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About This Course
What you will learn
  • Identify the elements of a contract

  • Appreciate the importance of managing contracts ethically

  • Be able to accurately determine value


  • Be able to use negotiation skills to negotiate contracts

  • Be capable of creating basic amendments


Study Contract Management Course Online and Discover the Fundamentals of How It Works

Create win-win solutions for the people, organization, and business you represent and their partners with our certificates in contract management. Our comprehensive course will help you understand how to oversee, implement, and administer contractual obligations.

Managing current contracts is a critical part of building and cementing profitable business relationships. The value of managing contracts is often overlooked because the subject itself can seem uninspiring. However, contracts are the foundations of most business relationships. Proper management of contracts will help prevent profit loss, damaged relationships, and injured professional reputations.

Our Contract Management Online courses will be helpful to government and commercial project managers, business owners, contract administrators, and service contractors.

At Courses For Success, our certificate program is designed by professionals, for professionals. We maintain the highest level of quality courses to ensure your success. By completing our course online, you will have the right skill-set to ensure you stand out from the competition!

Contract Management Course Online - Requirements

This certification is delivered 100 percent online 24/7 and only takes 8 hours of study to complete. 

To successfully complete this course, a student must:

  • Have access to the internet and the necessary technical skills to navigate the online learning resources

  • Have access to any mobile device with internet connectivity (laptop, desktop, tablet)

  • Be a self-directed learner

  • Possess sound language and literacy skills

Quick Course Facts

  1. Course content is structured for easy comprehension

  2. Approximately 8 hours of study is needed to complete the course

  3. Registered students gain unrestricted lifetime access to the course content

  4. All course material is available online 24/7 and can be accessed using any device

  5. Study online from anywhere in your own time at your own pace

  6. All students who complete the course will be awarded with a certificate of completion

Professional certificates in management of contracts aren't complex to obtain. With CFS, you can learn completely online to obtain your contracting certificate. If you have any concerns or questions, you can view our frequently asked questions or contact the helpful team to discuss. 

 

Contract Management Course Online - Outline

Module One: Getting Started

This module is a brief introduction to the things you’ll learn from this certificate program, where you’ll learn about the various facets of the management of contracts. Discover what you need to know to obtain a certificate to enhance your professional development. 

Module Two: Defining Contract Management 

All business relationships rely on contracts. These agreements must be managed carefully, which is where management of contracts comes in, whether it's related to a governing contract, subcontract management, financial management, human resource management, or it may be related to procurement and contracting or even international business.

This module prepares students so they understand the contract process better, and will discuss the basics of contract management and how to implement this effectively.

What is Contract Management?

It is more than contract administration. The contract manager is also responsible for the contract's planning, development, and execution. Typical activities include:

  • Contract creation

  • Negotiation

  • Assessment

  • Relationship management

Contract Types

All contracts are legal documents that stipulate the rights and responsibilities of the signed parties. There are four basic contract types, these are:

  • Fixed Contract Pricing

  • Cost Reimbursement Contracts

  • Letter Contracts

  • Partially Defined Contracts

Contract Elements

Three basic elements make contracts legally binding. These elements are offer, acceptance, and consideration.

These definitions are not all-encompassing, and there are exceptions to every rule. The legal department should always be consulted when creating a new contract. Still, these elements are useful starting points for all contracts.

Risk of Poor Contract Management

Poor management results from weak negotiation and errors that can occur during the contract cycle.

Module Three: Legal and Ethical Management

This part of the course discusses one of the main problems with management of contracts. Contract management is rooted in laws and ethics. Contracts that do not comply with these conditions are not enforceable.

Contract Law I

Having a legal advisor specializing in local laws is a must. Contract laws may vary between states and localities. Below are some of the legal contract standards we will be discussing:

  • Competency

  • Writing versus Oral

Contract Law II

Technology has changed the way people interact and do business, including contracts. Online transactions and agreements are done daily and are similarly governed by federal and state legislation.

  • Online acceptance

  • Online commerce

  • Electronic signature

Defining Ethical Contract Management

Contact management also involves the application of ethical behavior, just like every other business venture. This is contained in the National Contract Management Association's Code of Ethics which stipulates the professional, and ethical obligations of contract managers.

