Practical Contract Law for Non Lawyers
23-24 November 2017, Jakarta-Indonesia
About The Course
Applying the contract theory developed by 2016 Economic Nobel laureates Hart and Holmström, this practical contract law course is designed for directors, executives, managers, businessmen and other non-lawyers who need to have a practical understanding and insight into contract law principles, to help them function and do business more effectively. Participants completing should be able to better instruct their legal advisors.
The facilitator will draw on his expertise and experience, honed over years of contract drafting and negotiation through to litigation, to present important contract principles that have an impact in the real-world. The input and workshop sessions will be interactive and focused on practical commercial application.
The contract theory applied in this course was developed by Oliver Hart (of Harvard University) and Bengt Holmström (of the Massachusetts Institute of Technology), which earned them the 2016 Nobel Prize in Economics. The contract theory that led them to the Nobel Prize is a comprehensive framework for analyzing many diverse issues in contractual design, like performance-based pay for top executives, deductibles and co-pays in insurance, and the privatisation of public-sector activities. This theory is valuable to the understanding of real-life contracts and institutions, as well as potential pitfalls in contract design.
Case Studies / Sample Contract Reviews
In this course, there will be case studies and examples, and real contracts will be examined closely. Participants are encouraged to bring their own sample contracts for review to enhance the discussion and workshop activities (redacting any sensitive or identification information, of course) and focusing on the participants’ chosen outcomes.
This workshop will also provide contract checklists for the participants, including a framework or guide that they can use to help review contracts in their work. Participants will also be taught how to develop their own checklists to deal with specific issues unique to their industry or business.
Who Should Attend
Directors, managers, executives, businessmen, deal makers, contract negotiators, contract managers, customer account managers & relationship managers, project managers, supplier and procurement managers, and anyone who has to negotiate, manage, transact with, or resolve disputes with third parties. Prior legal or experience with contracts is not required.
Key Learning Outcomes
Attain a practical commercial understanding of contract law principles in plain English
Develop a working knowledge of key legal terms in contracts & the thinking behind them
Understand the legal & commercial impact of specific terms & conditions
Appreciate the legal effect & the risks that come with each contract
Learn to identify legal & contractual issues in contracts
Be well-equipped to understand, explain & manage business contracts
Identify problematic clauses in contracts
Make better commercial decisions, with a better understanding of contract law
Communicate more effectively with executives handling contracts
Forming and Negotiating Contracts
1. Overview of Contracts
What is a contract?
Why are contracts necessary?
How are they formed?
2. Parts of a Contract (Demonstrated Using an Actual Contract)
Parties and identification
Preamble, background and purpose
Terms, performance and mechanics
Execution and formalities
3. Validity of a Contract
4. Negotiations (Workshop)
Relative bargaining positions
Identifying points of conflict and points of agreement
Terminating Contracts and Specific Contracts
5. Breach of Contract
Types of breach
6. Terminating a Contract
7. Specific Contracts and Their Issues
Quotations, Purchase Orders, Invoices, Delivery Orders
Requests for Proposals and Tenders
Letters of Intent, Memoranda of understanding
Clauses providing for arbitration and other alternative dispute resolution modes