Contracts & Project Risk Management & Compliance
Course Code: PJ04
►Course Objective
- Apply useful techniques to identify, analyze, mitigate and monitor risks in the project life cycle
- Use a practical, six-step process to manage project risk
- Review the impacts of different approaches to risk allocation
- Explore different contract types to transfer risks
- Consider the contractual techniques to ensure effective risk allocation
- Learn how to create an effective risk monitoring plan and risk management strategies
►Target Audience
- managers
- senior buyers
- project managers, civil engineers
- construction managers
- contractors, sub-contractors
- site engineers, senior management
- government agencies
►Course Outline
DAY 1
Types and Management of Risk
- The Need for Contractual Relationships
- Defining Risk
- Categories of R for Both Sides of a Contract
- Risk Assessment Process
- Managing Risk
- Qualifying Suppliers
- Defining Internal Control
- Proportionality of Control
DAY 2
Minimizing and Transferring Risk
- Transferring risk through Contract Types
- Firm Fixed Price or Lump Sum Contracts
- Cost reimbursable Contracts
- Incentive Contracts
- Award-Fee Pricing Arrangements
- Indemnities
- Cross Indemnities
- Insurance
DAY 3
Risk Related Terms & Conditions
- External events
- Force majeure
- Strikes and other labour disputes
- Risk and Title
- Use of ICC Incoterms
- Assignment and Novation
- Other clauses that need to flow down to sub-contractors
- Risks associated with Sub-Contractors
DAY 4
Dealing with Financial Risks
- Controlling Risk Associated with Payments
- Currency Risk
- Economic Risk
- Fraud and Corruption
- Limiting or excluding liability
- Distinctions between liability in contract, and the general law
- “Gross negligence”
- A review of some sample clauses from standard contracts, and other real documents
DAY 5
Remedies When Bad Stuff Happens
- Mistakes and Misrepresentations
- Impracticability of Performance
- Remedies Generally
- Types of Remedies
- Liquated damages
- Warranties
- Cover
- Discussion of real examples (delegates are encouraged to bring real or made up examples for discussion)
- Review of course and question and answer sessio
- The design of financial models for forecasting and decision-making
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