Ethical Breaches

Ethical breaches must be avoided at all costs. Any ethical violations should be reported immediately, and appropriate action is taken. Common ethical breaches include:

  • Conflict of Interest

  • Fraud

  • Gifts

  • Kickbacks

Module Four: Contract Management Requests

RFPs and other requests will determine who partners with you. In this module, we will learn how to choose bidders and how to design RFPs carefully. We will discuss how to evaluate options, considering compliance carefully.

Choosing Potential Bidders

Before issuing an RFP, it is a good idea that you request that all bidding companies submit their skill sets and experience early. A Request for Information or RFI helps you determine which skill sets and abilities have the best potential to move forward.

RFPs and Technology

Creating an RFP require balance. Requirements must be clear, yet you should be careful to avoid making the requirements too difficult.

Calculating Value

Avoid the temptation to use the lowest bid. Calculating value requires an understanding of the company bidding and the benefits they provide. Create a criterion that considers not only the bid price but also the list of requirements, skills, and benefits.

Making a Choice

After determining how to calculate the value of different bids, you must get the help of other people to get more than one perspective.

Module Five: How to Create a Contract

This part of the course discusses how to create a contract that is legal, beneficial for all parties, worded correctly, and with clear terms for compliance.

Templates and Software

Contract templates are readily available online for free or for a price. These sites can be helpful, but there is no guarantee that the templates will be able to cover all the necessary issues that need to be addressed.

Compliance

Your contracts must comply with all federal, state, and local laws. The different sections and clauses should contain all requirements to ensure compliance on all fronts.

Wording

Contracts must be written in good faith. Contracts should use language that is specific, brief, and understandable. The failure of the other party to understand all the provisions of the contract does not void the contract; this can result in misunderstandings and conflicts.

Risk of Noncompliance

Noncompliant contracts pose risks for all parties involved. This can make a company open to legal action, damaging its reputation.

Module Six: Contract Negotiations

In this module, you will learn about contract negotiations and how to create an mutually beneficial agreement for parties. We will also discuss how to identify any noncompliance or potential pitfalls.

Be Prepared

Negotiation required careful planning. Part of the preparation process includes determining who will contribute to the negotiation process.

Prioritize Terms

During this stage, you will determine which items in the contract are and are not negotiable. Your work also includes prioritizing different terms.

Remain Professional

Emotions can be a barrier during negotiations. Staying professional and objectives let you focus on the process regardless of the details.

Execute the Contract

Negotiations should not be hurried and allowed to run their course. Once everyone is in agreement, the contract can be executed.

Module Seven: Assess Performance

Contract managers should constantly be assessing performance, determining what goals are being reached, and ensuring that requirements are enforced. By constantly evaluating performance, contract managers can improve processes and increase the success of the contract.

What Performance Can Be Assessed

Each contract has its own unique performance metrics, which is based on industry and goals. Examples of these include cost, quality, safety, and accuracy.

Creating Metrics

Metrics and Key Performance Indicators KPIs make it possible to measure performance. Examples of standard metrics being employed include:

  • Processes

  • Projects

  • Production

Measuring Performance

Performance can be measured either qualitatively or quantitatively. The metrics to be used depend on the type of performance being measured.

Improving Performance

Monitoring performance is the only way you could continuously improve performance. Examples of Key Performance Indicators KPIs include:

  • Material cost.

  • Inventory on hand.

  • Labor cost.

Module Eight: Relationships

In this module, we discuss the importance of building relationships and treating people with respect during contract management. Maintaining a professional relationship is not only good business but also creates contacts for the future.

Qualities of Effective Relationships

Effective business and contract relationships are based on basic factors. These include:

  • The agreement is mutually beneficial.

  • Both parties take joint responsibility for management.

  • Communication is open and honest.

  • There is trust between the parties.

Relationship Pitfalls

Relationships run the risk of breaking down when it is not monitored carefully. Below are some of the common pitfalls that can result in relationship pitfalls.

  • Dependency

  • Culture

  • Communication

  • Unclear Roles and Responsibilities

Building Trust

Trust is the cornerstone of any relationship, and this goes the same for contract relationships.

Maintaining Relationships

Just like any aspect of contract management, you must constantly assess the relationships when contracts are involved.

