Contracts Lab

Benefits

  • Understand Legalese
  • Increase your contracts IQ
  • Negotiate better contracts
  • Enhance your drafting skills
  • Interact better with your attorney/clients
  • Understand the suppliers’ contractual concerns and positions

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Available At-Your-Site

Online or In-person

Customized to Your Specific Needs

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Overview

Understanding routine contract provisions can be difficult due to their subtle nuances and frequent ambiguities. Even if you are fluent in Legalese, managing, negotiating, evaluating or drafting agreements can be a painful experience.

To ease the pain, ICN developed Contracts Lab, a two-day workshop for people who work with or are impacted by contracts. The interactive coursework focuses on 26 contract provisions common to many types of agreements. In addition, several exercises illustrate practical methods for improving your agreements.

By attending this workshop, you’ll learn how to evaluate clauses from the customer’s and the supplier’s perspective; you’ll be able to identify the risk for each clause’s core concepts and to devise potential “fallback” positions for each; you’ll acquire the knowledge necessary to make your contracts easier to manage; and you’ll improve your negotiation skills.

Who Should Attend?

  • Negotiators
  • Contract Managers
  • Project Managers
  • Relationship Managers
  • Procurement/Sourcing Personnel
  • Attorneys/Paralegals
  • Anyone who wants to understand contracts better

Workshop Outline

Level Setting

  • What is a contract?
  • Legal review v. business review
    • Legal issues
    • Business issues
    • The disconnect
  • Who the contract should written for

Drafting, Evaluating, and Negotiating Contracts

  • Drafting
    • Attributes of good writing
    • Readability testing
    • Leveraging templates and checklists
    • Applying the personal touch
    • Version control
    • Utilizing “language libraries”
  • Evaluating
    • Use a layered approach to reading a contract
    • Compare the contract to your project’s comprehensive objectives
    • Ensure that all documents referenced are present
    • Validate design schematics, drawings, formulas, etc.
    • Create a list of questions and open issues
  • Negotiating – 10 key concepts including
    • People
    • Power
    • Patience
    • Preparation

Contract Provision Review

  • Acceptance (Testing)
  • Amendments, Change Control and Modifications
  • Assignment
  • Audits
  • Confidentiality
  • Data
  • Dispute Resolution
  • Effective Date
  • Force Majeure
  • Governing Law, Venue and Jurisdiction
  • Intellectual Property Infringement
  • Intellectual Property Rights (the ability to use)
  • Indemnification
  • Key Personnel
  • Limitation of Liability
  • Mitigation of Damages
  • Non-Solicitation
  • Order of Precedence
  • Parties
  • Payment Terms
  • Pricing
  • Remedies
  • Term
  • Termination
  • Warranties
  • Work Product

Summary