Contracts for High-Value High Risk Projects

Contract Aspects of Project Management

• Elements of a Contract
• Types of Contract
• Risk mitigating Contract Language

During this day the learners will be introduced to the fundamental structures that underlie most contracts – components. Types of contracts and English-language phrases are described in terms of the mitigation and anticipation of risks to projects. Common Law interpretations of contract language are taught.

Contract Formation during Project Definition (Pre-Award)

• The roles of Contract Manager and Project Manager
• The Contract Administration Plan
• Pricing Concepts
• The Contract Audit Checklist

During this day the learners are introduced to the roles of the Contract Manager and the Project Manager on both sides of the contractual wall – the buyer and the seller – since project managers are frequently sellers to one entity and buyers from another. The concept of the Contract Administration Plan – which treats contracts as “subprojects” of the larger project is introduced and how such a tool could be of use to a project manager. Basic pricing concepts are introduced or reviewed. The concept of the checklist contract audit form to ensure the completeness and proper framing is introduced, and will be used later in the course.

Contract Issues during Project Post Award and Execution

• Contract Change Management
• Change Negotiation
• Inspection and Acceptance of Work
• Performance Management
• Alternative Dispute Resolution

This day introduces learners to the application of change management concepts (which they are assumed to know from project management experience) to contract management environments. Issues relating to inspection and monitoring of performance on the contract are laid out. The concept of who has the relationship, formally, in the contract and can speak for which parties is introduced and practiced. The concept of Alternative Dispute Resolution is introduced as a method for avoiding costly and time-consuming litigation.

Monitoring, Controlling, and Closing Contracts in Projects

• Monitoring And Controlling Project Contractual Risk
• The Project Manager’s Role In Negotiations
• Legal Concepts That Arise During Closing

During this day the learners will be taught and will practice the skills that project managers exercise in assisting the contract manager during a project – gathering information, facilitating resolution of disputes, and expediting the process of negotiations.