Module Nine: Amending Contracts

Even the best-negotiated contract agreements are not immune to changes. In this part of the course, you will learn what to do when a contract needs amending.

Redlines and Strikeouts

Contracts can be amended using redlines and strikeouts or strikethroughs. A strikeout is used to strike out the information while leaving the original information still visible. New details are typically underlined to highlight the changes.

Replacing Clauses

An alternative to striking out old data and underlining new, replacing a clause that needs to change can also be done. 

Describing Amendments

Describing the changes needed in an amendment is another way of making amendments. However, this requires careful examination to ensure that all changes are outlined accurately.

Amendment Status

To be legally binding, both parties must agree to and accept the changes.

Module Ten: Conducting Audits

Careful planning, evaluation, and execution make the process of conducting audits stress-free. Audits are often regarded as an unpleasant but necessary task, but with the right planning, it can be a smooth process.

  • Why Audit? 

  • Plan 

  • Establishing Procedures 

  • Investigate and Report 

Module Eleven: Renewing Contracts

This part of the course discusses another part of the contract management process, which is to determine if the contract relationship expires or if the contract will be renewed. To make the decision easier, the option to renew should be included in the original contract.

  • Involve Stakeholders 

  • Review 

  • Check for Accuracy and Changes 

  • Update or Cancel 

Module Twelve: Wrapping Up

We’ll briefly go over what you’ve learned in the business program thus far, and prepare you for completion o the course. By now you’ll understand various policies and procedures required for contract management and you’ll be ready to start your new career.

Moving Forward

This contract management certificate program is suitable for

  • Construction managers

  • Federal contracts

  • Government contract law

  • Risk management

  • Real estate

  • Business contracting

  • International business

  • Financial management

  • Subcontract management

If you have any questions relating to contracting or the completion of your course, don’t hesitate to contact us. We can assist with concerns about financial aid, custom programs, current professional development advice and options for other courses that can help students advance their career.

Recognition & Accreditation

Upon successful completion of this course and achieving a passing score for the assessment, you will be issued with an international continuing education credit (CEU) certificate.

This Certificate is applicable worldwide, which demonstrates your commitment to learning new skills. You can share the certificate with your friends, relatives, co-workers, and potential employers. Also, include it in your resume/CV, professional social media profiles and job applications.

 

Choose an online contract management course with Courses for Success today and get to know all you need to know about effective contracting.

Show More Hide
Units of Study

Module One: Getting Started

  • Course Objectives

Module Two: Defining Contract Management 

  • What is Contract Management? 
  • Contract Types 
  • Contract Elements 
  • Risks of Poor Contract Management

Module Three: Legal and Ethical Contract Management

  • Contract Law I 
  • Contract Law II 
  • Defining Ethical Contract Management 
  • Ethical Breaches

Module Four: Contract Management Requests

  • Choosing Potential Bidders 
  • RFPs and Technology 
  • Calculating Value 
  • Making a Choice

Module Five: How to Create a Contract

  • Templates and Software 
  • Compliance 
  • Wording 
  • Risks of Noncompliance 

Module Six: Contract Negotiations

  • Be Prepared 
  • Prioritize Terms 
  • Remain Professional 
  • Execute the Contract 

Module Seven: Assess Performance

  • What Performance Can Be Assessed 
  • Creating Metrics 
  • Measuring Performance 
  • Improving Performance

Module Eight: Relationships

  • Qualities of Effective Relationships 
  • Relationship Pitfalls 
  • Building Trust 
  • Maintaining Relationships 

Module Nine: Amending Contracts

  • Redlines and Strikeouts 
  • Replacing Clauses 
  • Describing Amendments 
  • Amendment Status 

Module Ten: Conducting Audits

  • Why Audit? 
  • Plan 
  • Establishing Procedures 
  • Investigate and Report 

Module Eleven: Renewing Contracts

  • Involve Stakeholders 
  • Review 
  • Check for Accuracy and Changes 
  • Update or Cancel 

Module Twelve: Wrapping Up 

  • Words from the Wise
Requirements

Entry requirements

Students must have basic literacy and numeracy skills.

Minimum education

Open entry. Previous schooling and academic achievements are not required for entry into this course.

Computer requirements

Students will need access to a computer and the internet.

