Our Commercial Awareness Introductory course will enable delgates to have a raised awareness and better appreciation of commercial awareness within construction, including contracts and risk management.
Overview:
This is an introductory level course addressing commercial aspects of construction for which aspiring project managers need a level of knowledge in order to be able to protect themselves, their Employer and their clients.
Aims & Objectives:
To provide course delegates with an appreciation and understanding of Company objectives and how those objectives relate to practice and procedure external to the Company.
Course Outline:
The course is divided into three main elements:
General Introduction
1) What is a Contract?
- Basic constituents of a contract
- Breach, variation and damages
2) Contracts Generally
- Standard Form Contracts
- Bespoke Contracts
- Procurement alternatives - lump sum, measure and value etc.
Pre-Contract Considerations
1) Bonding
- Forms of protection - PCG, Bond, Collateral Warranty
- Rights of Third Parties Act
- Amounts of Bonds and their effects
2) Insurances
- Different types of insurance and their purpose
- PI Insurance, All Risks, Employers Liability, Third Party Liability
- Excepted Risks
3) Contract Viability
- Factors influencing decision to tender
- Targeting tenders
4) Currency and Tax
- Taxation regimes on domestic and international projects
- Effects of exchange rates on transactions and contracts
- Multi-currency contracts and payments in kind
- Hedging of currencies
5) Payment
- How will payment be made?
- Letters of credit and guarantees
- Cash flow and milestones.
6) Risk Management
- Identification of risk on a project
- Selection of courses of action
- Monitoring and Managing the risk
Post-Contract Considerations
1) Change Management
- Identification of Changes
- Recording and evaluating
- Contract mechanisms
2) Programming
- Methods of Programming - Gantt Chart, Time location, line of balance
- Proprietary software
- Importance of monitoring effects on a project
The training session is run on an interactive basis and incorporates a number of group exercises in addition to elements of PowerPoint presentation.
A raised awareness and understanding of some of the commercial considerations arising during the construction process.
Intended For:
The course is aimed at delegates up to assistant Project Manager level or equivalent.
