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Credits

Sponsored by Lorman Education
Product ID: 406718EAU
 
Credit & Course Provided by:

Purchasing Contract Administration

OnDemand Webinar (108 minutes)

Learn best practices used in successfully administering purchase contracts from the buyer and seller perspectives.A wise man once said that the good news about getting a contract is followed by the bad news that you have to perform it. This topic will provide a fuller understanding of a purchase contract for goods or services in the context of both commercial contracts and those awarded by government entities. It will explore the legal principles necessary to form a binding contract in which the buyer is obligated to pay for the goods or services the seller is obligated to deliver. It will define the term consideration and what consideration is adequate to form a binding contract. It will distinguish between those purchase contracts that are absolute in nature versus those that are conditional in nature. It will concentrate on the issues that arise in contract administration and the best practices to resolve those issues from both the buyer and seller perspectives. Finally, it will explore how contracts come to an end, either naturally or by some action on the part of the buyer, the seller, or both. It will discuss the concept of those continuing obligations imposed generally on the seller well after the contract has expired.

Authors

Richard Moorhouse, Greenberg Traurig, LLP

Agenda

Contract Formation

• Offer

• Acceptance

• Consideration

• Absolute vs. Conditional Contracts

• The Statute of Frauds

Contract Administration

• Compliance and Performance

• Foreseeability

• Excusable Delays

• Acts of God/Cybercrimes

• Contracts for Goods

• Contracts for Services

• Change Orders and Modifications

• Cardinal Changes

• Design vs. Performance Specifications

• Inspections/Reasonable vs. Unreasonable

• Delivery

• Invoicing and Payment

• Firm-Fixed-Price vs. Cost Reimbursement

Contract Expiration

• Period of Performance Defined

• Options and Optional Quantities

• Termination for Convenience/Unilateral vs. Bilateral

• Termination for Default/Opportunity to Cure

• Renewal Contracts

• Follow-on Contracts

• Audits and Closeouts

• Holdbacks and Releases

• Warranties