Our Commercial Awareness Introductory course will enable delgates to have a raised awareness and better appreciation of some of the commercial issues within construction, including contracts and risk management.
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.
The course is divided into three main elements:
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.
- Forms of protection - PCG, Bond, Collateral Warranty
- Rights of Third Parties Act
- Amounts of Bonds and their effects
- 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
- 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
1) Change Management
- Identification of Changes
- Recording and evaluating
- Contract mechanisms
- 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.
The course is aimed at delegates up to assistant Project Manager level or equivalent.