By deciphering complex concepts into manageable terms, this workshop provides non-lawyers with a foundation in contract law. Participants will gain a basic understanding of contract formation, negotiations, potential pitfalls, contract content including exemptions and terms as well as ending contracts and contract terminations and breaches.
Understand contractual terms and their impact on the business
Explore key elements of commercial contracts
Analyse commercial risks and opportunities in terms of your own business environment
Be able to propose appropriate means to mitigate risks
Discover how to review third party contracts effectively
Learn how to identify areas that require specialist legal advice or Board-level approval
Find out how to use internal or external legal resources more effectively
While this course would especially benefit those who come into contact with contracts, it is for anybody wanting to gain a basic understanding of contract law.
Objectives for today - setting out our objectives for delegates and their benefit to your business
A Memory Game - get those grey cells working!
Exercise: Buying a commodity
Consequences of Confusion - the pain of getting it wrong
Defining Commercial Relationships - the fundamental markers
Exercise: Define a typical deal for your business
Exercise: Which legal terms define each area of the relationship?
Who Does What When?
- Vendor Responsibilities
- The importance of clear specifications and change control
- Purchaser Responsibilities
- Delivery
- Intellectual Property
- The importance of timing
When Does Payment Occur?
- Defining Milestones
- Good Acceptance Criteria
- Readiness for Invoicing
- Taxes and other payment headaches
Exercise: Comparing vendor and purchaser acceptance provisions
What Happens if Things Go Wrong?
- Warranties and warranty remedies
- Limiting liability
- Indemnities
- Confidentiality
- Liquidated Damages
- Applicable law and dispute resolution
- Termination
- Survival provisions
Exercise: Comparing vendor and purchaser warranty provisions
Exercise: Finding your way around a contract
Recap: Review of key contract components
Review of Objectives
Introduction to the Online Training Resources