Acquisition and Contract Management Certification

Why Select this Training Course?

Acquisition and contract management can be seen as a major part of any business’s overall strategy, particularly when procuring goods and services. Acquisition refers to the act of obtaining goods or services. It usually entails a process of negotiation between the purchaser and vendor, which may encompass bargaining over the payment method, quality, price, delivery, and quantity. The objective of acquisition is to procure the utmost advantageous value for the purchaser. Contract management involves overseeing contracts from inception, including negotiation and signing, to monitoring performance and ultimately terminating them. This scope encompasses modifications, extensions, evaluations, and conflict resolution. The goal of acquisition and contract management is to ensure equitable and advantageous contracts that are upheld by both parties and terminated when they are no longer necessary.

The Rcademy Acquisition and Contract Management Certification offers insight into improving department communication and relationships. This course will also teach students the depths of cost reduction associated with redundant work and enhance effectiveness in the process of acquisition. The course will instruct participants on how to effectively navigate the increasing demands for the implementation of performance-based contracts and competitive sourcing, which are becoming more prevalent within the government and business sectors due to heightened rivalry for resources.

What is the meaning of acquisition in a contract?

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Acquisition refers to the process by which an organisation procures supplies or services using appropriated funds. This can be done through purchase or lease, regardless of whether the supplies or services already exist or need to be created, developed, demonstrated, and evaluated. The acquisition process commences once the agency’s requirements are determined and involves defining the necessary specifications to meet these requirements, seeking and choosing potential sources, granting contracts, providing financial support for the contracts, overseeing contract execution, and managing the technical and managerial aspects associated with fulfilling agency needs through contracts.

What is the duty of contract management?

A contract manager is responsible for overseeing the creation and management of contracts for a company. When a firm engages in business transactions with a vendor, partner, employee, or customer, it is the responsibility of the company’s contract manager to prepare, analyse, and negotiate contracts. A contract manager is responsible for the creation and modification of contracts on the orders of an employer. Contract managers draft contracts pertaining to the acquisition or disposal of products and services and subsequently monitor the progress of these contracts throughout their entire duration.

Who Should Attend?

The Rcademy Acquisition and Contract Management Certification is most beneficial to:

• Senior employees who work at the managerial level in any business or organisation.
• Legal team members expected to review, draft, and negotiate the contractual agreements.
• Auditors in charge of verifying and balancing an organisation’s compliance practices by evaluating all contracts and policies.
• Sales managers responsible for generating value by leading different sales agreements.
• Risk managers responsible for assisting with critical decisions and mitigating and managing risks and exposures to the organisation.
• Procurement agents in charge of successfully implementing procurement deals on behalf of their organisation.
• Financial analysts.
• Vendor and supplier relationship managers.
• Acquisition analyst.
• Acquisition specialists.

What are the Course Objectives?

The major objectives of this Rcademy Acquisition and Contract Management Certification is to enable experts to:

• Learn how to classify and explain the different types of contracts for customers.
• Discover how best to control contract and acquisition management negotiations.
• Understand better ways to create a structured system for organising schedules, anticipated outcomes, financial plans, and collaborative relationships.
• Gain expertise in generating personalised workflows that effectively guide contracts through the various stages of their lifespan.
• Understand how to create a comprehensive summary of all active contracts and facilitate their smooth progression.
• Utilise efficient contract management strategies to enhance the performance of contracts.
• Analyze and interpret the most advantageous selection of contract framework.

How will this Course be Presented?

The Rcademy Acquisition and Contract Management Certification is participant-based and carefully selected to fulfil their expectations while enhancing their abilities and understanding. The workshop will utilise various methods and strategies to promote active learning among participants. The training will be conducted by seasoned professionals who have extensive expertise and practical experience in acquisition management. The lessons are meticulously crafted based on a thorough and comprehensive topic study.

This Rcademy Acquisition and Contract Management Certification provides theoretical and practical education through the provision of lecture notes, slides on the subject, scenarios from everyday life, and lecture notes. Participants will engage in presentations, quizzes, and seminar workshops and be allowed to give feedback on the modules to assess their level of satisfaction.

What are the Topics Covered in this Course?

