Why Attend
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.
Instructor-led training that uses interactive learning methods, including class discussion, small group activities, and role-playing
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
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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