract management

Contract Management Masterclass

What you'll learn

Explore related topics

Course content

Introduction4 lectures • 13min

Contact Management8 lectures • 39min

Contract category management and when contract management is an afterthought6 lectures • 19min

Requirements

Description

Who this course is for: