L5M3: Managing Contractual Risk ebook Pdf notes CIPS

L5M3 Managing Contractual Risk

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Learning outcomes

1.0 Understand the legal and process issues relating to the formation of contracts

1.1 Identify the issues relating to the formation of contracts and the associated risks

Counter offers
Precedence of documents
Contract change
Contract variations

1.2 Analyse the implications of the various elements of contractual documentation and process on overall risk

Indemnities and liabilities
Liquidated damages
Delivery and completion

2.0 Understand the impacts of breach of contract and coping strategies and provisions that are available

2.1 Analyse the different levels of breach of contract and their impact

Minor breach
Major breach
Fundamental breach
Anticipatory breach

2.2 Compare and contrast the tools and techniques available to resolve a breach of contract

Conciliation and expert determination
Litigation and legal implications
Formal vs. informal action

2.3 Explain different organisational responses to a breach of contract

Penalty clauses
Reputational damage
Claims management process

3.0 Understand the legal implications of contractual non- conformance in procurement and supply

3.1 Contrast remedies that apply to the non-performance of contracts in procurement and supply

Contractual provisions on performance
Clauses for default
Penalties, liquidated damages and unliquidated damages
Assessment of consequential loss
Service credits
Serving notices

3.2 Analyse the legal consequences of terminating a relationship in procurement and supply

Assessment of damages
Contractual warranties and conditions
Specific performance
Termination clauses

3.3 Compare mechanisms for dispute resolution for resolving conflicts in procurement and supply

Mechanisms for dispute resolution such as:
negotiation, alternative dispute resolution (ADR), adjudication, arbitration and litigation involving lawyers

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