Minimum specifications for the computer are:

Windows:

Microsoft Windows XP, or laterModern and up to date Browser (Internet Explorer 8 or later, Firefox, Chrome, Safari)

MAC/iOS

OSX/iOS 6 or laterModern and up to date Browser (Firefox, Chrome, Safari)

All systems

Internet bandwidth of 1Mb or fasterFlash player or a browser with HTML5 video capabilities(Currently Internet Explorer 9, Firefox, Chrome, Safari)

Students will also need access the following applications:

Adobe Acrobat Reader

FAQS

1.  Who are Courses For Success?

Courses For Success is a global course platform that started in 2008
with 5 courses, since then we have grown to over 10,000 online courses.

Our courses span across the following categories:

•Animal    

•Beauty    

•Business    

•Health & Fitness     

•Finance

•Lifestyle    

•IT & Software    

•Personal Development

•Teaching & Academics

2.  Is there a refund/cancellation policy?

Yes, we have a 7-day money-back refund guarantee. Just send us an email to info@coursesforsuccess.com with the subject Courses For Success Refund so we can accommodate your request.

3.  What is the FREE Personal Success Training Program?

The Personal Success Training Program
was developed by Courses For Success to help our customers achieve
success. Currently, we are offering this program for FREE with every
course or bundle purchase this month. This is a limited time offer!

4.  Are there any requirements to study this course?

No,
anyone who has an interest in learning more about this subject matter
is encouraged to take our course. There are no entry requirements to
take this course.

5.  Do I require to have finished high school to complete this course?

No,
you do not require a High School Diploma or to have finished school to
study this course, this course is open to anyone who would like to take
this course.

6.  What if English is not my first language?

This
course is provided in English, however, due to the digital nature of
our training, you can take your time studying the material and make use
of tools such as google translate and Grammarly.

7.  Is this course online or conducted in person?

All our courses are accessible online on any device. You may complete them at your own pace and at your own time.

8.  How do I receive my course?

After
you have completed the payment, you will receive a confirmation email
and tax receipt. You will also receive an email containing your course
login details (username and password), as well as instructions on how to
access and log in to your course via the internet with any device,
please check your junk/spam folder in the event that you do not receive
the email.

9.  When does this course start?

Providing
you have internet access you can start this course whenever you like,
just go to the login page and insert your username and password and you
can access the online material.

10.  What is online learning like?

Online learning is easy, if not easier than a traditional academic situation.
By studying an online course, the usual boundaries caused by location and time constraints are eliminated, meaning you are free to study where and when you want at your own pace.

Of course, you will need to be able to self-manage your time and be organized, but with our help, you’ll soon find yourself settling into a comfortable rhythm of study.

11.  What computer skills do I need for my course?

You
don't need to be a computer expert to succeed with our online training,
but you should be comfortable typing, using the internet and be capable
of using common software (such as Microsoft word).

12.  How long will you have access to the online course?

The majority of our courses have unlimited lifetime access, meaning you can access this course whenever you want.

Please also check the course summary, as a small selection of courses have limited access.

13.  How long will my course take?

Course duration, is listed under Course Summary

14.  Do I need to buy textbooks?

All the required material for your course is included in the online system, you do not need to buy anything else.

15.  Is the course interactive?

Yes, all our courses are interactive.

16.  Is there an assessment or exam?

Yes,
you will be required to complete a multiple-choice test online at the
end of your course, you can do this test as many times as you require.

17.  What type of certificate will I receive?

You
will receive a Certificate of Completion that is applicable worldwide,
which demonstrates your commitment to learning new skills. You can share
the certificate with your friends, relatives, co-workers and employers.
Also, include it in your resume/CV, professional social media profiles
and job applications.

Wendy Sue Hunt - 5 STAR REVIEW
"If you are considering taking any “Courses for Success”, I would highly recommend it. I have always been a firm believer it’s important to always sharpen your skills. You are never too old to learn more. I found the courses very helpful, interesting and easy to understand.
The term “Courses for Success” helped me in my current position to succeed. After completing the courses, I gave my manager the completion certificates. Recently I received a promotion too."

