0485 - Conquering Contracts: What Every Businessperson Should Know About Contracts
Course Description
This course is designed to aid business owners and managers in approaching contracts that are the lifeblood of business. Contracts are often long, complex, and filled with both critical terms and boilerplate clauses. The class teaches a method of approaching contracts that increases understanding and confidence in contract execution. It also instructs how business owners can better communicate their positions with their attorneys in contract formation and business relationships.
Course Outline
I. What is a contract? (Breaking down the parts of a contract, the importance of standard clauses, and definitions.)
II. How to read a contract. (Methods of editing, reviewing, and comprehending contractual obligations.)
III. Why contracts are important to your firm's reputation.
IV. The need for an exit strategy in every contract.
V. How to avoid future problems by properly designing the contract now.
Learner Outcomes
1. The participants will understand the core parts of a contract and their purposes.
2. The participants will be able to better comprehend a contract, evaluate the contract, and compare and contrast key terms of a contract to understand their obligations.
3. The participants will be able to design comprehensive exit strategies needed for unanticipated events during the course of a contract.
4. The participants will be better able to analyze the contractual terms, and communicate their terms and concerns better to their professional partners (lawyers, accountants, and insurers).
5. The participants will be able to judge potential risks found in contracts, and evaluate the cost-benefit analysis of proceeding with, or terminating, contractual obligations.