A contract is a cornerstone to any business transaction. In the current economic condition, companies that treat all contracts alike often then fail to realise or meet expectations with regards to logistics, services, quality of procured product or service, address embedded risk and often fall short of overall business targets. Contractual risk management involves the calculated actions to reduce the severity, frequency, and unpredictability of damages, losses, and claims.
However, it also involves, to some extent, managing the occurrence of those other negative business events. Such risks could be anything that threatens business operations. Contractual risk management can be strategic (systematic and ongoing) or operational (single transaction). Theodore Roosevelt: “Risk is like fire: If controlled, it will help you; if uncontrolled, it will rise up and destroy you.”
Key Benefits of Attending Contractual Risk Management
- Negotiation strategies for risk-based commercial contract for an enforceable contract agreement
- Identifying key legal risks of contracts while negotiating
- Assessing financial risks and its implications before finalisation of transaction to avoid costly and time-critical mistakes
- Enhancing contract risk management skills to safeguard your organisation’s commercial obligations
- To have a strategic risks identification plan for risk priorities and mitigation measures
- Monitor and protect against emerging unforeseen risks through Contract Management Maturity Model
- Coming up with alternative dispute resolutions to regain quickly from diverted contractual obligations
- Coordinate a successful contract-committed working relationship internally & externally to ensure smooth contract performance
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