Contracts Awareness Training Course
* Gain Competitive Advantage
* Minimise Risk
* Increase Team Engagement
Help your managers to mitigate the inherent risks and maximise any opportunities in their contracts. This is a critical skill for all managers working in the Oil and Gas Industry.
Do you need a contracting strategy that maximises opportunities in today's challenging market?
Working in a competitive market does not mean you have to accept unnecessary contractual risk. Have your managers learn the skills necessary to mitigate contractual risk, take full advantage of your opportunities, and immediately gain a competitive advantage in the present challenging market conditions.
Two day workshop tailored to your company's needs
The workshop is a combination of short presentations, activities, case studies, tests and discussion. Five modules are covered over two four-hour sessions. Before the course we schedule an in-depth discussion with your company so we can understand your individual contracting environment and tailor the course content around your business.
What will they learn?
This course examines the contracting framework, the contracting environment, and the subtleties and complexities of Offshore Oil and Gas contracts
- Why the contract is a soft-system not a document and, consequently, should be addressed with a holistic philosophy.
- The importance of drafting the scope of work.
- The ‘unknown, unknowns’, Letters of Intent, the Battle of the Forms and working without a contract.
- The Dunning Kruger Effect: dealing with people who are too incompetent to realize they are incompetent.
- The ‘Three Tenets’ of contracts management:
1. Transfer of risk to the party best able to deal with it
2. It is not what is written in the contract, it is what is not written in the contract that is important.
3. Do not agree to do something and try to limit your liability for poor/none performance; do not agree to do it in the first place. - Knock-for-knock Indemnity regimes: How can something so simple be so complex?
- Practical approaches to managing contracts including the importance of checklists, contracting policies and contracting strategies.
Modules
This course examines the contracting framework, the contracting environment, and the subtleties and complexities of O&G contracts. Examples of some of the modules covered are below.
FORMATION OF A CONTRACT
What constitutes a contract? How is a contract formed? The components of a contract. Implied & express terms. The four corners rule. The battle of the forms. Letters of intent. Unknown unknowns.
INDEMNITY REGIMES
Indemnity/indemnity regimes. ‘At law’ position. Knock-for-knock indemnity regimes. Broad form and narrow form indemnity regimes. Hybrid regimes. Mutual Hold Harmless (MHH) Agreements. Indemnity for Breach of Contract. Indemnity for Fines and Penalties
RISK EXCLUSIONS & LIMITS OF LIABILITY
Types of risk. Breach of contract. Surety. Damages, limitation and indemnity for breach. Liability for physical damage. Consequential loss. Force Majeure. Termination. Exclusions and limitations of liability. Overall limit of liability. ‘Contra Proferentem Rule’ and enforcement of exclusions and limitations.
CONTRACTING PROCESS
Tools. Policies & Procedures. Peer review. Four Corners Rule (revisited)
Entities. Checklists (revisited)
More information including pricing and booking is available on the DMC Training Website or get in touch to discuss a booking:
+44 (0) 1263 733530
Download Brochure
More information is available on the DMC Training Website or get in touch to discuss a booking:
+44 (0) 1263 733530