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Fundamentals of Risks Associated with Commercial Contracts Administration

By: Tom Associates Training  

Lagos State, Nigeria

21 - 23 Apr, 2021  3 days

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NGN 130,000

Venue: 5/7 Alade Lawal Street, Off Ikorodu Road, Anthony Village, Lagos.

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 and 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
  • Analyze the risks
  • Evaluate and prioritize risks

Types of Contract Risk

  • Cost overruns
  • Quality failures
  • Bad planning
  • Ill-informed buying
  • Deliberate contract manipulation
  • Misinformation or miscommunication

Establishing 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
  • Risk appetite and financing mechanism for unintended losses

Transfer of Associated Risk Exposures

  • Indemnification
  • Limitation of liability
  • Waiver

Contract Insurance and Risk Cover

  • 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

Note: Available as Classroom Training as Well as Online Training

5/7 Alade Lawal Street, Off Ikorodu Road, Anthony Village, Lagos. Apr 21 - 23 Apr, 2021

Registration: 09:00:am - 04:00:am

NGN 130,000.00(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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