Valencia Marie Aviles - 5 STAR REVIEW
"I
had a very good experience with my course. It has helped me to get
multiple jobs and prepared me for almost everything I would need to
know. The course was very informative and easy to understand and broken
up perfectly to be done in a short amount of time while still learning a
good amount! I would recommend Courses for Success to anyone trying to
get abs certifications for job advancements, it is well worth it!"

ELENA GRIFFIN - 5 STAR REVIEW
"I have absolutely enjoyed the materials from Courses for Success. The materials are easy to understand which makes learning enjoyable. Courses for Success have great topics of interest which make you come back for
more.
Thank you Courses for Success for being part of my learning journey and making education affordable!"

Our
completion certificates are very valuable and will help you progress in
your work environment and show employers how committed you are to learn
new skills, you might even get a promotion.

18.  Will this course be credited by universities?

No, it is not equivalent to a college or university credit.

19.  Am I guaranteed to get a job with this certificate?

This course will give you the skills you need to help you obtain employment, but it’s up to you if you get the job or not.

20.  How will this course assist me with my career?

Studying
and completing this course will show employers that you have the
knowledge in this field, additionally you will gain more confidence in
this area of expertise.

21.  How long is the certificate valid for?

The Certificates are valid for life and do not need renewing. 

22.  Can I take more than one course at a time?

Courses
are studied online at your own pace and you are free to study as many
or as few courses as you wish, we also offer online course bundles that
allow you to save on additional courses so that you may get all the
topics related to your training goals in one go.

23.  What are the Payment Methods available? Is there a payment plan?

We accept payments via PayPal, Credit Card and Bank Transfer.

Payment Plans: We have partnered with Partial.ly, to offer our own in house payment plan. Everyone is Pre-Approved, providing the initial deposit is paid in full.

To pay via bank transfer contact us info@coursesforsuccess.com

24.  Can I purchase for multiple people?

Yes, you can do this by purchasing individually via website or send us a request via email at info@coursesforsuccess.com

25.  Can I request for an invoice before purchase?

Yes, you can request for an invoice via email at info@coursesforsuccess.com

26.  Purchase for a gift?

Yes, you can purchase this course as a gift, simply send an email to info@coursesforsuccess.com, with the course details and we can accommodate this.

27.  Can I create my own course bundle?

Yes,
you can customize your own bundle. Please send us the complete list
with the exact course link of the courses you'd like to bundle up via
email info@coursesforsuccess.com and we will create them for you. *Each course access, time of completion and certification varies depending on the course type.

28.  How will I contact Courses For Success if I have any questions?

You can contact our support team, at any time through live chat on our website, or email at info@coursesforsuccess.com, or by calling one of our phone numbers depending on which country you are in.  

Free Personal Success Training Course

The Personal Success Training Program Helps You Stay Focused To Achieve Your Goals!

This month, we are providing it for Free with all Course Purchases, as a special offer!

Benefits:

• How to layout a Success Plan.

• Get where you want to be in life.

• How to unclutter your mind to succeed.

• Achieve your dreams using your imagination.

• How to have faith in yourself.

Features:

• Life time access

• Complement your individual course purchase.

• Click here Personal Success Training Program to see thousands of positive reviews,

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Contract Management Online Certificate Course

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Save 68% Save 68%
Original price USD $399
Original price $399 - Original price $399
Original price USD $399
Current price USD $129
USD $129 - USD $129
Current price USD $129

Learn Contract Management with our Online Certification Course

Request Your FREE Course Info-Pack Now!

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Course Summary

  • Delivery: Online
  • Access: Unlimited Lifetime
  • Time: Study at your own pace
  • Duration: 6-8 Hours
  • Assessments: Yes
  • Qualification: Certificate
About This Course
What you will learn
  • Identify the elements of a contract

  • Appreciate the importance of managing contracts ethically

  • Be able to accurately determine value


  • Be able to use negotiation skills to negotiate contracts

  • Be capable of creating basic amendments


Study Contract Management Course Online and Discover the Fundamentals of How It Works

Create win-win solutions for the people, organization, and business you represent and their partners with our certificates in contract management. Our comprehensive course will help you understand how to oversee, implement, and administer contractual obligations.

Managing current contracts is a critical part of building and cementing profitable business relationships. The value of managing contracts is often overlooked because the subject itself can seem uninspiring. However, contracts are the foundations of most business relationships. Proper management of contracts will help prevent profit loss, damaged relationships, and injured professional reputations.

