Rating 0 out of 5 (0 ratings in Udemy)
What you'll learn- Understanding the critical Commercial Terms and Conditions which protect Contractor from all potential risks
- With regard to Financial aspect, essential clauses to be part of contract to protect Contractor from negative cash flow and payment security in general
- Regarding Technical aspect, Tender stipulation to accommodate OEM specific design to enable Contractors to qualify in Bidding process
- Legal Lexicon to explain the importance of …
Rating 0 out of 5 (0 ratings in Udemy)
What you'll learn- Understanding the critical Commercial Terms and Conditions which protect Contractor from all potential risks
- With regard to Financial aspect, essential clauses to be part of contract to protect Contractor from negative cash flow and payment security in general
- Regarding Technical aspect, Tender stipulation to accommodate OEM specific design to enable Contractors to qualify in Bidding process
- Legal Lexicon to explain the importance of each term and include in the contract with proper understanding for overall protection and trouble free execution
DescriptionIt is seen that in many tenders, certain specified Terms and Conditions (T&Cs) are such that it could cause potential risks to Contractors during execution. A risk as we know is any uncertain event or condition that might affect the performance of a project. Such T&Cs should be identified during tender phase and mitigation measures need to be accordingly framed. This shall provide complete protection from undefined risks arising out of tender stipulation or due to circumstances beyond the control of Owner or contractor. Such T&Cs must be agreed between Customer / Owner and Contractor. The course provides detailed T&Cs with logical reasoning which are non negotiable and must be reflected in signed contract.
The course includes various types of such T&Cs related to Technical, Commercial, Scope of Work, Construction and schedule which are explained with examples and this will enable you to understand why it is of utmost important to freeze such critical T&Cs at the time of contract sign off and/or before bid submission
For handling such Non Negotiable T&Cs one need to be aware of Legal Lexicon which has also been explained. This will be helpful in understanding the concept of contract formation for projects with special emphasis on EPCprojects.
