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Keys to Understanding and Writing Purchasing Contracts

Understand the legal aspects of writing purchasing contracts and reduce liability for your company. Purchasing law is an emerging legal area invoking a variety of legal doctrines including Article 2 of the Uniform Commercial Code, treaties such as CISG and the New York Convention, common law concepts of impossibility, products liability, insurance coverage law, civil law concepts of good faith and fair dealing, antitrust, trade secret, and choice of law and forum rules, among others. Against this backdrop, a supply chain contract must be a sturdy document that limits risk, is clear and concise, and allows the company's rights to be enforced as anticipated. However, the business relationship being documented by the supply contract is constantly changing. The products sold, the companies involved, and the basic assumptions are often different one or two years into the project. Additionally, obligations and issues outside the contract, whether it's a hurricane or product liability suit, often impact how a contract functions.


Runtime: 87 minutes
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Why Lorman?

Over 32 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 Are Dynamic

  • The Law Specifically Allows Custom and Practice to Modify Contracts
  • Courts Allow Even Airtight Contracts to Be Modified by Emails or Other Unsigned Documents
  • Different Jurisdictions, Different Countries, Have a Radically Different View of Contracts

Contract Language Must Limit Risks Arising From Changed Circumstances

  • Remedies Provisions Limit Risk
  • Warranties Define Risk
  • Dispute Resolution Clauses Ensure Risk
  • Force Majeure Clauses Are Damaging
  • Protection of Intellectual Property
  • Indemnification

Contract Drafters Must Consider Role in Supply Chain

  • Privity of Content Is Under Attack
  • Clients Face Noncontractual Obligations That Alter Rights
  • Foreign Jurisdictions May Impose Obligations

Proper Drafting Prevents Disputes

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Why Lorman?

Over 32 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 Webinar

This course was last revised on June 20, 2017.

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

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

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

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Why Lorman?

Over 32 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

Jeffrey J. Mayer

Akerman LLP

  • Partner in the Litigation Practice Group of Akerman LLP
  • Practice concentrates on complex commercial and business litigation
  • Frequent speaker on supply chain and purchasing matters, and regularly represents companies in real estate litigation, and complex scientific and technical contract disputes
  • Adjunct law professor, John Marshall Law School
  • Achieved the highest rating with Martindale-Hubbell Law Directory
  • J.D. degree, Order of the Coif, honor scholar, Washington University in St. Louis School of Law; LL.M. degree, University of Michigan; B.A. degree, Duke University
  • Can be contacted at [email protected] or 312-634-5700
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Product ID: 400926
Published 2017
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