Our Contract Management Online courses will be helpful to government and commercial project managers, business owners, contract administrators, and service contractors.

At Courses For Success, our certificate program is designed by professionals, for professionals. We maintain the highest level of quality courses to ensure your success. By completing our course online, you will have the right skill-set to ensure you stand out from the competition!

Contract Management Course Online - Requirements

This certification is delivered 100 percent online 24/7 and only takes 8 hours of study to complete. 

To successfully complete this course, a student must:

  • Have access to the internet and the necessary technical skills to navigate the online learning resources

  • Have access to any mobile device with internet connectivity (laptop, desktop, tablet)

  • Be a self-directed learner

  • Possess sound language and literacy skills

Quick Course Facts

  1. Course content is structured for easy comprehension

  2. Approximately 8 hours of study is needed to complete the course

  3. Registered students gain unrestricted lifetime access to the course content

  4. All course material is available online 24/7 and can be accessed using any device

  5. Study online from anywhere in your own time at your own pace

  6. All students who complete the course will be awarded with a certificate of completion

Professional certificates in management of contracts aren't complex to obtain. With CFS, you can learn completely online to obtain your contracting certificate. If you have any concerns or questions, you can view our frequently asked questions or contact the helpful team to discuss. 

 

Contract Management Course Online - Outline

Module One: Getting Started

This module is a brief introduction to the things you’ll learn from this certificate program, where you’ll learn about the various facets of the management of contracts. Discover what you need to know to obtain a certificate to enhance your professional development. 

Module Two: Defining Contract Management 

All business relationships rely on contracts. These agreements must be managed carefully, which is where management of contracts comes in, whether it's related to a governing contract, subcontract management, financial management, human resource management, or it may be related to procurement and contracting or even international business.

This module prepares students so they understand the contract process better, and will discuss the basics of contract management and how to implement this effectively.

What is Contract Management?

It is more than contract administration. The contract manager is also responsible for the contract's planning, development, and execution. Typical activities include:

  • Contract creation

  • Negotiation

  • Assessment

  • Relationship management

Contract Types

All contracts are legal documents that stipulate the rights and responsibilities of the signed parties. There are four basic contract types, these are:

  • Fixed Contract Pricing

  • Cost Reimbursement Contracts

  • Letter Contracts

  • Partially Defined Contracts

Contract Elements

Three basic elements make contracts legally binding. These elements are offer, acceptance, and consideration.

These definitions are not all-encompassing, and there are exceptions to every rule. The legal department should always be consulted when creating a new contract. Still, these elements are useful starting points for all contracts.

Risk of Poor Contract Management

Poor management results from weak negotiation and errors that can occur during the contract cycle.

Module Three: Legal and Ethical Management

This part of the course discusses one of the main problems with management of contracts. Contract management is rooted in laws and ethics. Contracts that do not comply with these conditions are not enforceable.

Contract Law I

Having a legal advisor specializing in local laws is a must. Contract laws may vary between states and localities. Below are some of the legal contract standards we will be discussing:

  • Competency

  • Writing versus Oral

Contract Law II

Technology has changed the way people interact and do business, including contracts. Online transactions and agreements are done daily and are similarly governed by federal and state legislation.

  • Online acceptance

  • Online commerce

  • Electronic signature

Defining Ethical Contract Management

Contact management also involves the application of ethical behavior, just like every other business venture. This is contained in the National Contract Management Association's Code of Ethics which stipulates the professional, and ethical obligations of contract managers.

Ethical Breaches

Ethical breaches must be avoided at all costs. Any ethical violations should be reported immediately, and appropriate action is taken. Common ethical breaches include:

  • Conflict of Interest

  • Fraud

  • Gifts

  • Kickbacks

Module Four: Contract Management Requests

RFPs and other requests will determine who partners with you. In this module, we will learn how to choose bidders and how to design RFPs carefully. We will discuss how to evaluate options, considering compliance carefully.

Choosing Potential Bidders

Before issuing an RFP, it is a good idea that you request that all bidding companies submit their skill sets and experience early. A Request for Information or RFI helps you determine which skill sets and abilities have the best potential to move forward.

