Course Objectives

• Compare different methods of identifying and assessing risk·
• Review the impacts of different approaches to risk allocation·
• Explore different Contract types to transfer risks·
• Consider the contractual techniques to ensure effective risk allocation·
• Review risk management techniques during the life of a contract·
• Defining various remedies to mitigate the exposure in the event that a risk occurs

Course Outline

• Risk Assessment
• Defining Risk
  • Categories of risk for both sides of a contract
  • Risk Assessment Process
  • Managing Risk
  • Defining Internal Control
  • Proportionality of Control
• Minimizing and Transferring
• Transferring risk through contract type
  • Firm Fixed Price or Lump Sum Contracts
  • Cost reimbursable Contracts
  • Incentive Contracts
  • Award-Fee Pricing Arrangements
  • Indemnities
  • Insurance
• Risk Related Terms and Conditions
• External events
  • Force majeure
  • Strikes and other labor disputes
  • Risk and Title
  • Use of ICC Incoterms
  • Assignment and Novation
  • The Risks associated with Sub-Contractors
  • Dealing with Financial Risks
• Controlling Risk Associated with Payments
  • Currency Risk
  • Economic Risk
  • Fraud and Corruption
• Limiting or excluding liability
• Distinctions between liability in contract, and the general law
• Remedies When Bad Stuff Happens
• Mistakes and Misrepresentations
• Impracticability of Performance
• Remedies Generally
• Types Remedies
• Liquated damages
• Warranties

Who Can Benefit?

• Staff Professional in Risk, Project, Contract, Project, Claims Procurement Departments