Module 1:  Learning the Principles of Contract Management

• Contract formation
• Identifying contractual risk
• Assessing contractual risk
• Contract risk responses
• Creating comprehensive contracts
• General terms and conditions
• Three-strikes approach to contract management breaches

Module 2: Contract Management Planning

• Negotiating in service level agreements (SLAs)
• Problems in SLA
• Enumeration of anticipated services and deliverables
• Crafting a meticulously SLA
• Assessing and overseeing the performance of contractors
• Evaluating, designing, and executing Key Performance Indicators
• Metrics for monitoring service quality
• Scope of work

Module 3: Creation of a Procurement Contract

• Importance of the procurement contract
• Surveillance and management of performance
• The procedure of procuring contracts
• Types of procurement contracts
• Fixed price contracts
• Cost-reimbursable contracts
• Time-and-materials contracts
• Things to consider and not to consider in a procurement contract

Module 4: Mastering Contracts Management Principles

• Evaluating legal responsibility concerns
• Comprehending the concept of force majeure
• Analysing the impact of variations on time
• Analysing the impact of variations on cost
• An examination of liquidated damages

Module 5: Overview of Contract and Tort Law Fundamentals

• Law of contract
• Tort of negligence
• Contractual parties relationship
• Rules and guidelines
• Contractual vitiating factors
• Undue influence
• Duress
• Misrepresentation
• Remoteness and causation of damage
• Contractual obligation
• Measuring damages

Module 6: Law of Torts

• Elements
• Duty breach
• Care duty
• Care standard
• Economic loss
• Nervous shock
• Subjective considerations
• Protected interests
• Principle of neighbour
• Negligent misstatement
• Establishing duty

Module 7: Remoteness and Causation of Damage

• Remoteness
• Causation
• Intervention
• Joint tortfeasors
• Vicarious
• Liability
• Personal
• ‘But for’ test

Module 8: Defense

• Nature of consent
• Extent
• Contributory negligence
• Volenti non fit injuria
• Ex turpi causa
• Rescue case study

Module 9: Principles of Good Contracting

• Contract enforceability
• Offer
• Acceptance
• Consideration
• Intention to formalise agreement
• Capacity
• Consent
• Legality
• Primary stages involved in the formation of a contract
• Key components of a legally binding agreement
• Overview of the contract award process
• Strategies to avoid potential drawbacks
• Differentiating between price and values
• Varieties of obligation documents
• Debt instruments and assurances
• Letters of intent and awards
• Letters of comfort
• Side letters
• When should one seek legal counsel?

Module 10: Acquisition & Contract Management (ACM)

• Significance of ACM
• Benefits
• Processes
• Challenges
• Resolving the challenges
• Cost price analysis
• Asset and logistics management
• Sourcing decision-making process
• Strategic and sustainable supplier relations

Module 11: Challenges in Managing Intellectual Property

• Registry issues, backlogs, and delays
• IP lawsuits
• Portfolio management
• Protecting business concepts and invention stages
• Lack of experts in drafting patent claims
• Trademarks and service marks
• Non-disclosure agreements
• Intellectual property rights (copyrights and industrial designs)

Module 12: Contract Management in Action

• How do disputes originate?
• Developing proficiency in resolving contractual disputes
• What are contract disputes
• Types of contract disputes
• Steps before initiating a dispute resolution
• The methods & strategies for dispute resolution
• Conventional methods of dispute resolution
• Modern resolution of disputes
• Choosing the appropriate dispute resolution strategy
• Comprehending the contract position
• Addressing the tangible implications
• Becoming a skilled negotiator
• Managing challenges in contractual circumstances
• Consequences of termination

Module 13: Documentation in Contract Management

• Documents and recordings
• Maintaining defensive records for evidential purposes
• Software and version controls
• Sharing of documents and security

Module 14: Management of Contracts

• The criticality of SOW preparation
• Observation of performance
• Requirements regarding contract reporting
• Transactions and payments
• Methodology for change management
• Protocol for the resolution of disputes
• Resultant closure
• Contractual termination

Module 15: Termination of Contracts

• Mutual agreements
• Performance of responsibilities
• The process of expiration
• Breach of agreement
• Force majeure
• Debt insolvency
• Revocation of a contract
• Insolvency and liquidation

Module 16: Trends in Contract Management

• Use of AI in contract clarity and comprehensibility
• Natural language Processing in complex contract language simplification
• Automated examination of contract clauses
• Procedure of bargaining agreements
• Management of Contract life-cycle
• Effective collaboration with vendors for contract management
• Cloud computing and predictive analysis
• Use of natural language processing tool
• Automated contract review and points of negotiation
• Automated clause analysis
• Data privacy and security
• AI use for heightened visibility
• Machine learning and Internet of Things application