Legal Concepts and Contracting
Because supply management professionals must ensure that contracts protect the interests of their organizations, the ability to understand and negotiate contracts is a key skill. Negotiating successful contracts requires a working understanding of the negotiation process and legal terms and conditions. Learn a step-by-step process for preparing, planning and conducting a successful contract negotiation. In addition to exercises, case studies and real-world examples, this seminar provides an opportunity to practice what you've learned through developing a negotiation strategy and conducting a contract negotiation.
- To negotiate the legal terms and conditions of contracts
- To identify the underlying interests of all parties and develop solutions to meet all parties' interests
- Elements of effective and ethical legal negotiations
- How asking questions and listening to your counterpart leads to an effective negotiation
- How to negotiate difficult contract elements
- How to terminate a contract
The Strategic Planning Process
- Planning Focus
- Establishing Partnerships in a Contract Environment
- The Changing Role of Suppliers in the New Procurement Era
- Win/Win vs. Win/
- There is no negotiator quality
The Five-Step Negotiation Process
- Crafting the Opening Position
- Establishing the Opening Price/Cost
- Finding the Range
- Reaching the Agreement
- Rating yourself as a negotiator
Elements of Reaching an Agreement
- What can you negotiate in a contract?
- A little change in contract language can make a world of difference.
- International considerations
- Technology and the contract negotiation process
- Contract review and negotiation exercises
- Practical problems in the contract negotiation process
- How to negotiate your contract.
Ways to Reduce Risk
- The Designated Listener
- The Attorney's role in the Negotiation Process
- Who really represents the supplier?
- Information, Power and Warranties
- Does the Contract reflect your Deal?
Planning for Negotiations
- Exchanging Information and Confidentiality Agreements
- Expanding the Pie, Long Term vs. Short Term Agreements
- The Role of the Purchase Order and Phone Orders
- Dealing the Agency Issues
- World Class Negotiation Requirements
Practical Negotiation Techniques
- Recognizing Smoke Screens
- Dealing with Sales People
- Modes of Negotiations
- Tailor your Negotiation Style Fit the Supplier
- Avoiding a Deadlock
- Should you enter into a "bad" contract?
- Determining your negotiation style
- The Contract Negotiations Workshop
© Institute for Supply Management™ - All rights reserved