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Contract Lifecycle Management- Live Certificate Course

Self-Paced
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Description

Did you know that in India, 60% of lawyers are involved in Contract Life Cycle Management (CLM)? As businesses grow and legal agreements become more complex, the ability to manage contracts effectively is crucial for success. CLM is not just about drafting and signing contracts—it covers the entire journey, from contract creation to performance, amendments, and renewal or termination. This skill is in high demand across industries, making it a valuable asset for legal professionals.

Who Should Take This Course?

  • Law Students: Looking to build a solid foundation in contract management.
  • Junior Lawyers: Wanting to enhance their understanding of contract processes.
  • Corporate Professionals: Involved in legal, procurement, or vendor management.
  • Business Owners: Who frequently engage in contracts and want to manage them effectively.
  • Anyone New to Contract Management: Looking to gain insights into how contracts are created, negotiated, and managed throughout their life cycle.

Why is CLM Important?

Contracts form the backbone of all business transactions. Managing contracts efficiently can:

  • Prevent Legal Risks: Ensure compliance with legal obligations.
  • Save Time and Costs: Streamline processes, avoiding delays and costly mistakes.
  • Improve Business Relationships: Clear, well-managed contracts build trust between parties.
  • Ensure Accountability: CLM helps track deliverables, deadlines, and performance, ensuring obligations are met.

Career Opportunities with CLM Skills

By mastering CLM, you open doors to a variety of job roles across industries, including:

  • Contract Manager: Overseeing the entire contract process, from drafting to execution.
  • Legal Analyst: Supporting legal teams by reviewing contracts and ensuring compliance.
  • Procurement Specialist: Handling supplier contracts, managing negotiations, and ensuring vendor compliance.
  • In-House Counsel: Managing all contracts within an organization, ensuring they align with company goals and legal standards.
  • Compliance Officer: Monitoring contracts to ensure they adhere to legal regulations and industry standards.
  • Project Manager: Managing contracts related to specific projects, ensuring that deliverables and deadlines are met.

These roles exist in industries such as corporate law, IT, finance, manufacturing, and consulting, where efficient contract management is essential to business success.

Course Start Date: 15th February, 2025
Duration: 8 Days
Timings: 8:30 to 9:30 pm (Weekend Classes)
Platform: Google Meets

What You’ll be Learning?

Module 1: Understanding Contract Life Cycle Management

  • What is CLM?
    • Definition and the role it plays in businesses.
    • Why managing contracts effectively is essential.
  • Types of Contracts
    • Commercial contracts, vendor agreements, employment contracts, etc.
  • Key Stakeholders in CLM
    • Roles of legal teams, procurement, and business units in managing contracts.

Module 2: Stages of the Contract Life Cycle

  • Contract Request: Identifying the need for a contract.
  • Drafting: Creating the contract with standard terms.
  • Negotiation: Revising terms until both parties agree.
  • Approval: Internal review and authorization.
  • Execution: Signing the contract.
  • Performance: Monitoring compliance and obligations.
  • Amendments: Modifying the contract if needed.
  • Renewal/Termination: Deciding to renew or end the contract.

Module 3: Why CLM is Important

  • Efficiency and Cost Savings
    • How effective CLM saves time and reduces risks.
  • Ensuring Compliance
    • How CLM ensures adherence to laws and internal policies.
  • Risk Mitigation
    • Identifying and addressing potential risks during the contract life cycle.

Module 4: Best Practices in CLM

  • Centralizing Contracts
    • Importance of organizing contracts in a structured way.
  • Clear Communication
    • Ensuring clear communication between all parties throughout the contract life cycle.
  • Timely Reviews and Renewals
    • Tips for setting reminders and staying ahead of contract deadlines.

Module 5: Challenges and Solutions in CLM

  • Common Challenges for Beginners
    • Lack of awareness of contract deadlines.
    • Misunderstanding contract terms.
    • Difficulty managing multiple contracts.
  • Simple Solutions
    • Setting up regular reviews.
    • Communicating regularly with stakeholders to avoid missed deadlines.
    • Keeping contracts accessible and organized.

Module 6: Real-Life Examples of CLM

  • Case Study 1: Contract Renewal Management
    • Example of a company successfully managing contract renewals without delays.
  • Case Study 2: Contract Amendments
    • Real-life situation where effective amendment management saved a project.
  • Case Study 3: Ensuring Compliance
    • How a company used clear processes to stay compliant with contract obligations.

Practical Learning Activities

  • Contract Drafting Practice
    • Learners will draft a basic contract with key terms.
  • Contract Review Exercise
    • A sample contract will be provided, and learners will review it for any issues.
  • Scenario-Based Discussion
    • Learners will discuss how to handle specific situations, such as contract renewal or dealing with a breach of contract.

About the Faculty:

This course will be expertly led by Ms. Riya Chhabra, who has 5 years of experience as a Contract Management Expert. Across these 5 years she has worked with various international clients from across the US, UK and EMEA regions. She has worked with companies like Infosys, CloudMoyo, ISG, Bright Night Power, etc.

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