Managing Contracts for Maximum Value and Minimum Risk
Webinar Details $219
- Webinar Length: 100 Minutes
- Guest Speaker: Jim Bergman
- Topic: Purchasing, Taxation and Accounting
- Credit: ATAPU 1.5, ATATX 1.5, CPE 2.0, ISM 1.5
Once the commercial transaction is negotiated and signed, most contracting teams are pulled from the process – at the same time that the parties are escalating their focus on the transaction. Both parties are incented to maximize their financial yield on the transaction and minimize their risk, yet some do not treat Contract Management as a key to their overall success. Are you and your organization one that does not dedicate the necessary tools, techniques and talent to managing commercial relationships? What is the difference between Contract Administration, Contract Management and Relationship Management? What is needed for you to succeed at all three levels? These are just a few of the questions which we will address.
Your Benefits of Attending:
- Learn how to achieve excellence in your commercial relationships.
- Realize the full value and risk reductions that you have negotiated.
- Learn cost effective contract administration and management techniques.
- Develop meaningful, specific and realistic commercial relationship performance metrics.
- Identify opportunities to reformulate your commercial contracting strategies.
- Learn how to drive greater value and innovation into subsequent contracting cycles with your commercial partners.
- Identify opportunities to automate your contract management processes through software and other tools.
- Understand how to resolve contractual disputes without destroying the relationship.
Join Jim Bergman as he provides the road map for managing your contracts for maximum value and minimum risk.
- Introduction 00:01:21
- Key Benefits 00:02:26
- Topics 00:04:12
- Clock Diagram 00:06:27
- Overcoming The Challenges in Contract Implementation 00:16:12
- Developing a Implementation Project Plan 00:18:11
- Keeping The Roles and Responsibilities Clearly Understood 00:21:18
- How To Overcome Resistance Points and Barriers in the Implementation 00:23:24
- Addressing The Differences In Contract Administration and Management 00:27:43
- What is Contract Administration? 00:34:46
- What is Contract Management? 00:34:57
- Keeping Focused on The Rights and Responsibilities Throughout the Fulfillment Phase 00:35:18
- Selecting Contract Management Software That is a Best Fit to Purpose 00:35:38
- What is Your Electronic Contracting Strategy ? 00:43:24
- What Are The Options in the Marketplace? 00:46:34
- Which Options are the Best Fit for Your Strategy? 00:47:30
- Managing The Contract Change Order Process 00:49:44
- What is a Change Order and Why Does It Happen? 00:57:20
- Understanding The Relationship Dynamics Behind A Change Order 00:59:55
- Documenting The Change Order and Preventing Excessive Changes 01:00:02
- Embracing Supplier Relationship Management Tenets in Contracting 01:01:36
- What is Supplier Relationship Management? 01:04:12
- Understanding The Benefits of a Well-Managed Supplier Relationship 01:06:32
- Keys to Success in Supplier Relationship Management 01:12:43
- Applying Customer Relationship Management Principles in Contracting 01:13:48
- What is Customer Relationship Management? 01:16:07
- Understanding The Benefits of a Well Managed Customer Relationship 01:16:59
- Key Success in Customer Relationship Management 01:17:19
- Utilizing Alternative Dispute Resolution Options 01:17:48
- What is Arbitration? 01:18:21
- What is Mediation 01:18:39
- Exploring Negotiation Options Before Taking the Litigation Path 01:22:22
- Managing Key Contracts 01:23:20
- Managing Contract Close Out 01:25:22
- Develop Exit Plant Before Entering 01:27:11
- Develop Communication and Change Management Plan 01:29:57
- Why Do Contracts Terminate? 01:30:34
- Why Do Contracts Not Terminate? - Contractual Reasons 01:31:07
- Why Do Contracts Not Terminate? - Commercial Reasons 01:31:20
- Why Do Contracts Not Terminate? - Moral/Ethical Reasons 01:32:11
- Contracting Practitioners Must - Contract Management 01:34:06
- Contracting Practitioners Must - Ensure Preparation 01:35:18
- Contracting Practitioners Must - Acquire Portfolio 01:36:24
- How Does This Apply to Your Scenarios? 01:36:51
- Key Benefits - Achieving Excellence 01:36:57
- Key Benefits - Risk Reductions 01:37:36
- Key Benefits - Cost-Effective Contract Administration 01:38:13
- Key Benefits - Commercial Relationship 01:39:06
- Key Benefits - Identify Opportunities 01:39:33
- Key Benefits - Drive Greater Value 01:39:53
- Key Benefits - Automate Your Contract Management 01:40:18
- Key Benefits - Resolve Contractual Disputes 01:40:53
- Questions? 01:41:04
- For Resources 01:41:28
- Thank You 01:41:40
- Presentation Closing 01:42:12
- Change Order 00:05:10, 00:57:27
- Contract 00:03:30, 00:04:33, 00:05:09, 00:05:17
- Contract Administration 00:04:40. 00:34:46
- Contract Management 00:04:42, 00:34:57
- Customer Relationship Management 01:16:08, 01:16:11
- Implementation 00:06:30, 00:18:26, 00:26:16
- Resistance Point 00:23:24
- Risk Mitigation 00:13:33, 00:18:28
- Stakeholders 00:21:56
- Supplier 00:09:25, 00:13:24
- Supplier Relationship Management (SRM) 01:04:17, 01:04:27, 01:06:30
Change Order: Once a requisition is approved changes cannot be made, however, users do have the ability to make some changes after a PO has been issued through the change order process. Managing changes to the Purchase Order requires a Change Order to modify the dollar amount, service dates, or update the chartstrings.
Contract: A written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.
Contract Administration: Contract Administration is the management of all actions that must be taken to assure compliance with the terms of the contract after award (according to the National Institute for Governmental Purchasing, NIGP). Contract administration refers to the task or function of ensuring that a construction contract (the contract between the client and the contractor) is executed in accordance with the terms of the contract. Contract administration may include the tender stage and the post-construction stage.
Contract Management: The process of managing contracts that are made as a part of legal documentation of forging work relationships with customers, vendors, or even partners.
Customer Relationship Management (CRM): Customer relationship management is an approach to managing a company's interaction with current and potential customers. It uses data analysis about customers' history with a company to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth.
Implementation: To make the software available to all at the buying organization (or as many users as the buying organization wants).
Resistance Point: A point at which a trend meets with opposing or nullifying forces.
Risk Mitigation: Risk mitigation involves taking action to reduce an organization's exposure to potential risks and reduce the likelihood that those risks will happen again.
Stakeholders: A stakeholder is a party that has an interest in a company and can either affect or be affected by the business. The primary stakeholders in a typical corporation are its investors, employees, customers and suppliers.
Supplier: A supplier is an entity that supplies goods and services to another organization. A supplier is usually a manufacturer or a distributor. A distributor buys goods from multiple manufacturers and sells them to its customers. Similar Terms. A supplier is also known as a vendor.
Supplier Relationship Management (SRM) : Supplier relationship management is the discipline of strategically planning for, and managing, all interactions with third-party organizations that supply goods and/or services to an organization The objective of SRM is to maximize the value of those interactions.