Learning objectives for this workshop
-
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
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
- 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