Best Practices for Procurement and Contract Management

The Contract is at the core of all commercial transactions and contracts management is a core competency of all successful organizations. The best organizations in the world understand the benefits of increased profits and higher productivity resulting from mastering best practices in the important phases of contract management.

This training seminar provides both strategic and practical insights into:

• Contract Management Negotiations, Price, and Cost Analysis  
• Managing Risk through Contract Types
• Critical Source Selection and Contractor Evaluation
• Changes and Variations and Claims Disputes

Content

Good Contracting and Procurement Practice

• Elements of a Good Contracting and Procurement Process
• Cost and Pricing
• Cost Analysis and Allocating Overheads
• What is a Fair Profit?
• Pricing Models

Contract Types and Payments

• Managing Contract Risk
• Contract Risk Sharing Continuum
• Implications of Contract Types
• Fixed Price and Cost-Reimbursement Contracts
• Innovative Contract Types
• Economic Price Adjustment Clauses
• Invoices and Payments

Source Selection and Contract Development

• Processes for Source Qualification
• Developing Pre-qualification and Tendering Criteria
• Rules for Drafting the Contract
• Terms and Conditions
• Forming the Contract
• Use of Performance based Contracting

Contract Negotiations

• Role of Negotiation
• Negotiation —What Is It?
• Characteristics of a Good Negotiator
• A Quote is Never a Concrete Number
• The Best Prepared Wins
• Have Many Issues and a BATNA
• Negotiation Tactics 

Contract Administration and Close Out

• Post Award Functions - Overview and Responsibilities
• Contract Administration Duties
• Scope of Work Variations
• Force Majeure
• Termination and Contract Close-Out

For whom: Contract Professionals, Tendering, Purchasing and Procurement Professionals, Project Management Professionals, Engineering, Operational, Directors, Heads of Departments, Finance and Maintenance Professionals