Contract Management (CMN01)

Course Overview:

Simply put, Contract Management is ‘Forward Thinking’ and Bill Gates for one, would never be able to appreciate it enough! Call it seeing the right opportunity at the right time and then executing well on the concept.

Contract management is the process of managing contract creation, execution and analysis to maximise operational and financial performance at an organisation, all while reducing financial risk. Organizations encounter an ever-increasing amount of pressure to reduce costs and improve company performance.

Perhaps the best case in focus would be of the IBM PC that presents how Microsoft ended up with the contract for the operating system, which would eventually make Microsoft’s MS-DOS the standard and set the stage for Microsoft becoming the leading PC software company.

It is easy to overlook the importance of contract management because it seems to be a boring, mundane topic. Contracts, however, are the basis of most business relationships. If contracts are managed well, business relationship will flourish. If they are not, companies face financial loss, relationship harm, and damaged reputations.

With READ’s “Contract Management” workshop, the participants will discover the specifics of how contract management works and how to effectively source agents.

Key Objectives Of The Course:

• Identify contract elements
• Understand ethical contract management
• Calculate value
• Negotiate contracts
• Create basic amendments

Course Outline:

Module One - Getting Started

• Icebreaker
• Housekeeping Items
• The Parking Lot
• Workshop Objectives

Module Two: Defining Contract Management 

• What is Contract Management? 
• Contract Types
• Contract Elements
• Risk of poor Contract Management
• Case Study
• Review Questions

Module Three: Legal and Ethical Contract Management 

• Contract Law (I)
• Contract Law (II)
• Defining Ethical Contract Management
• Ethical Breaches
• Case Study
• Review Questions

Module Four: Contract Management Requests

• Choosing Potential Bidders
• REPs and Technology
• Calculating value
• Making a choice 
• Case Study
• Review Question

Module Five: How to Create a Contract 

• Templates and Software
• Compliance
• Wording
• Risk of Noncompliance
• Case Study
• Review Questions

Module Six: Contract Negotiations  

• Be Prepared
• Prioritize Terms
• Remain professional
• Execute the Contract
• Case Study
• Review Questions

Module Seven: Assess Performance 

• Performance Can Be Assessed
• Creating Metrics
• Measuring Performance
• Improving Performance 
• Case Study
• Review Questions

Module Eight: Relationships 

• Qualities of Effective Relationship
• Relationship Pitfalls
• Building Trust
• Maintaining Relationships
• Case Study
• Review Questions

Module Nine: Amending Contracts 

• Redlines and Strikeouts
• Replacing Clauses
• Describing Amendments
• Amendment Status 
• Case Study
• Review Questions

Module Ten: Conducting Audits 

• Why Audit?
• Plan
• Establishing Procedures 
• Investigate and Report
• Case Study
• Review Questions

Module Eleven: Renewing Contracts 

• Involve Stakeholders
• Review
• Check for the Accuracy and Changes
• Update or Cancel
• Case Study
• Review Questions

Module Twelve: Wrapping Up 

• Words from the Wise
• Review of Parking Lot
• Lessons Learned
• Completion of Action Plans and Evaluations

All of these professional training resources are based on the most up-to-date body of knowledge and carefully selected by subject matter experts.