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
Create basic amendments
Follow the suggested order or choose your own.
Designed to help you practice and apply the skills you learn
Highlight your new skills on your resume or LinkedIn.
Module One - Getting Started
The Parking Lot
Module Two: Defining Contract Management
What is Contract Management?
Risk of poor Contract Management
Module Three: Legal and Ethical Contract Management
Contract Law (I)
Contract Law (II)
Defining Ethical Contract Management
Module Four: Contract Management Requests
Choosing Potential Bidders
REPs and Technology
Making a choice
Module Five: How to Create a Contract
Templates and Software
Risk of Noncompliance
Module Six: Contract Negotiations
Execute the Contract
Module Seven: Assess Performance
Performance Can Be Assessed
Module Eight: Relationships
Qualities of Effective Relationship
Module Nine: Amending Contracts
Redlines and Strikeouts
Module Ten: Conducting Audits
Investigate and Report
Module Eleven: Renewing Contracts
Check for the Accuracy and Changes
Update or Cancel
Module Twelve: Wrapping Up
Words from the Wise
Review of Parking Lot
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.