Did you predict the financial crisis of 2008? Or the scale of the Ebola outbreak in West Africa? Or the drastic falls in oil prices since early 2014? Or the Arab Spring in 2011? Or dramatic changes in taxation or other government policies affecting your deals? For example, did your contracts anticipate and deal with the introduction of GST in Malaysia on 1 April 2015? Many did not, and we are now seeing a number of protracted, disruptive and costly disputes to determine who picks up the bill.
Over the lifespan of a contract, it is almost inevitable that changes will occur, particularly as the "internet of things" brings massively increased and accelerated data, fundamentally altering the way in which contracts are managed. Changes are easier to manage when they have been planned for. However, you cannot foresee everything that might affect your contract.
Our first challenge is to identify potential changes that could affect the performance, viability or profitability of a commercial agreement. Your next challenge is to ensure that your contracts contain clear provisions to deal with change, as well as clarifying the parties’ responsibilities, roles and action to be taken in any given situation.
Those entrusted with managing, operating and advising on contracts must understand how the procedures will work in practice.
A recent international survey on contract management identified change management terms among the most frequent sources of claims or disputes. Clauses dealing with price changes topped the list. It is therefore important that you understand how contract terms can be used to manage and resolve disputes. This course will help you to consider the ways in which claims and disputes can be managed, both informally and formally in accordance with the terms of the contract.
The course is designed and delivered by a leading consultant with significant experience of negotiating and drafting commercial agreements as well as advising on dispute resolution and contract termination. Michael will ensure that you not only understand the law and regulation but also appreciate the commercial issues relating to change management, contract variation and dispute resolution. He will use realistic case studies as well as actual cases that have been resolved by the courts.
Key benefits of attending Managing Contract Claims, Variations and Disputes:
- Discover how to use counter claims to safeguard your interests when claims arise
- Implement and manage contract variations successfully to avoid disruptions and delays in your contracts
- Find out if you are entitled to initiate contract variations and which contractual party should bear the costs for the changes to the contract
- Resolve your contractual disputes by identifying the causes of disputes and utilizing dispute management and negotiation strategies
- Assess the best alternative dispute resolution you should utilize when your contractual disputes become too complex
- Master crucial strategies and best practices when resolving disputes surrounding commercial contracts through legal cases