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Fundamentals of Risks Associated with Contracts Course

By: Tom Associates Training  

Lagos State, Nigeria

20 - 22 Feb, 2019  3 days

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NGN 125,000

Contract risks in business relationships are any uncertainties about the future that threaten the ability to accomplish a contract's mission. They can emanate from both parties or even from a third party. So, in the management of contracts note should be taken that risks are shifting from a compliance “management” to a “governance” perspective. It is always important to ensure that contract conditions and terms are met.

Course Contents

DAY ONE

  • Components of a Valid Contract
    • Underlying economics of the contract
    • Competent parties
    • Legal purpose
    • Offer and acceptance
    • Consideration
  • Contract risks and why they arise
    • A contract's lifecycle
    • Common underlying causes of contracting risks
    • Identify the risks
    • Analyse the risks
    • Evaluate and prioritise risks
  • Types of contract risk
    • Cost overruns
    • Quality failures
    • Bad planning
    • Ill-informed buying
    • Deliberate contract manipulation
    • Misinformation or miscommunication
  • Establish the context
    • Balancing risks and opportunities in a commercial contract
    • Costly or difficult commitments
    • Acting in the best interest of own principal
    • Ascertaining the business opportunities behind a contractual relationship.
    • choice of the right contractor and/or subcontractors
    • Prudent control strategies to mitigate contract risks
  • Treat the risks
    • Specific language of the agreement - the clauses
    • Legal knowledge
    • Equitable compensation against embedded risk
    • Independent reviews

DAY TWO

  • Assessment of a Contract's Potential Risks
    • Low, moderate, high, extreme
    • How likely
    • How frequently
    • Possible effects
  • Transfer of associated risk exposures
    • Indemnification
    • Limitation of liability
    • Waiver
  • Insurance and risk financing - size and scope:
    • General commercial
    • Professional
    • Environmental
    • Construction
    • Fidelity
  • Financial Limitations of Aggravated Risks:
    • Death
    • Bodily injury
    • Breach of security
    • Breach of confidentiality
    • Infringement of intellectual property
    • Data loss.

DAY THREE

  • Making sure the contract delivers
    • Constant and quality information
    • Regularly reviewing your contract
    • Management of your suppliers
  • Risk Management in key areas
    • Prevention of financial loss
    • Disaster recovery
    • Business continuity
    • Corporate crisis
    • Health and Safety
    • The Environment
  • Risk Sharing
    • Subcontracting
    • Outsourcing
  • Contract Review Checklist
  • Corporate Policy for contracts Risk Management
5/7 Alade Lawal Street, Opposite Divisional Police Station, Off Ikorodu Road, Anthony, Lagos. Feb 20 - 22 Feb, 2019

Registration: 08:30:am - 09:00:am

Class Session: 09:00:am - 04:00:am

NGN 125,000.00(VAT Inclusive)
(Convert Currency)

Mr Abiodun Toki 08033019120

Discount of 5% to 3-4 participants from same organization. Discount of 10% to 5 or more participants from same organization
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