Description

Well-written contracts minimize risk and help to protect both you and your company. It is essential to have the intended terms of any business contract expressly stated. Terms of a contract can include, but are not limited to, the parties of the contract, the duration of the contract, specific terms of performance, confidentiality, and dispute resolution. Each parties’ specific needs and requirements must be considered very early in the drafting process to ensure the final product is what it should be. Protective clauses can also result in settling lawsuits on favourable terms when things go wrong.

Typically, the terms of business contracts are negotiated with the parties actively involved, giving all parties a fair and equal opportunity to mutually agree on the terms. Even though that may be the case, expressly stating the terms of the contract clearly and concisely is essential to avoid any misunderstanding between the parties in accordance with the personal expectations of each party. Effectively formalizing specific terms and needs of the parties in an enforceable document is essential to protect against claims of breach of contract.

This workshop will look at the practical steps you can take when negotiating and implementing contracts to avoid costly legal mistakes. Failure to take preventive steps may lead to a lost case, even if you hire a senior counsel charging more than a $1,000 an hour.

Programme Outline

• Formation of contract:
• Ensuring proper offer and acceptance procedure
• Verifying the authority of party making the contract
• Representations – protecting against misrepresentations
• Terms of the contract – events of termination, progress payments, retention monies, dispute resolution
• Exemption Clauses – ensuring effective and valid clauses to protect against unlimited liability
• Getting out of unprofitable contracts contracts:
• Frustration, force majeure
• Remedies for breach:
• Saving costs by using liquidated damages clauses
• Claiming for unexpected and consequential losses
• Gathering evidence to prove your case
• Preventive measures:
• Due diligence, warranties
• Conclusive evidence clauses
• Performance bonds
• Personal guarantees
• Negotiating settlements of lawsuits
• Dealing with epidemics and other unforeseen disasters in Contract Law
• Update on the new insolvency law in relation to contracts

Case studies and Practical Examples will be used to illustrate and highlight how and what you can do to avoid the common missteps in Contract Negotiations.

What you will learn

• Understand the key elements of a Commercial Contract
• Understand the key considerations when Negotiating and Reviewing Commercial Contracts
• Learn to avoid the common missteps in contract negotiations and avoid costly legal mistakes

Target Audience

• Non-Legal Professionals, Managers and Executives
• Personnel in Procurement, Operations and Sales
• Anyone who would want to learn to avoid the common pitfalls in contract negotiations

Expert Speaker

Terence Tan
LLM, LLB (Hons), ACCA (Grad)

Terence is an Advocate and Solicitor for over 20 years , and was formerly Asst Professor in the Law Faculty of NUS where he taught Insolvency Law, Company Law and Computer Law.

Terence was named in Parliament in 1995 by the then Minister of Law for his comments on a loophole in the proposed Bankruptcy Act. His comments on bankruptcy legislation were expressly discussed by the High Court and the Court of Appeal.

Besides contributing articles in legal journals , Terence also regularly provides legal training and education for professional organizations, overseas universities and MNCs.