Contract Management Principles and Practices

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  • Identify contract components and understand the process from start to finish
  • Select the right contract type for your project
  • Decipher contract legalese
  • Choose the offer that will result in the best value for the buyer
  • Agree on objectives, requirements, plans and specifications
  • Negotiate favorable terms and make revisions to the contract
  • Apply rules of contract interpretation in project disputes
  • Administer contracts appropriately, and know when and how to terminate before or upon completion
Course Credits
Field of Study
Finance
Ace Recommendations
Undergraduate 1 credit hour
Course CPE
27
Course PDUs
22.5
Course CEUs
2.2
E-training PDUs
22.5

** Important: Credits may vary by delivery method, click here for more information

Project managers, contract managers and other professionals involved in the world of contracts must be able to work effectively together and with customers, contractors and subcontractors to accomplish key organizational objectives. Because contracts are developed in an increasingly complex environment, including the rising use of contracted supplies and services throughout government and industry, a solid understanding of the contracting process is critical and can give you an advantage whether you are on the buyer’s or seller’s side.

Get an overview of all phases of contracting, from requirements development to closeout. See how incentive can be used to improve contract results.

This course explores these vital issues from the manager’s perspective, highlighting key roles and responsibilities to give you greater influence over how work is performed. You’ll also discuss actions that can be taken to help ensure that contractors or subcontractors perform as required under the contract.

Lectures are combined with case studies, exercise and negotiation role-playing to maximize the learning experience. Plus, you’ll receive a comprehensive course materials package, including reference materials specific to each unit of the course.

Effective contract negotiation and administration can ensure project success, speed performance, and reduce risks and costs along the way. Discover the keys to contracting from your perspective in this practical course.

  • Understanding the Contract Management Process
    • Contract management definition
    • Description and uses of contracts
    • Buyer and seller perspectives
    • Contract management and the PMBOK® Guide
  • Teamwork—Roles and Responsibilities
    • Concept of agency
    • Types of authority
    • Privity of contract
    • Contractor personnel
  • Concepts and Principles of Contract Law
    • Mandatory elements of a legally enforceable contract
    • Terms and conditions
    • Remedies
    • Interpreting contract provisions
  • Contracting Methods
    • Contracting methods—competitive and noncompetitive
    • Purchase cards, imprest funds or petty cash
    • Sealed bidding, two-step sealed bidding, competitive negotiation and competitive proposals
    • Reverse auctions
    • Purchase agreements vs. contracts
    • Single-source negotiation vs. sole-source negotiation
  • Developing Contract Pricing Agreements
    • Uncertainty and risk in contract pricing
    • Categories and types of contracts
      • Incentive
      • Fixed-price
      • Time and materials
      • Cost-reimbursement
    • Selecting contract types
  • Preaward Phase
    • Buyer activities

        • Plan purchases and acquisitions

        • Plan contracting

        • Request seller response

    • Seller activities
      • Presales
      • Bid/no-bid decision
      • Bid or proposal preparation
    • Understanding the PMBOK® Guide
  • Award Phase
    • Source selection process
    • Selection criteria: management, technical and price criteria
    • Evaluation standards
    • Evaluation procedures
    • Negotiation objectives
    • Negotiating a contract
      • Tactics and countertactics (buyers vs. sellers)
      • Document agreement or walk away
  • Contract Administration
    • Key contract administration policies
    • Continued communication
    • Tasks for buyers and sellers
    • Contract analysis
    • Performance and progress
    • Records, files and documentation
    • Managing change
    • Resolving claims and disputes
    • Termination

"Excellent materials. Very useful information that I can apply immediately upon my return to work. The instructor was knowledgeable and well prepared, able to respond to questions relating to contract management in a variety of real-world applications."

Kathy Zamona, Assistant Director, Professional Development
The College Board


"This course offers you so much to enhance your skills on the job. The instructor had a vast degree of experience and knowledge. He displayed that through his exceptional memorization of the FAR and its parts."

Sherma Donovan-Beckford, Program Manager
DIA

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Detailed Schedule Information 42 Days Access eTraining ESI's Online Training
GUARANTEED TO RUN
$1995.00 (USD)
Detailed Schedule Information Jun 04 - 06, 2012 Public Classroom Arlington, VA
Detailed Schedule Information Jun 11 - 13, 2012 Public Classroom Mississauga Canada
Detailed Schedule Information Jun 18 - 20, 2012 Public Classroom Victoria Canada
Detailed Schedule Information Jun 25 - 27, 2012 Public Classroom Atlanta, GA
Detailed Schedule Information Jul 03 - 05, 2012 Public Classroom Ottawa Canada
Detailed Schedule Information Jul 16 - 18, 2012 Public Classroom Dallas, TX
Detailed Schedule Information Jul 16 - 18, 2012 Public Classroom Denver, CO
Detailed Schedule Information Jul 23 - 25, 2012 Public Classroom Minneapolis, MN
Detailed Schedule Information Aug 20 - 22, 2012 Public Classroom Washington, DC
** All times are local to where the class is held unless otherwise noted.
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