Principles and Practices of Commercial Awareness

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Principles and Practices of Commercial Awareness

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Courses Overview:

Successful projects in construction are built on a foundation of efficient communication and process, which can have a significant impact on saving essential time and money.

This 1 day course provides delegates with the practical knowledge and understanding of issues relating to correspondence, common forms, certificates, privilege, letters of intent, notices negotiation and administration. Delegates will review the techniques, structure, content and purpose of correspondence, notices and forms.

Delegates will complete the course with a toolkit of skills to be applied in a range of construction projects; including a working knowledge of JCT, NEC3 and the Construction Act, where relevant.

Architects, engineers, quantity surveyors, managers and anyone else involved in setting up or administering construction contracts will find this course of great benefit to advancing their understanding of the principles and practices of commercial awareness. In the harsh climate of recession, it is essential to apprehend issues in setting up contracts, settling major risk issues such as price and scope and design responsibilities.

Benefits of this course:

  • Get a firm grasp on all contractual contemplations, including procurement, subcontracts and negotiations
  • Presented by one of our panel of established, practising speakers, with an opportunity to utilise their wealth of experience in discussions
  • Learn how to deal with problems, should they arise, such as delays, claims and liquidated damages
  • Consider design in your project and contracts
  • Benefit from a post-seminar helpline facility
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Getting into Contract
• What is a contract – the essential elements
• What form might it take – documents
• Procurement routes and strategy
• Contract arrangements
• Contracts and subcontracts
• Scope and risk
• Negotiation
• Setting the price
• What are the terms?

The Contract
• Contracting characteristics
• Entering the contract
• Link with other contracts
• Collateral warranties

Design
• What is design?
• Standard of care
• Expressed requirements
• Drawing submission procedure
• Novation

Managing the Contract
• Record keeping – generally
• Record keeping – practical pointers
• Administration and paperwork
• Notices and communications

Contract Mechanisms
• Variations – scope and nature
• Valuing of variations
• Payment – timing and quantum
• Suspension
• Termination

Dealing with Site Problems – Monetary Claims
• Claims
• Breach of contract
• Damages
• Compensation
• Ascertainment
• Heads of claim
• Loss and/or expense and/or cost

Dealing with Problems – Extension of Time, Liquidated / Un-Liquidated Damages
• Extensions of time
• Liquidated damages
• Delays
• Assessing delays

The New Construction Act
• Brief review of the Local Democracy, Economic Development and Construction Act 2009 and its impact on payment and adjudication provisions

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