Introduction 

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.

Course Objectives 

• 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

Target audience

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.

Course Outline 

• 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