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.

Who Can Benefit?

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

Course content

• 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 & Conditions
  • External events
  • Force majeure
  • Strikes and other labour disputes
  • Risk and Title
  • Use of ICC Inco terms
  • Assignment and Notation
  • Other clauses that need to flow down to sub-contractors
  • 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 o Remedies
  • Liquated damages
  • Warranties

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