Contract Management Principles and Practices
Learn how to approach contracts to ensure project success.
The environment in which contracts are being developed is becoming increasingly complex. Professionals involved in the world of contracts must be able to work effectively with customers, contractors and subcontractors to achieve key organisational objectives. Learn what actions can be taken to help ensure contractors and subcontractors perform as required under contract. Discover how effective contract negotiation and administration can ensure project success. Through case studies and role play, you will gain a solid understanding of the contracting process and how to create an advantage – whether you are on the buyer or the seller’s side.
What topics will be covered in the course?
- Understanding the Contract Management Process
- Contract management definition
- Description and uses of contracts
- Buyer and seller perspectives
- Contract management and the PMBOK® Guide
- Teamwork – Roles and Responsibilities
- Concepts of agency
- Types of authority
- Privity of contract
- Contractor personnel
- Concepts and Principles of Contract Law
- Mandatory elements of a legally enforceable contract
- Terms and conditions
- Interpreting contract provisions
- Contracting Methods
- Contracting methods—competitive and noncompetitive
- Purchase cards, imprest funds or petty cash
- Sealed bidding, two-step sealed bidding, competitive negotiation, and competitive proposals
- Reverse auctions
- Purchase agreements vs. contracts
- Single-source negotiation vs. sole-source negotiation
- Developing Contract Pricing Agreements
- Uncertainty and risk in contract pricing
- Categories and types of contracts
- Time and materials
- Selecting contract types
- Pre-Award Phase
- Buyer Activities: plan purchases and acquisitions, plan contracting, request seller response
- Seller activities: presales, bid/no-bid decision, bid proposal preparation
- Understanding the PMBOK® Guide
- Award Phase
- Source selection process
- Selection criteria: management, technical, and price criteria
- Evaluation standards
- Evaluation procedures
- Negotiation objectives
- Negotiating a contract
- Tactics and countertactics (buyers vs. sellers)
- Document agreement or walk away
- Contract Administration
- Key contract administration policies
- Continued communication
- Tasks for buyers and sellers
- Contract analysis
- Performance and progress
- Records, files, and documentation
- Managing change
- Resolving claims and disputes
What will I learn?
- Identify contract components and understand the process from start to finish
- Select the right contract type for your project
- Decipher contract legalese
- Choose the offer that will result in the best value for the buyer
- Agree on objectives, requirements, plans, and specifications
- Negotiate favourable terms and make revisions to the contract
- Apply the rules of contract interpretation in project disputes
- Administer contracts appropriately and know when and how to terminate before or upon completion
Is this course for me?
This course is for Project Managers who outsource project tasks to subcontractors.
What is included in the price?
Individual training consultation before and after the course
Does this course help me towards certification/accreditation?
At the end of the course you will get the chance to verify your level of knowledge in a test. You will receive a certificate upon successful participation. This course is also eligible if you aim to achieve an Associate’s or Master’s Certificate from George Washington University. Learn more.
Available as customised in-house training
Let us bring our classes to you! Our in-house training are ideal for groups of 10 or more people. We can provide Off-the-shelf training in the form of our classic courses, or we can provide bespoke training, tailored to your organisational goals and objectives.