Contract Management
Duration: 1 Day
Introduction
Over 85% of business transactions are governed by contracts and hence it is necessary that contracts be aligned with business expectations. It requires legal and non-professionals to be well versed with the contents of contracts and expertise to foresee the risk and have futuristic thinking to handle contracts in the best interest of their organization.
Course Objectives
Upon completion of this program, the participants will be able to:
- Get to grips on understanding contractual terms and their impact on business
- Master practical knowledge of contents of agreements
- Examine specific clauses and their use
- Learn how to interpret variations and time of essence clauses
- Get up-to-date with the use of contractual liability clauses and indemnities
- Understand the effect of exclusion and limitation clauses and how they can be used to manage your exposure
- Understand how Boiler Plates work
Key Content
Module 1: Understanding the workings of commercial contracts
- Contractual terms and their impact on business
- What makes and does not make a contract
- Checklist for legally binding contracts
- Checklist for formation of contracts
- Checklist of what will make a contract invalid or void
- Checklist which might make the contract or particular provision unenforceable
Module 2: Analysing commercial risk in contracts
- Which terms comprise the contract?
- Express and implied terms
Module 3: Risk exposure and assessment of liability in commercial contracts
- Warranties
- Undertakings
- Indemnities
- Penalty clauses under Malaysian law and updates
- Exclusion clauses
- Termination clauses
Module 4: Understanding boiler plates
- Force majeure - purpose and application
- Waiver
- Notices
- Assignment
- Special meanings given by parties and defined terms
- General boiler plate clauses
Target Audience
Directors, GMs and HODs, Managers and Head of Departments, Procurement Officers, Sales & Marketing, Legal Executives, HR, and anyone dealing with contracts.
