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OnDemand Course

Contract Management Best Practices and Dangers

Learn the importance of contract management and how to implement an effective, organized system for your business.

This topic will focus on the importance of establishing clear expectations for the service provider and the customer to ensure that both parties meet their contractual obligations. Every hour there are numerous contracts entered into by companies. While a tremendous amount of effort is put into the organization of such an agreement, we often see disagreements at the end of a contract due to different expectations. These expectations were never clearly articulated in a contract document that should have been a win-win for both parties. Our effort today will be to look at the key terms in successful contract documents and steps both parties need to take to assure the outcome of the project meets the expectations of both parties. This course will review all of the above in two separate case studies that show the dangers of improper contract management and the benefits of excellent contract management.

90 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 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

Contracts

  • What Is a Contract?
  • What Is Contract Management?
  • Key Criteria for Successful Contract Management

Contract Lifecycle Management

  • The 7 Key Steps in the Process
  • What Are the Professional Roles?
  • Guidelines for Procuring Contracts

Types of Contracts

  • Fixed Price
  • Cost Reimbursable
  • Time and Material

Contract Terms

  • What Should Be on Your Checklist?
  • What Are Key Payment Terms?
  • The Value of a Contract Administration Meeting
  • What Are the Risk Management Considerations?

Case Study

  • Review of the Contract Terms - Benefits and Dangers
  • Preparing a Statement of Work (SOW)
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Why Lorman?

Over 35 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 March 17, 2021.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 35 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

Theran J. Welsh, CPA

Theran J. Welsh, CPA

SVA Certified Public Accountants

  • Partner with SVA Certified Public Accountants since 2005
  • Focus is on helping contractors create shareholder value by understanding their cost structure to bid and win profitable work and assure their tax structure is a model to support a sustainable organization
  • He spends time with contractors to identify options for revenue reporting to reduce tax liability and identify industry-specific tax strategies to reduce tax liability, with the end goal of creating shareholder value
  • His experience will help executives of construction companies identify the key performance measurements to pursue profitable work to sustain their organization
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Why Lorman?

Over 35 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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Pay once and get a full year of unlimited training in any format, any time!

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  • State Specific Credit Tracker
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Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 407772
Published 2021
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