Learn best practices used in successfully administering purchase contracts from the buyer and seller perspectives.
A wise man once said that the good news about getting a contract is followed by the bad news that you have to perform it. This topic will provide a fuller understanding of a purchase contract for goods or services in the context of both commercial contracts and those awarded by government entities. It will explore the legal principles necessary to form a binding contract in which the buyer is obligated to pay for the goods or services the seller is obligated to deliver. It will define the term consideration and what consideration is adequate to form a binding contract. It will distinguish between those purchase contracts that are absolute in nature versus those that are conditional in nature. It will concentrate on the issues that arise in contract administration and the best practices to resolve those issues from both the buyer and seller perspectives. Finally, it will explore how contracts come to an end, either naturally or by some action on the part of the buyer, the seller, or both. It will discuss the concept of those continuing obligations imposed generally on the seller well after the contract has expired.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Contract Formation
- Offer
- Acceptance
- Consideration
- Absolute vs. Conditional Contracts
- The Statute of Frauds
Contract Administration
- Compliance and Performance
- Foreseeability
- Excusable Delays
- Acts of God/Cybercrimes
- Contracts for Goods
- Contracts for Services
- Change Orders and Modifications
- Cardinal Changes
- Design vs. Performance Specifications
- Inspections/Reasonable vs. Unreasonable
- Delivery
- Invoicing and Payment
- Firm-Fixed-Price vs. Cost Reimbursement
Contract Expiration
- Period of Performance Defined
- Options and Optional Quantities
- Termination for Convenience/Unilateral vs. Bilateral
- Termination for Default/Opportunity to Cure
- Renewal Contracts
- Follow-on Contracts
- Audits and Closeouts
- Holdbacks and Releases
- Warranties
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on November 12, 2020.
Call 1-866-352-9540 for further credit information.
- CA MCLE 1.75
- Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.75 CLE hours of participatory credit.
- IL CLE 1.75
- This course was approved for a total of 1.75 hours of MCLE Credit by the Illinois MCLE Board.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Richard Moorhouse
Greenberg Traurig, LLP
- Shareholder with Greenberg Traurig, LLP
- More than 30 years of experience litigating procurement award and contract disputes at the federal, state, and local level
- Practice also frequently involves the conduct of internal investigations, the preparation of comprehensive submissions to clients detailing the results of those investigations, and disclosures to the government in a variety of matters including those giving rise to potential debarments, suspensions, and other determinations of ineligibility to receive contract awards
- Retained as an expert witness in complex civil litigation involving federal government contract issues
- Achieved the highest rating with Martindale-Hubbell® Law Directory
- J.D. and M.A. degrees, Suffolk University Law School; B.A. degree, University of Massachusetts at Amherst
- Can be contacted at 703-749-1304 or [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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