RFPs and Technology

Creating an RFP require balance. Requirements must be clear, yet you should be careful to avoid making the requirements too difficult.

Calculating Value

Avoid the temptation to use the lowest bid. Calculating value requires an understanding of the company bidding and the benefits they provide. Create a criterion that considers not only the bid price but also the list of requirements, skills, and benefits.

Making a Choice

After determining how to calculate the value of different bids, you must get the help of other people to get more than one perspective.

Module Five: How to Create a Contract

This part of the course discusses how to create a contract that is legal, beneficial for all parties, worded correctly, and with clear terms for compliance.

Templates and Software

Contract templates are readily available online for free or for a price. These sites can be helpful, but there is no guarantee that the templates will be able to cover all the necessary issues that need to be addressed.

Compliance

Your contracts must comply with all federal, state, and local laws. The different sections and clauses should contain all requirements to ensure compliance on all fronts.

Wording

Contracts must be written in good faith. Contracts should use language that is specific, brief, and understandable. The failure of the other party to understand all the provisions of the contract does not void the contract; this can result in misunderstandings and conflicts.

Risk of Noncompliance

Noncompliant contracts pose risks for all parties involved. This can make a company open to legal action, damaging its reputation.

Module Six: Contract Negotiations

In this module, you will learn about contract negotiations and how to create an mutually beneficial agreement for parties. We will also discuss how to identify any noncompliance or potential pitfalls.

Be Prepared

Negotiation required careful planning. Part of the preparation process includes determining who will contribute to the negotiation process.

Prioritize Terms

During this stage, you will determine which items in the contract are and are not negotiable. Your work also includes prioritizing different terms.

Remain Professional

Emotions can be a barrier during negotiations. Staying professional and objectives let you focus on the process regardless of the details.

Execute the Contract

Negotiations should not be hurried and allowed to run their course. Once everyone is in agreement, the contract can be executed.

Module Seven: Assess Performance

Contract managers should constantly be assessing performance, determining what goals are being reached, and ensuring that requirements are enforced. By constantly evaluating performance, contract managers can improve processes and increase the success of the contract.

What Performance Can Be Assessed

Each contract has its own unique performance metrics, which is based on industry and goals. Examples of these include cost, quality, safety, and accuracy.

Creating Metrics

Metrics and Key Performance Indicators KPIs make it possible to measure performance. Examples of standard metrics being employed include:

  • Processes

  • Projects

  • Production

Measuring Performance

Performance can be measured either qualitatively or quantitatively. The metrics to be used depend on the type of performance being measured.

Improving Performance

Monitoring performance is the only way you could continuously improve performance. Examples of Key Performance Indicators KPIs include:

  • Material cost.

  • Inventory on hand.

  • Labor cost.

Module Eight: Relationships

In this module, we discuss the importance of building relationships and treating people with respect during contract management. Maintaining a professional relationship is not only good business but also creates contacts for the future.

Qualities of Effective Relationships

Effective business and contract relationships are based on basic factors. These include:

  • The agreement is mutually beneficial.

  • Both parties take joint responsibility for management.

  • Communication is open and honest.

  • There is trust between the parties.

Relationship Pitfalls

Relationships run the risk of breaking down when it is not monitored carefully. Below are some of the common pitfalls that can result in relationship pitfalls.

  • Dependency

  • Culture

  • Communication

  • Unclear Roles and Responsibilities

Building Trust

Trust is the cornerstone of any relationship, and this goes the same for contract relationships.

Maintaining Relationships

Just like any aspect of contract management, you must constantly assess the relationships when contracts are involved.

Module Nine: Amending Contracts

Even the best-negotiated contract agreements are not immune to changes. In this part of the course, you will learn what to do when a contract needs amending.

Redlines and Strikeouts

Contracts can be amended using redlines and strikeouts or strikethroughs. A strikeout is used to strike out the information while leaving the original information still visible. New details are typically underlined to highlight the changes.

Replacing Clauses

An alternative to striking out old data and underlining new, replacing a clause that needs to change can also be done. 

Describing Amendments

Describing the changes needed in an amendment is another way of making amendments. However, this requires careful examination to ensure that all changes are outlined accurately.

Amendment Status

To be legally binding, both parties must agree to and accept the changes.

Module Ten: Conducting Audits

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